IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-08100-4_17.html
   My bibliography  Save this book chapter

Markets, Entrepreneurs and Liberty: A Review Article

In: Business, Time and Thought

Author

Listed:
  • Stephen F. Frowen

Abstract

Since its beginnings in the early 1870s, Austrian economics has been shaped successively by a number of brilliant minds, each seized by a highly individual conception differing from those of the others. At first Menger, Wieser and Bohm-Bawerk explained that in order to have value in exchange a thing must not only require labour to produce it, but must also be the object of need and desire. Individuals according to temperament and circumstance are subject to feelings of need and desire: The need for a specific extra daily quantity of a thing is less acute, the larger in given circumstances, the daily quantity to which it will be added. At some level of daily supply, what must be given up for a small additional supply will be as much desired as that extra supply. There will be a subjective balance at the margin. This explanation of how value in exchange finds its level was not new to the Austrians of the 1870s. Cournot’s application of the differential calculus essentially and automatically involved the marginal idea, and there were other pioneers of the subjective marginal explanation.

Suggested Citation

  • Stephen F. Frowen, 1988. "Markets, Entrepreneurs and Liberty: A Review Article," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Business, Time and Thought, chapter 17, pages 204-208, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-08100-4_17
    DOI: 10.1007/978-1-349-08100-4_17
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-08100-4_17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.