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Focusing on the contributions of the American and English "psychological" school to economic theory, the book examines how figures like Frank Knight and J.B. Clark enhanced the Austrian school by establishing a solid subjectivist foundation for production and distribution theories. It highlights their success in developing concepts of interest, profit, wages, and rents based on subjective value and marginal utility, moving away from outdated cost of production models. The work also speculates on the potential trajectory of mainstream economic theory had the Mengerian approach been fully embraced.
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Mengerian Microeconomics, Ivan Jankovic
- Language
- Released
- 2021
- product-detail.submit-box.info.binding
- (Hardcover)
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- Title
- Mengerian Microeconomics
- Subtitle
- The Forgotten Anglo-American Contribution to the Austrian School
- Language
- English
- Authors
- Ivan Jankovic
- Publisher
- Springer International Publishing
- Released
- 2021
- Format
- Hardcover
- Pages
- 236
- ISBN13
- 9783030577483
- Series
- Description
- Focusing on the contributions of the American and English "psychological" school to economic theory, the book examines how figures like Frank Knight and J.B. Clark enhanced the Austrian school by establishing a solid subjectivist foundation for production and distribution theories. It highlights their success in developing concepts of interest, profit, wages, and rents based on subjective value and marginal utility, moving away from outdated cost of production models. The work also speculates on the potential trajectory of mainstream economic theory had the Mengerian approach been fully embraced.