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Extended Audio Sample Early Austrian Economics: New Importance for the Consumer, by Israel Kirzner Click for printable size audiobook cover
3 out of 53 out of 53 out of 53 out of 53 out of 5 3.00 (1 ratings) (rate this audio book) Author: Israel Kirzner Narrator: Louis Rukeyser Publisher: Knowledge Products Format: Unabridged Audiobook Delivery: Instant Download Audio Length: Related: The Great Economic Thinkers Series Release Date:
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Carl Menger (1840–1921), and Eugen von Bohm-Bawerk (1851–1914), working in Vienna in the late nineteenth century, rejected the classical and Marxian ideas that value can be measured objectively. They insisted that the subjective preferences of consumers determine value; this shifted the attention of economic analysis from productive power to consumer demand.

This shift led to keen new insights, including the idea that the marginal utility of goods determines its price. Other insights of the early Austrians include an explanation of why interest is necessary, how the price system allocates economic resources, how to determine cause vs. effect in economic affairs, and how to distinguish between the means (activities) and ends (goals) of economic activity.

The Great Economic Thinkers series is a collection of presentations that explain, in understandable language, the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.

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About the Author

Dr. Israel Kirzner is a leading economist in the Austrian school. Kirzner’s major work is in the economics of knowledge and entrepreneurship and the ethics of markets. He is a leading authority on Ludwig von Mises’ thinking and methodology in economics and received the Global Award for Entrepreneurship Research in 2006.