Review - Natural Law - Weiser - Economists will be grateful...

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Economists will be grateful to have again readily available Wieser's statement of marginal utility as formulated by the Austrian school (Book I), his abstraction from differences of purchasing power which make prices deviate from "natural value" (Book II), his application of marginal utility theory to the valuation of producer goods through "imputation" (Books III and IV), his interpretation of cost as indirect utility, or sacrifice of wealth capable of other uses than that to which it is actually put, that is, as opportunity cost-the theorem which later has been called "Wieser's law" (Book V), and his attempt to extend the theory of value to principles of taxation (Book VI). Wieser's best known contribution to the development of economic thought is his investigation of the relation between cost and value from the point of view of subjective value theory: given the quantity of the factors of production, com-petition for factors in the different lines of employment will distribute them in such a way that the values of their different products
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This note was uploaded on 11/20/2010 for the course ECON 530 taught by Professor Giertz during the Spring '10 term at University of Illinois, Urbana Champaign.

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