News - Carl Menger's Theory of Institutions and Market Processes
This year marks the 150 th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith. In 1871, there appeared two books, Carl Menger’s (1840-1921) Grundsätze der Volkswirtschaftsliche, (or, Theory of Political Economy. This was followed shortly after by Leon Walras’ (1834-1910) Ele...
Source: heartland.org