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Carl Menger's Principles of Economics - I

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Menger's Theory of Wealth

The quality of the land comes into play in relation to its economic and non-economic growth. For instance, if some land has a composition of soil which is great for farming, it will be economic whereas land of poorer quality may not. No higher order goods attains economic character unless it serves to produce goods of a lower order thus satisfying and immediate desire. Non-economic goods are not considered as wealth for Menger.

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