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.

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