Principles of Economics by Karl Menger - HTML preview

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ARL MENGER’S Grundsätze, in many respects the locus classicus of the Austrian School of economic theory, was unavailable in English translation for almost eighty years

after its appearance in German. Now that this translation has fallen out of print, the Institute for Humane Studies and the New York University Press are pleased to reprint it.

The continued availability of the Principles at this time is especially useful inasmuch as our contemporaries—after a long period of relative neglect—are showing renewed interest in the alternative insights of the Austrian approach to economic issues and their analysis.

As an introduction to the work of Menger, it is most appropriate to reprint here also the splendid appreciation of Menger’s place in the development of economic thought by Professor Friedrich A. Hayek, himself the outstanding living exponent of Austrian economics. We wish to express our thanks for his kind permission to include his essay here.

Our thanks go, too, to Richard Ebeling for preparing a brief selected bibliography which is included in the prefatory matter.



Henri-Simon Bloch, “Carl Menger: The Founder of the Austrian School,” Journal of Political Economy (June, 1940) pp. 428–433
Friedrich A. von Hayek, “Carl Menger,” Encyclopedia of the Social Sciences, vol. 10 (MacMillan Co. and Free Press, 1968) pp. 124–126
——. “The Place of Menger’s Grundsätse in the History of Economic Thought,” New Studies in Philosophy, Politics Economics and the History of Ideas (University of Chicago Press, 1978) pp. 270–282
J.R. Hicks and W. Weber, eds., Carl Menger and the Austrian School of Economics (Oxford: Clarendon Press, 1973)
William Jaffeé, “Menger, Jevons and Walras De-Homogenized,” Economic Inquiry (Dec., 1976) pp. 511–524
Israel M. Kirzner, “The Entrepreneural Role in Menger’s System,” Perception, Opportunity and Profit: Studies in the Theory of Entrepreneurship (University of Chicago Press, 1979) pp. 53–75
Delores Tremewan Martin, “Alternative Views of Mengerian Entrepreneurship,” History of Political Economy (Summer, 1979) pp. 271–284
Carl Menger, “On the Origin of Money,” Economic Journal (June, 1892) pp. 239–255
____. “Toward a Systematic Classification of the Economic Sciences,” [1889] in Essays in European Economic Thought ed. by Dr. Louise Sommer (Princeton: D. Van Nostrand Co., Inc. 1961) pp. 1–38
____. Problems of Economics and Sociology [1883] (Urbana: University of Illinois Press, 1963)
Ludwig von Mises, “Carl Menger and the Austrian School of Economics,” The Clash of Group Interests and Other Essays (New York: Center for Libertarian Studies, 1978) pp. 23–28
____. The Historical Setting of the Austrian School of Economics (New York: Arlington House, 1969)
Joseph A. Schumpeter, “Carl Menger, 1840–1921,” Ten Great Economists, From Marx to Keynes (New York: Oxford University Press, l951) pp. 80–90
Albion W. Small, “Later Phases of the Conflict Between the Historical and the Austrian Schools,” Origins of Sociology [1924] (New York: Russell & Russell, 1967) pp. 204–233
George Stigler, “The Economics of Carl Menger,” Journal of Political Economy (April, 1937) pp. 229–250; reprinted in Production and Distribution, The Formative Period (New York: The MacMillan Co., 1941) pp. 134–157
Erich Streissler, “To What Extent Was the Austrian School Marginalist?” The Marginalist Revolution in Economics: Interpretation and Evolution ed. by R.D. Collison Black, A.W. Coates & Crawford, D.W. Goodwin (Duke University Press, 1973) pp. 160–175
Leland B. Yeager, “The Methodology of Henry George and Carl Menger,” The American Journal of Economics and Sociology (April, 1954) pp. 233–238
“Carl Menger and Austrian Economics,” Atlantic Economic Journal (Sept., 1978) contributions by Richard E. Wagner, Samuel Bostaph, Lawrence S. Moss, Israel M. Kirzner, Harvey Nelson Gram and Vivian Charles Walsh, Ludwig M. Lachmann and Karen I. Vaughn