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Re-reading Carl Menger’s Grundsätze. A Book That “Cries Out To Be Surpassed”

Author

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  • Kurz, Heinz D.

    (University of Graz)

Abstract

The paper reconsiders Menger’s Grundsätze (1871). It recalls, first, that the theory of marginal utility was developed by representatives of the so-called “German Use Value School”; secondly, that Menger’s criticism of the theories of value and distribution of the classical economists is based on severe misunderstandings; third, that his alternative construction is marred with difficulties spotted by Böhm-Bawerk and Wieser; fourth, that relative prices reflect inter alia the substances that “transmigrate” into commodities in the course of production. The Grundsätze are nevertheless a “great” work, because it invites to correct what is problematic in it and develop what is sound.

Suggested Citation

  • Kurz, Heinz D., 2022. "Re-reading Carl Menger’s Grundsätze. A Book That “Cries Out To Be Surpassed”," Centro Sraffa Working Papers CSWP52, Centro di Ricerche e Documentazione "Piero Sraffa".
    • Handle: RePEc:ris:sraffa:0052
    as

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    References listed on IDEAS

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    1. Jacob Viner, 1927. "Adam Smith and Laissez Faire," Journal of Political Economy, University of Chicago Press, vol. 35(2), pages 198-198.
    2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    3. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    4. North,Douglass C. & Wallis,John Joseph & Weingast,Barry R., 2013. "Violence and Social Orders," Cambridge Books, Cambridge University Press, number 9781107646995, November.
    5. Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1163-1189, December.
    6. George J. Stigler, 1952. "The Ricardian Theory of Value and Distribution," Journal of Political Economy, University of Chicago Press, vol. 60(3), pages 187-187.
    7. Heinz Kurz, 2010. "Technical progress, capital accumulation and income distribution in Classical economics: Adam Smith, David Ricardo and Karl Marx," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1183-1222.
    8. Heinz D. Kurz & Neri Salvadori, 2001. "Classical Economics and the Problem of Exhaustible Resources," Metroeconomica, Wiley Blackwell, vol. 52(3), pages 282-296, August.
    9. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, November.
    10. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633.
    11. Heinz D. Kurz, 2020. "The theory of value and distribution and the problem of capital," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(2), pages 241-264, September.
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    Cited by:

    1. Gilles Campagnolo & Sandye Gloria & Heinz Kurz & Richard Sturn, 2022. "On the modernity of Carl Menger: criss-cross views. Roundtable conversation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(5), pages 967-992, September.

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    More about this item

    Keywords

    Classical economics; Essentialism; German Use Value School; Imputation problem; In-come distribution; Marginalism; Menger; Carl; Production; Rau; Karl Heinrich; Ricardo; David; Smith; Adam; Subjectivism; Successivism; Value;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • N00 - Economic History - - General - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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