Principles of Economics (The Institute for Humane Studies series in economic theory)

Principles of Economics ushered in modern economics. Principles not only revolutionized value, price, and marginal utility theories, but it was also used as the primary textbook by several generations of Austrian students and scholars, including Ludwig von Mises and F. A. von Hayek. No economist's library is complete without a copy of this classic work. New printing in 1994! Title Page......Page 1 Instide Title Page......Page 3 Copyright......Page 4 Contents......Page 5 Editor's Note......Page 9 Introduction by F.A. Hayek......Page 11 Translator's Preface......Page 37 Dedication......Page 43 Preface......Page 45 1. The General Theory of the Good......Page 51 2. The Causal Connections Between Goods......Page 55 3. The Laws Governing Goods-Character......Page 58 4. Time and Error......Page 67 CHAPTER 2: ECONOMY AND ECONOMIC GOODS......Page 77 1. Human Requirements......Page 80 2. The Available Quantities......Page 89 3. The Origin of Human Economy and Economic Goods......Page 94 Wealth......Page 109 1. The Nature and Origin of Value......Page 114 2. The Original Measure of Value......Page 121 3. The Laws Governing the Value of Goods of Higher Order......Page 149 1. The Foundations of Economic Exchange......Page 175 2. The Limits of Economic Exchange......Page 181 CHAPTER 5: THE THEORY OF PRICE......Page 191 1. Price Formation in an Isolated Exchange......Page 194 2. Price Formation Under Monopoly......Page 197 3. Price Formation and the Distribution of Goods Under Bilateral Competition......Page 216 1. The Nature of Use Value and Exchange Value......Page 226 2. The Relationship Between the Use Value and the Exchange Value of Goods......Page 228 3. Changes in the Economic Center of Gravity of the Value of Goods......Page 231 1. The Concept of the Commodity in Its Popular and Scientific Meanings......Page 236 2. The Marketability of Commodities......Page 241 1. The Nature and Origin of Money......Page 257 2. The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods......Page 262 3. Money as a "Measure of Price" and as the Most Economic Form for Storing Exchangeable Wealth......Page 272 4. Coinage......Page 280 A. Goods and "Relationships"......Page 286 B. Wealth......Page 288 C. The Nature of Value......Page 292 D. The Measure of Value......Page 295 E. The Concept of Capital......Page 303 F. Equivalence in Exchange......Page 305 G. Use Value and Exchange Value......Page 306 H. The Commodity Concept......Page 308 I. Designations for Money......Page 312 J. History of Theories of the Origin of Money......Page 315 Index......Page 321 Title Page 1 Instide Title Page 3 Copyright 4 Contents 5 Editor's Note 9 Introduction by F.A. Hayek 11 Translator's Preface 37 Dedication 43 Preface 45 CHAPTER 1: THE GENERAL THEORY OF THE GOOD 51 1. The General Theory of the Good 51 2. The Causal Connections Between Goods 55 3. The Laws Governing Goods-Character 58 4. Time and Error 67 CHAPTER 2: ECONOMY AND ECONOMIC GOODS 77 1. Human Requirements 80 2. The Available Quantities 89 3. The Origin of Human Economy and Economic Goods 94 Wealth 109 CHAPTER 3: THE THEORY OF VALUE 114 1. The Nature and Origin of Value 114 2. The Original Measure of Value 121 3. The Laws Governing the Value of Goods of Higher Order 149 CHAPTER 4: THE THEORY OF EXCHANGE 175 1. The Foundations of Economic Exchange 175 2. The Limits of Economic Exchange 181 CHAPTER 5: THE THEORY OF PRICE 191 1. Price Formation in an Isolated Exchange 194 2. Price Formation Under Monopoly 197 3. Price Formation and the Distribution of Goods Under Bilateral Competition 216 CHAPTER 6: USE VALUE AND EXCHANGE VALUE 226 1. The Nature of Use Value and Exchange Value 226 2. The Relationship Between the Use Value and the Exchange Value of Goods 228 3. Changes in the Economic Center of Gravity of the Value of Goods 231 CHAPTER 7: THE THEORY OF COMMODITY 236 1. The Concept of the Commodity in Its Popular and Scientific Meanings 236 2. The Marketability of Commodities 241 CHAPTER 8: THE THEORY OF MONEY 257 1. The Nature and Origin of Money 257 2. The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods 262 3. Money as a "Measure of Price" and as the Most Economic Form for Storing Exchangeable Wealth 272 4. Coinage 280 APPENDICES 286 A. Goods and "Relationships" 286 B. Wealth 288 C. The Nature of Value 292 D. The Measure of Value 295 E. The Concept of Capital 303 F. Equivalence in Exchange 305 G. Use Value and Exchange Value 306 H. The Commodity Concept 308 I. Designations for Money 312 J. History of Theories of the Origin of Money 315 Index 321 By Carl Menger ; Translated By James Dingwall And Bert F. Hoselitz ; With An Introd. By F. A. Hayek. Translation Of Grundsätze Der Volkswirthschaftslehre. No More Published. Includes Bibliographical References And Index.