{"product_id":"9780786169306","title":"Early Austrian Economics: New Importance for the Consumer","description":"\u003cp\u003e\u003cb\u003eCarl Menge\u003c\/b\u003er (1840-1921), and \u003cb\u003eEugen von Bohm-Bawerk\u003c\/b\u003e (1851-1914), working in Vienna in the late nineteenth century, rejected the \u003cb\u003eclassical\u003c\/b\u003e and\u003ci\u003e\u003cb\u003e \u003c\/b\u003e\u003c\/i\u003e\u003cb\u003eMarxian\u003c\/b\u003e ideas that value can be measured objectively. They insisted that the \u003ci\u003esubjective preferences\u003c\/i\u003e 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 \u003ci\u003emarginal utility\u003c\/i\u003e of goods, i.e., the usefulness to a consumer of one more (or less) unit of an item, determines its price.\u003c\/p\u003e\u003cp\u003eOther insights of the \u003cb\u003eearly Austrians\u003c\/b\u003e 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.\u003c\/p\u003e","brand":"Knowledge Products, Inc.","offers":[{"title":"Default Title","offer_id":47095391813872,"sku":"9780786169306","price":9.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9780786169306_p0.jpg?v=1763665678","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780786169306","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}