Carl Menger's Principles of Economics - I
Hermitix
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The Subjective Theory of Value
In 1867, after this stint as a journalist, he begins to study political economy and economics. Only four years later he publishes different principles of economics. Menger explains price determination by voluntary and subjective actions of buyers and sellers within the marketplace. For Menger, price is not a reflection of some sort of objective characteristic of a good or an object but they are determined in relation to a subjective use case for that good.
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