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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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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...