Book 2: Principles of economics

J. Davenport, Ludwig von Mises, and F.A. Hayek. Many of the most important ideas are implicit in Menger’s analysis, however. For example, his distinction among goods of lower and higher “orders,” referring to their place in the temporal sequence of production, forms the heart of Austrian capital theory, one of its most distinctive and important elements. Indeed, Menger emphasizes the passage of time throughout his analysis, an emphasis that has not yet made its way into mainstream economic theorizing.

While most contemporary economics treatises are turgid and dull, Menger’s book is remarkably easy to read, even today. His prose is lucid, his analysis is logical and systematic, his examples clear and informative. The Principles remains an excellent introduction to economic reasoning and, for the specialist, the classic statement of the core principles of the Austrian School.

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Tải Sách: Principles of economics

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