[Excerpted from Böhm-Bawerk, “The Austrian Economists,” Annals of the American Academy of Political and Social Science , volume 1 (1891).] The province of the Austrian economists is theory in the strict sense of the word. They are of the opinion that the theoretical part of political economy needs to be thoroughly transformed. The most important
[This is an excerpt from an essay that was originally published in the Annals of the American Academy of Political and Social Science , volume 1 (1891).] The question of the relation of cost to value is properly only a concrete form of a much more general question — the question of the regular relations between the values of such goods as in
[ Karl Marx and the Close of His System (1896)] It is admitted by Marx that separate commodities exchange with each other either over or under their value according as the share of constant capital employed in their production is above or below the average. Stress is, however, laid on the fact that these individual deviations which take place
Volume. 5, No. 1 (Summer 2002) The times are past in which one could naively teach the cost theory without getting involved in more precise explanations concerning in particular the origin of the value of the cost goods itself and the laws determining its magnitude. Whoever begins, however, really to explain, instead of merely assert, will
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.