FIRST British EDITION OF AUSTRIAN ECONOMIST FRIEDRICH VON WIESERS "SOCIAL ECONOMICS"
Social Economics. Translated by A. Ford Hinrichs. With a Preface by Wesley Clair Mitchell.
Wieser, Friedrich von.$400.00
Item Number: 96798
London: George Allen & Unwin, 1927.
First British edition of von Wieser’s great sociological study. Octavo, original cloth. Translated by A. Ford Hinrichs. Preface by Wesley Clair Mitchell. In very good condition with the spine gilt bright.
Wieser's two main contributions to economic theory are the theory of "imputation," establishing that factor prices are determined by output prices and the theory of "alternative cost" or "opportunity cost" as the foundation of value theory. Both are fundamental "subjectivist" pillars in Neoclassical theory which were effectively ignored by Alfred Marshall and the "real cost" British theorists.