Here is the synopsis of our sample research paper on The Life and Times of Carl Menger. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 9 page paper looks at this Austrian economist and what he contributed to the field. Some bibliographic information is included but the paper focusses on economic theory. Bibliography lists 6 sources.
Page Count:
9 pages (~225 words per page)
File: RT13_SA448CM.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
(Salerno, 2004). He alone came up with the system of value and price theory, which is something that constitutes the basis of economic theory in Austria (2004). Menger also
originated and applied the proper praxeological method for encountering theoretical research in economics today (2004). In respect to the core theory and method, Austrian economics is equated with Mengerian
economics (2004). It seems that to a great extent, at least in respect to Austria, Menger is quite a significant economist. And while no one disputes Mengers role, there is
some confusion in respect to the exact nature of his contribution (2004). In respect to the subjective theory of value, there have been claims made in respect to Mengers
originality and these are clouded a bit (Kirzner & Tullock, 1999). As Erich Streissler claims, some German economists who worked in the early part of the 19th century, and with
whose works Menger was familiar, value theory did incorporate subjective insights well before Menger came on board (1999). Menger however did believe that the Grundsatze had broken
new ground (1999). Again, that is arguable. Many do claim that Menger contributed a great deal of new economic information but how much is really not certain. Other economists who
emerged prior to Menger contributed a great deal as well. Menger did try to significantly reconstruct the theory of price and he did so on the basis of the "law
of marginal utility" (Salerno, 2004). Menger had actually been motivated by a specific and overarching goal in respect to the establishment of a causal link between subjective values and the
objective market prices (Salerno, 2004). Economist Hans Mayer explains that Mengers theory is one of price formation as opposed to price determination (Horwitz, 2001). In essence, the theory is
...