I. BASICS What is economics?

Evolution of the term economics 

Carl Menger:
Principles of economics, (1871).
(the Grundsätze).
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"Man himself is the beginning and the end of every economy... Our science is the theory of a human being's ability to deal with his wants."
When Menger's Grundsätze emerged in 1871, its subjective theory of value was a complete contradiction of the Classical theory of value. ... Menger's contributions would eventually find their way in. Through the Austrian influence upon ... Wicksteed, Robbins and the rest of the L.S.E. in Britain...
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The Classical economists had formulated a theory attempting to explain market prices as the outcome of the operation of the law of supply and demand. .... Menger's ultimate goal was not to destroy Classical economics, as has sometimes been suggested, but to complete and firm up the Classical project by grounding the theory of price determination and monetary calculation in a general theory of human action.(Joseph T. Salerno)

 

 

 

 

 

 

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