Principles of Economics

Carl Menger's "Principles of Economics" is widely regarded as a seminal work that reshaped the field of economic science. Nearly a century and a half after its publication, the book continues to resonate with its powerful prose and relentless logic.

Menger set out to elucidate the precise nature of economic value and to root economics firmly in the real-world actions of individual human beings. His theory of marginal utility, which posits that the value of goods is derived from their ability to satisfy individual wants and needs, rather than the labor inputs required to produce them, touched off the marginalist revolution and marked a departure from the flawed classical view of economics.

As the founder of the Austrian School of economics, Menger's "Principles of Economics" was a transformative work that, according to Ludwig von Mises, turned him into a "real economist." The book's enduring influence is further underscored by the fact that economics students still regard it as the best introduction to economic logic ever written.

In the new edition of the book, published by the Mises Institute, Peter G. Klein provides a foreword that summarizes Menger's contribution and places him in the history of ideas. Klein also explores Menger's continued relevance in the present day, highlighting the book's significance as a seminal contribution to science in general.

The introduction to the new edition is written by F.A. Hayek, further cementing the book's status as a cornerstone of economic thought. Truly, no one can claim to be well-read in economics without having mastered Menger's argument, as presented in his "Principles of Economics."

To search for Mises Institute titles, simply enter a keyword and "LvMI" (short for Ludwig von Mises Institute) in your search query. For example, to find resources on the Great Depression, you could search for "Depression LvMI."

product information: