... of economics. The main aim of this paper is, firstly, to show the existence of the concept of need as such in Carl Menger—widely acknowledged as one of the fathers of modern economics; and secondly, to trace the concept’s erasure in the orthodox school along with its rediscovery in the heterodox schools...

...There is a deep link between complexity economics and Austrian economics. Ideas of complexity were foundational in the work of Austrian economics from its generally recognized beginnings in the work of Carl Menger to the modern day, with Friedrich Hayek being probably the most important carrier...

... theory Kahneman Daniel loss aversion Microeconomics Bowles Morgenstern Oskar prospect theory psychology reference dependence Thaler Richard von Neumann John future reserves neoclassical economics marginalist school Alfred Marshall Leon Walras Carl Menger William Jevons profit maximization...

...This chapter focuses on Carl Menger's Principles of Economics (Grundsätze der Volkswirthschaftslehre), highlighting important themes of the book. Menger had studied law, receiving his degree in 1867. Over the next four years, he worked briefly as a journalist...

...Chapter 2 discusses how William Stanley Jevons, Carl Menger, and Léon Walras addressed the issue of the measurability of utility. The three founders of marginal utility theory identified measurement with unit-based measurement and, accordingly, searched for a unit of utility that could be used...

...This chapter is about money and financial institutions. The first question concerns the nature of money. Carl Menger's famous thought experiment showing the spontaneous emergence of money from barter is not only historically inaccurate, but is undermined by modifications that move it in a more...

...This chapter offers a synthetic account of the key methodological ideas espoused by prominent Austrian economists. It focuses on the contributions of Carl Menger, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann, and Donald Lavoie, arguing that epistemological concerns fail to encapsulate...

...This chapter investigates how the historical economists' commitment to social reform led to the famous Metodenstreit (dispute over methods) between Schmoller and the Austrian economist Carl Menger. It traces and evaluates their relationship from the early 1870s, placing...

... order”, which is associated with Adam Smith, Friedrich Hayek, and Michael Polanyi, and “emergent conventions”, which is associated with Carl Menger, Thomas Schelling, and other path-dependence theorists. Polanyi used the term “spontaneous order” in a consistent way to mean polycentric order...

...The Oxford Handbook of Austrian Economics provides an overview of the main methodological, analytical, and practical implications of the Austrian school of economics. This intellectual tradition in economics and political economy has a long history that dates back to Carl Menger in the late...

...This chapter discusses the Methodenstreit, the battle over methods between Carl Menger and Gustav Schmoller. It begins with an examination of the book that began the conflict, Menger's Investigations into the Method of the Social Sciences. Menger's major goal...

... history of the intellectual tradition of the Austrian school of economics starting with Carl Menger in the late nineteenth century. In tracing this intellectual tradition, the authors provide the necessary background to understand the main methodological, analytical, and practical implications...

...This chapter discusses the challenges raised by the inclusion of evolutionary elements in the theories of Carl Menger, Joseph Schumpeter, and Friedrich Hayek. Each adopted an idiosyncratic position in terms of method of inquiry, focus, and general message. The breadth of the topics and phenomena...