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The Greatest Economist Who Ever Lived

In: The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I

Author

Listed:
  • Mark Skousen

    (Chapman University)

Abstract

With the publication of the Grundsätze, Carl Menger founded the Austrian School and made economics a real science. Menger was a revolutionary discoverer of both macroeconomics (through his time structure of production) and microeconomics (subjective demand and marginal analysis). Therefore, in honor of the 150th anniversary of the publication of his magnum opus (1871), I am pleased to declare Carl Menger as the greatest theoretical economist who ever lived. In my paper, I illustrate three ways in which I use Mengerian economics: first, using the quantity, quality, and variety of goods and services as a better measure than wages or income as the standard of living and economic growth; second, to show how prices are determined by the marginal number of buyers and sellers; and third, introducing a Mengerian 4-stage model of the economy and gross output (GO) as a new way to output in a modern economy.

Suggested Citation

  • Mark Skousen, 2023. "The Greatest Economist Who Ever Lived," Springer Books, in: David Howden & Philipp Bagus (ed.), The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, pages 327-342, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-17414-8_26
    DOI: 10.1007/978-3-031-17414-8_26
    as

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