Principles of Economics by Carl Menger - The Foundation of the Austrian School

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In this video, we explore Carl Menger’s Principles of Economics, the foundational work of the Austrian School of Economics. Published in 1871, Menger revolutionized economic thought by shifting the focus from production costs to human decision-making. His key ideas, including subjective value and marginal utility, explain how value is determined by personal needs and preferences, not inherent properties. Menger demonstrated that as we consume more of something, its value decreases—this helps us understand why prices fluctuate based on scarcity. He also emphasized the role of individuals in shaping the economy, rather than abstract economic forces. Menger’s groundbreaking work continues to influence modern economics by highlighting the importance of entrepreneurship, choice, and time in economic decisions. Whether you're new to economics or curious about the Austrian School, this video breaks down Menger’s insights into easy-to-understand concepts that remain relevant today.
00:00 - Intro into Principles of Economics by Carl Menger
00:26 - Why Principles of Economics Matter Today
00:46 - Subjective Value – Why Things Are Worth What They’re Worth
01:20 - Marginal Utility – The Key to Understanding Choices
01:54 - The Role of Individuals in the Economy
02:31 - Why Principles of Economics is a Must-Read
02:57 - Conclusion and Further Resources