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By Schlepkin A.K.

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He taught at the University of Vienna (1913 & 1918-1938), was Economic Adviser to the Austrian Chamber of Commerce (1909-1934) and served as Director of the League of Nations' Austrian Reparations Commission (1918-1920). In 1927, he founded the Austrian Institute for Trade Cycle Research. Professor Mises also taught at the Graduate Institute for International Studies in Geneva (1934-1940) and at New York University (1945-1969). , 1966), Theory and History (1957), The Ultimate Foundation of Economic Science: an Essay on Method (1962) and Notes and Recollections (1978).

Menger succeeded in his ingenuous first work to overcome this seeming paradox of value. It is not the importance of an entire category of goods that determines value, but the importance which is assigned to that part that is presently available. It is the value of the concrete partial quantity that influences price determination, not the value of the goods category. Since we assign each individual part of a given supply only the importance that is derived from the satisfaction of wants that it provides, and since in each individual category of wants the urgency of further satisfaction is reduced as satiation progresses, each concrete 25 partial quantity is valued on the basis of the importance of the last and least important of the concrete wants that can just be satisfied with the available supply (marginal utility).

Menger succeeded in his ingenuous first work to overcome this seeming paradox of value. It is not the importance of an entire category of goods that determines value, but the importance which is assigned to that part that is presently available. It is the value of the concrete partial quantity that influences price determination, not the value of the goods category. Since we assign each individual part of a given supply only the importance that is derived from the satisfaction of wants that it provides, and since in each individual category of wants the urgency of further satisfaction is reduced as satiation progresses, each concrete 25 partial quantity is valued on the basis of the importance of the last and least important of the concrete wants that can just be satisfied with the available supply (marginal utility).

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