Austrian Economics Newsletter

Subjective Value Theory: A Reformulation

Austrian Economics Newsletter
Downloads

Volume 12, Number 1 (Fall 1990)

 

The method of Austrian economics stresses the use of words and concepts rather than mathematics, but, unlike mathematics, words and concepts change their meaning through time. That f ‘(x) < 0 implies a negatively sloping curve was as clear. to Newton as it is to a modern mathematical economist. The meaning Carl Menger ascribed to the term utility, however, differed from that of Mises. Furthermore, the meaning of words in one context can infuse and distort the meaning in another context. This is why, as Austrian economists, we must occasionally “clean house,” re-examine our concepts, and clarify any that have become distorted.

All Rights Reserved ©
What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. 

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Become a Member
Mises Institute