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Winter 2021

ISSN 0890-913X

Volume 36, Number 4

Categories: Winter 2021 | Menger, Carl - Contributions | Austrian Economics

What Carl Menger Can Teach Us 150 Years after His Principles of Economics

Barbara Kolm, Austrian Economics Center - Friedrich A. v. Hayek Institute

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TheJournalofPrivateEnterprise36(4),2021,63–74WhatCarlMengerCanTeachUs150YearsafterHisPrinciplesofEconomicsBarbaraKolm*AustrianEconomicsCenterFriedrichA.v.HayekInstitute________________________________________________________________________AbstractCarlMenger’sPrinciplesofEconomics(1871)marksthebirthoftheAustrianSchool;itwasrevolutionary,introducingnewinsightstotheeconomicdisciplinethatarenowmainstream.Onehundredfiftyyearslater,Mengerisstillimportant.Hisworkcoveredseveraltopics:economicexchange,trade,marketmechanisms,andthepricesystem.Hismethodologyemphasizedthatpermanentprinciplesandeconomiclawsaretrueregardlessofwhatpoliticiansthinkisfairorjust.Mengerprovedthatmostinstitutionsarecreatedviabottom-upprocessesthroughthevoluntaryinteractionsofindividuals.Heexplainedwhyitissoimportantthatmoneyremainconnectedtotherealworld.________________________________________________________________________JELCodes:B13,E50,O40Keywords:CarlMenger;Austrianeconomics;subjectivism;monetaryexpansion;organicinstitutionsI.IntroductionTheworldhasdrasticallychangedinthelastthirtyyears.LonggonearetheyearsinwhichpoliticiansacrosstheWest—onallsidesofthepoliticalspectrum—hailed,oratleastpaidlipserviceto,thebenefitsoffreetrade,openmarkets,andlimitedgovernmentbasedontheruleoflaw.Atleastsincethefinancialcrisisof2007andtheeurocrisisintheensuingyears,manypromarketideashavelargelyvanishedinthepolicyworld.Allthismerelydeterioratedin2020—anddramatically,astheCOVID-19crisisemboldenedgovernmentstoexercisepowersneverseenbeforeorimaginableinpeacetime.Businesses,stores,restaurants—practicallyallofpubliclife—have*TheauthorwantstothankSimonSarevski,NathanielBald,andKaiWeissfortheirresearchassistance.

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Title	What Carl Menger Can Teach Us 150 Years after His Principles of Economics
Authors/Creators:	Barbara Kolm, Austrian Economics Center - Friedrich A. v. Hayek Institute
Year:	2021
Volume:	36
Number:	4
Pages:	63 - 74
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Carl Menger; Austrian economics; subjectivism; monetary expansion; organic institutions

Citation:
Kolm, Barbara / 2021. "What Carl Menger Can Teach Us 150 Years after His Principles of Economics." The Journal of Private Enterprise, 36(4): 63-74.