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Essay / Research Paper Abstract
This 3-page paper discusses Carl Menger's economic theories, including the theory of partial equilibrium. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: AS43_MTmengecon.rtf
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Unformatted sample text from the term paper:
simple definition, many of these "social scientists" have come up with various theories to explain how the allocation works, and why consumption operates as it does.
Carl Menger was born in Austria to civil servants and army officers (Carl Menger, 2009). Though he began a study of law, he turned to economics
as his study (Carl Menger, 2009). He received an appointment to the University of Vienna, from where he retired in 1903, and also served as tutor to Crown Prince Rudolf
(Carl Menger, 2009). Menger was best-known for the partial equilibrium theory, which stated that, with unit prices equal, the equilibrium at which
an individual would maximize his utility was attained when marginal utility derived from any one commodity was equal to marginal utility derived from other commodities consumed (Carl Menger, 2009). If
a price of a commodity was larger than the consumers marginal utility, then the consumer wouldnt buy it (Carl Menger, 2009). This was the "Law of Demand," in other words,
the quantity of a product or service people were willing to buy depended on the price, with demand and corresponding price inversely related to each other (Carl Menger, 2009). In
other words, once a commoditys price became too high, people would no longer want it. While the idea of price as a
determinant of demand is pretty much taken for granted by economists today, during the late 19th century, this wasnt necessarily the case - the thinking of the time was that
consumers would buy what they needed, regardless of what it cost. Mengers economic theories, however, fit the times, when factories and mass production were starting to enter into the equation.
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