The Greatest Economist Who Ever Lived

Mark Skousen ()
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Mark Skousen: Chapman University

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 327-342 from Springer

Abstract: Abstract With the publication of the Grundsätze, Carl Menger founded the Austrian School and made economics a real science. Menger was a revolutionary discoverer of both macroeconomics (through his time structure of production) and microeconomics (subjective demand and marginal analysis). Therefore, in honor of the 150th anniversary of the publication of his magnum opus (1871), I am pleased to declare Carl Menger as the greatest theoretical economist who ever lived. In my paper, I illustrate three ways in which I use Mengerian economics: first, using the quantity, quality, and variety of goods and services as a better measure than wages or income as the standard of living and economic growth; second, to show how prices are determined by the marginal number of buyers and sellers; and third, introducing a Mengerian 4-stage model of the economy and gross output (GO) as a new way to output in a modern economy.

Keywords: Gross output (GO); Gross domestic product (GDP); Marginal pricing; Structure of production; Real wages; Standard of living; Imputation theory; National income accounting (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_26

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DOI: 10.1007/978-3-031-17414-8_26

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