Early Austrian Economics
Carl Menger (1840–1921), and Eugen von Bohm-Bawerk (1851–1914), working in Vienna in the late nineteenth century, rejected the classical and Marxian ideas that value can be measured objectively. They insisted that the subjective preferences of consumers determine value; this shifted the attention of economic analysis from productive power to consumer demand.
This shift led to keen new insights, inc...
Carl Menger (1840–1921), and Eugen von Bohm-Bawerk (1851–1914), working in Vienna in the late nineteenth century, rejected the classical and Marxian ideas that value can be measured objectively. They insisted that the subjective preferences of consumers determine value; this shifted the attention of economic analysis from productive power to consumer demand.
This shift led to keen new insights, inc...
