diamond Subjective Value
Value as determined by individual preferences, not intrinsic properties
format_quote Quotes
"Value is nothing inherent in goods and no property of them, but merely the importance we first attribute to the satisfaction of our needs, and in consequence carry over to economic goods as the exclusive causes of the satisfaction of our needs."
menu_book Principles of Economics
View Full Quote"Value is not intrinsic, it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment. Neither is value in words and doctrines. It is reflected in human conduct. It is not what a man or groups of men say about value that counts, but how they act."
menu_book Human Action: A Treatise on Economics
View Full Quote"A thing is worth as much as it can be sold for without fraud or coercion. The value of goods is not determined by their intrinsic nature, but by the estimation which men commonly put upon them, and this estimation varies with time, place, and circumstance."
menu_book De Iustitia et Iure (On Justice and Law)
View Full Quoteauto_stories Books
Capital and Interest
Böhm-Bawerk's monumental three-volume work establishing the Austrian theory of capital and interest. He demolishes all prior theories of interest (...
Read MoreDe Iustitia et Iure (On Justice and Law)
Luis de Molina's six-volume masterwork on justice and law, completed in 1593. Molina's most enduring economic contribution is his clear formulation...
Read MoreHuman Action: A Treatise on Economics
Ludwig von Mises' magnum opus and the most comprehensive systematic treatment of economics from the Austrian School perspective. Mises develops pra...
Read MoreKarl Marx and the Close of His System
Böhm-Bawerk's definitive refutation of Marxian economics, exposing the fatal internal contradiction between Volume I and Volume III of Das Kapital....
Read MorePrinciples of Economics
Menger's groundbreaking work that founded the Austrian School of Economics, introducing the theory of marginal utility and subjective value. This r...
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