Principles of Economics

In the beginning, there was Menger. It was this book that reformulated, and really rescued, economic science. It kicked off the Marginalist Revolution, which corrected theoretical errors of the old classical school. These errors concerned value theory, and they had sown enough confusion to make the dangerous ideology of Marxism seem more plausible than it really was.

Menger set out to elucidate the precise nature of economic value, and root economics firmly in the real-world actions of indiv...