XVIII – Friedrich von Wieser – History of Economic Thought; Part 1

Friedrich von Wieser was a follower of Carl Menger, and he viewed his work as expanding on Menger’s.  Wieser’s major works were On the Origin and Principal Laws of Economic ValueNatural Value, and Social Economics.  He actually favored an interventionist state and thought that economic value was “natural” and existed no matter the government at the time.  He also was the first to use the phrase “marginal utility” and began development of the concept of opportunity cost.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s