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The fate of new ideas: Hermann Heinrich Gossen, his life, work and influence

The fate of new ideas: Hermann Heinrich Gossen, his life, work and influence 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Studies Emerald Publishing

The fate of new ideas: Hermann Heinrich Gossen, his life, work and influence

Journal of Economic Studies , Volume 27 (4/5): 5 – Aug 1, 2000

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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 StudiesEmerald Publishing

Published: Aug 1, 2000

Keywords: Economic theory; Mathematics

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