Carl Menger's Principles of Economics - I
Hermitix
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Menger's Theory of Economic Goods
For Menger, there are only two reasons why non-economic good becomes an economic good. An increase in requirement or a decrease in the available quantity. When we first found oil, we didn't have that many uses for it. But of course, further down the line, it suddenly becomes economic because we have this means to transform into a good of the first order. So all the phenomena thus far can be understood within the confines of the advancement of civilization.
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