Mengerian Microeconomics

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The book delves into the significant yet overlooked impact of the American and English "psychological" school on economic theory, particularly in enhancing the Austrian school. It highlights how key figures like Frank Knight and J.B. Clark advanced the original Austrian concepts by establishing a solid subjectivist basis for production and distribution theories. By focusing on subjective value and marginal utility, they effectively redefined interest, profit, wages, and rents, suggesting an alternative trajectory for mainstream economic thought had Mengerian principles been fully embraced.