One of the most important breakthroughs in human history. MS
“This year marks the 150th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith.An understanding of Menger’s unique contributions can still influence readers when they think about social Continue Reading
Source: Carl Menger’s Theory of Institutions and Market Processes – The Future of Freedom Foundation