WIESER, Friedrich von.

£1,250 · Offered by Peter Harrington · No longer available

Der natürliche Werth. First edition of a classic of economics, in which the author attempts to apply marginal utility analysis to the determination of cost. Wieser (1851-1926) was one of the leading exponents of the Austrian, or "subjective", school of economics. Together with his fellow-student and brother-in-law Eugen von Böhm-Bawerk, he developed the ideas of Carl Menger and made the Austrian school of marginal utility widely known. In his first book, Über den Ursprung und die Hauptgesetze des wirtschaftlichen Werthes (1884), which already foreshadowed theories of the present work, Wieser introduced the term Grenznutzen (marginal utility). The book earned him a lectureship at the University of Vienna. "Here he continued to work on the same problems and also on what he regarded merely as a first step toward a theory of value that was to be fully developed in [the present work]. He employed the expository device of studying value in a centrally directed economy and suggested possible applications of utility theory to public finance. The book gained him almost immediate acclaim, and it was soon translated into English" (Frederich von Hayek in IESS).

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