Carl Menger's Principles of Economics - I
Hermitix
00:00
The Goods Character of Goods of Lower Order
Once you remove a good which is needed for the creation of something that satisfies a need, a good character of its gone. I put in here that this section actually roughly correlates to a law called Leibing's Law. If you need resource ABC and D to make object E which will satisfy need, it's only beholden to whichever of ABC or D you have the least of because as soon as that's gone, then you can't,. you can no longer actually make that good so you'll be beholden to the minimum.
Transcript
Play full episode
