FIRST EDITION IN ENGLISH OF AUSTRIAN ECONOMIST FRIEDRICH VON WIESER’S "SOCIAL ECONOMICS"

  • Social Economics.

Social Economics.

$975.00

Item Number: 3682

New York: : Adelphi Company, 1927.

First edition in English. Octavo, original cloth. In very good condition with the spine gilt bright. Translated by A. Ford Hinrichs. Preface by Wesley Clair Mitchell.

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.

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