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Mengerian Microeconomics - The Forgotten Anglo-American Contribution to the Austrian School (Paperback, 1st ed. 2020)
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Mengerian Microeconomics - The Forgotten Anglo-American Contribution to the Austrian School (Paperback, 1st ed. 2020)
Series: Palgrave Studies in Classical Liberalism
Expected to ship within 10 - 15 working days
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This book explores the neglected contribution of the American and
English "psychological" school to economic theory, especially to
the development and refinement of the Austrian school of economics.
It argues that Frank Knight, Frank Fetter, Herbert Davenport,
Philip Wicksteed and J.B. Clark among others improved on the
original Austrian theory by Menger and Bohm-Bawerk by providing a
coherent subjectivist foundation for the theories of production and
distribution. They succeeded where economic theory before them
failed - to develop the theories of interest, profit, wages and
rents based solely on the principles of subjective value and
marginal utility, eschewing the last remnants of the old cost of
production models. This book represents a look at what mainstream
economic theory might have looked like had the erasure of Mengerian
Austrian price theory by Marshallian and Walrasian thoeries not
taken place, and had the improvements and refinements of the
Mengerian tradition, itself done by the Anglo-Saxon followers of
Menger, been fully appropriated.
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