Menger, among the founders of marginalism, was the least mathematical and the one most interested in individual subjective valuations. These characteristics allowed for the development, by his successors, of what has become known as the Austrian School of economic theory. Among their notable...

Aristotle was among the first thinkers to appreciate the difference between the use value and exchange value of the object of an economic exchange. He drew not simply economic but, more profoundly, ethical conclusions from this distinction. In this he was followed by Aquinas who distinguished...

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...