Stefan Kooths (Kiel Institute)
In 1871, Carl Menger published the first edition of his Grundsätze (Principles of Economics) that laid the ground not only for the Austrian School but for modern economics in total. In fact, it turned out to be one of the most influential economics books ever written. The talk recalls Menger’s key theoretical and methodological insights and shows that none of them have lost their relevance until today. While Menger, Jevons, and Walras are usually paid tribute to as the triumvirate of the Marginal Revolution, the legacy of Menger’s Principles reaches beyond that landmark. In particular, because his exposition of economics does not assume away time, uncertainty, and entrepreneurship for the sake of general equilibrium analysis, but keeps them as building blocks of a meaningful approach to economics as a social science. In many respects he is the forerunner of important economic concepts with methodological individualism being the most important one. By building his reasoning on this firm ground, he outlines in a clear and farsighted manner what can reasonably be expected from economics and what cannot.
Virtuall via Zoom
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