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Source link: http://archive.mises.org/6251/menger-the-revolutionary/

Menger the Revolutionary

February 13, 2007 by

Menger’s path-breaking Principles of Economics, published in 1871 and newly published by the Mises Institute, not only introduced the concept of marginal analysis, it presented a radically new approach to economic analysis, one that still forms the core of the Austrian theory of value and price. Menger favored an approach that was deductive, teleological, and, in a fundamental sense, humanistic. Menger was primarily interested in explaining the real-world actions of real people, not in creating artificial, stylized representations of reality. Economics, for Menger, is the study of purposeful human choice, the relationship between means and ends. FULL ARTICLE

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