Carl Menger quotes
Carl Menger was an Austrian economist and the founder of the Austrian School of economics. His work laid the foundations for the theory of marginal utility and transformed economic thought in the late 19th century. He influenced generations of economists and changed the way value and prices are understood. Here are 8 of his quotes:
Assuming... that all available goods of higher order are employed in the most economic fashion, the value of a concrete quantity of a good of higher order is equal to the difference in importance between the satisfactions that can be attained when we have command of the given quantity of the good of higher order whose value we wish to determine and the satisfactions that would be attained if we did not have this quantity at our command.
Carl Menger
Not only in the realm of the ethical world, and of economy, but also in that of natural phenomena, the realistic orientation of theoretical research can lead only to "real types" and "empirical laws." And in the above point of view, at any rate, no essential difference between the ethical and the natural sciences exists, but at most only one of degree. The realistic orientation of theoretical research excludes in principle, rather, in all realms of the world of phenomena the possibility of arriving at strict (exact) theoretical knowledge.
Carl Menger
Carl Menger
Occupation: Austrian Economist
Born: February 23, 1840
Died: February 26, 1921
Quotes count: 8
Wikipedia: Carl Menger
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