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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Foreseeing Requirements Successful human action depends on especially two kinds of knowledge. Foresight regarding requirements (quantities...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Effective and Latent Requirements According to Menger, the first prerequisite of effective planning (which is considering how to satisfy...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Foresight Requirements, again, are the quantity of goods necessary for satisfying a man's needs during the time period of his plans...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Requirements Man plans for the sake of satisfying his future needs. He may not know which needs he’ll end up having; even if he did...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Human Drives and Human Nature A person's requirements , as defined by Menger are those quantities of goods that are necessary to satisfy...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Time and Uncertainty NEEDS ARISE FROM OUR drives and the drives are imbedded in our nature. An imperfect satisfaction of needs leads to...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: Higher Ground via Higher Orders Adding higher orders to a production process necessarily requires more time to spent in that process. Technological...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: Menger on Complementary Goods After establishing the nature of goods and the causal mechanism of their production in society, Menger makes the case...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: Menger on Orders of Goods Let's say you are out camping, and you would like a fried egg. The fried egg would be a consumer's good, or good...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: Menger on Goods Menger's calls goods which satisfy needs directly "goods of the first order" (also known in modern terminology as "consumer's...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: Menger's Axioms According to Menger, a good is a thing which can lead to the satisfaction of a need of a human, which is recognized as such by...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 1 . Previously in this series: The Methodenstreit The Austrian economist who is thought to have brought the tradition to its apogee is Ludwig von Mises. Among other feats, he is...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from the Introduction . Previously in this series: The Mathematical Marginalists When Menger's Principles of Economics was published, its brilliance and tremendous insight was undeniable...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from the Introduction . Previously in this series: Blogging Menger , a preface to this series of posts. It has been curious phenomenon in the history of thought that a key discovery will often...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from the introduction . Previously in this series: Blogging Menger , a preface to this series of posts. The great Austrian Economist Friedrich August von Hayek wrote the introduction to the...