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Imputation and Value in the works of Menger, Böhm-Bawerk and Wieser

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  • Šimon Biľo

Abstract

Analysis of the discussions within the first two generations of the Austrian school of economics constitutes an inevitable cornerstone of every further inquiry on the fields of the theory of value and imputation theory. Only with knowledge of Menger's, Wieser's and Böhm-Bawerk's understanding of cardinalism and problems related with utility, value and their interdependence, we are apt to understand correctness or incorrectness of their positions and also positions of their followers.Thus, we could trace back cardinalist notions of utility seeded by Menger and understand later Mises'-Cuhel reformulation of the whole value theory into an ordinalistic one. Mises fully escaped the Mengerian tradition in this point and also transformed the whole theory of imputation into the theory of pricing of the factors of production. The only exception, from the point of view of imputation theory of highest importance, is his insistence on the value equation of means and ends that confused his successors and was investigated only recently.Within the context of present state of value and imputation theories, two related problems arise: "What constitutes theory of imputation, theory of value and valuation of the factors of production, today?" and "Is Menger-Böhm-Bawerkian solution of imputation theory really suitable for the explanation of the pricing process and isn't Wieser's objection of circularity of the imputation theory applied in price-creation justified?" These are the questions that are badly needed to be answered in order to clarify the theory in the field.

Suggested Citation

  • Šimon Biľo, 2005. "Imputation and Value in the works of Menger, Böhm-Bawerk and Wieser," E-LOGOS, Prague University of Economics and Business, vol. 2005(1).
    • Handle: RePEc:prg:jnlelg:v:2005:y:2005:i:1:id:235
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