The Mises Institute is very pleased to introduce a lost work of genius: Basic Principles of Economic Value, by Eugen von Boehm-Bawerk. (...)
This book was originally published in German in 1886 as an elaboration on Menger--driving home points concerning value as against every non-Austrian point of view. He completely demolishes not only the labor theory but also the value theory that rests on claims of aggregate economic value or social worth. In so doing, he clarifies points that Menger himself hadn't entirely spelled out.
If you ever wonder precisely what it is that Austrians mean by subjectivism, this is the book to read and understand. He shows that economic value is to be distinguished from any notion of the aggregate value or life value of some good or service, which is why luxury goods unnecessary for life can be so much more valued than bread and water.
He also outlines for the first time in this article the modern marginal productivity theory of factor pricing.(...)"
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