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Markets, Entrepreneurs and Liberty: A Review Article

In: Business, Time and Thought

Author

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  • Stephen F. Frowen

Abstract

Since its beginnings in the early 1870s, Austrian economics has been shaped successively by a number of brilliant minds, each seized by a highly individual conception differing from those of the others. At first Menger, Wieser and Bohm-Bawerk explained that in order to have value in exchange a thing must not only require labour to produce it, but must also be the object of need and desire. Individuals according to temperament and circumstance are subject to feelings of need and desire: The need for a specific extra daily quantity of a thing is less acute, the larger in given circumstances, the daily quantity to which it will be added. At some level of daily supply, what must be given up for a small additional supply will be as much desired as that extra supply. There will be a subjective balance at the margin. This explanation of how value in exchange finds its level was not new to the Austrians of the 1870s. Cournot’s application of the differential calculus essentially and automatically involved the marginal idea, and there were other pioneers of the subjective marginal explanation.

Suggested Citation

  • Stephen F. Frowen, 1988. "Markets, Entrepreneurs and Liberty: A Review Article," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Business, Time and Thought, chapter 17, pages 204-208, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08100-4_17
    DOI: 10.1007/978-1-349-08100-4_17
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