MENGER'S ECONOMIC REVOLUTION. MENGER, CARL. 1840-1921. Grundsätze der Volkswirtschaftslehre...

MENGER'S ECONOMIC REVOLUTION. MENGER, CARL. 1840-1921. Grundsätze der Volkswirtschaftslehre ... Erster, allgemeiner Theil [all published]. Wien: Wilhelm Braumüller, 1871. 8vo. Early 20th-century cloth-backed boards. Custom cloth folding case. Provenance: Hon. Stanley C. Wisniewski (pencil inscription). FIRST EDITION OF MENGER'S REVOLUTION IN ECONOMICS AND THE FOUNDATION OF THE AUSTRIAN SCHOOL '... a more thorough account of the relations between utility, value, and price than is found in any of the works by Jevons and Walras, who at about the same time laid the foundation of the 'marginal revolution' in economics' (Friedrich von Hayek, in IESS). Having arrived at the marginal utility theory independently of, but at the same time as, Jevons and Walras, Menger's Grundsätze extended it to indirect goods and complementary goods, integrating marginal utility theory into value and price theory. In the words of Schumpeter, Menger extended 'the range of the principle of marginal utility over the whole area of production and distribution ... the whole organon of pure economics thus finds itself unified in the light of a single principle — in a sense in which it never had before' (Schumpeter, History of Economic Analysis, p 913). Footnotes: 'Until the end of the Seventies [1870s] there was no 'Austrian School.' There was only Carl Menger.' - Ludwig Von Mises, The Historical Setting of the Austrian School of Economics. For further information on this lot please visit Bonhams.com For further information about this lot please visit the lot listing