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References (4)
-
10.7208/chicago/9780226321363.001.0001
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H. Gossen (1983)
The Laws of Human Relations and the Rules of Human Action Derived Therefrom -
W. Jevons (1965)
Theory of Political Economy -
Friedrich Hayek (1933)
The trend of economic thinkingJournal des Économistes et des Études Humaines, 2
- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2000 MCB UP Ltd. All rights reserved.
- ISSN
- 0144-3585
- DOI
- 10.1108/01443580010342348
- Publisher site
- See Article on Publisher Site
Abstract
Investigates the fate of Gossen's ideas and discusses his life, work and influence. Gossen formulated three laws. First, he formulated the law of diminishing marginal utility, which became the foundation of the later marginalist schools. Second, he formulated the law of want equalization which was later elaborated in the Austrian theory of overinvestment or better theory of wrong investment. He was the first to point to the fact that time is a crucial element of value. In this respect, he influenced the discussion on time preference within the Austrian School (critique of Fetter, Mises, and Rotbard on Böhm-Bawerk). He was also one of the first to use (simple) mathematics in economics.
Journal
Journal of Economic Studies – Emerald Publishing
Published: Aug 1, 2000
Keywords: Economic theory; Mathematics