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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Further Mengerian Insights on Value The most important opening shot of the Marginal Revolution was fired with the following passage: careful examination...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Menger and Value-Free Universals Utility is not Use Value All goods have utility, because, by definition, goods have the ability to satisfy needs...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Value Theory Before Menger To understand Menger's insight into value (and the Classical School's lack thereof), it would be useful to brush...
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This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Menger on Wealth and Prosperity What is it that gives a good its value? Throughout the history of thought, there have been two kinds of theories regarding...
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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 and the Teleological Nature of Economics The following are Menger's main points in his discussion on wealth: A person's wealth, as...
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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: Economic Character of Higher Order Goods and the Deductive Method of Menger Thus far, Menger has established that higher order goods only have goods...
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This post is part of a series exploring Principles of Economic s by Carl Menger. The following explores content from chapter 2 . Previously in this series: Menger on Natural Communism the existence of requirements for goods of higher order is dependent upon the corresponding goods of lower order having...
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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 Economic vs. Non-Economic Goods As discussed before, economic goods (goods for which requirements exceed available quantities) necessitate...
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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 Property If a good is scarce (that is, if requirements for it exceed its available quantities), then it is an economic good, which is 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 2 . Previously in this series: Menger on Economizing We do not live in paradise. There is always scarcity: requirements in society always exceed available quantities. Therefore...
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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 Available Quantities When a good is scarce (when the requirements for it exceed its available quantity), men economize it, which means they...
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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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One does not need be a philosopher to have a working theory of morality. Nor need one be an economist to have a working theory of value. One can find implicit theories in the writings of any thoughtful person; and the ancient Greek poet Hesiod was a very thoughtful man. Conversely, one can be a philosopher...
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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...