Carl Menger's Principles of Economics - I
Hermitix
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The Relationship Between Economic and Non-Economic Goods
The relationship between economic and non-economic is one in relation to human requirements and available quantities. Any good, regardless of its internal or external properties, enters into the economy when there is not enough of it to satisfy everyone. The labour expended on a good is not the criterion of its economic character. Criterion of an economic character for a good is always in relation to the needs of any individual. There is no objective of how someone should live or exist within Austrian economic conditions. All are seen in relation to an individual back to this subjective theory of the economy.
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