Principles of Economics.

MENGER, Carl [F.A. Hayek].

Item Number: 100334

New York: New York University Press, 1981.

First edition thus in English of Menger’s magnum opus, with an introduction by Nobel Prize-winning economist F.A. Hayek. Octavo, original cloth. Translated by James Dingwall and Bert F. Hoselitz. With an introduction by F.A. Hayek. Fine in a near fine dust jacket.

"Menger's Principles of Economics is the founding document of the Austrian school of economics" (Caldwell, Hayek's Challenge, 19). "If, during the last 60 years, the Austrian School has occupied an almost unique position in the development of economic science, this is entirely due to the foundations laid by this one man… its fundamental ideas belong fully and wholly to Carl Menger" (Hayek, Introduction to 1976 edition). "Major economists usually leave a legacy of ideas and theories that come to be accepted… A few make their mark because they dared to step outside the mainstream and were able to inspire a group of students or followers. Menger is the rare figure who fits into both categories. His emphasis on the individual, and his argument that we must explain the economic world as responses to subjective individual assessments, make Menger a founder of the Austrian School of Economics" (Pressman, 63).