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Carl Menger's Principles of Economics - I

Hermitix

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The Four Prerequisites for Economic Action

Menger outlines the human as placed economically, but in cause and effect. He declares that there are four prerequisites for economic action to take place. These include a need, knowledge of this connection, command of the thing sufficient to direct it to the satisfaction of the need. They culminate into the good, having what menger calls goods character.

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