Friedrich von Wieser 101: A Pioneer of Austrian Economics
Friedrich von Wieser was an Austrian economist who is considered one of the founders of the Austrian School of economics. He was born in Vienna in 1851 and studied law and economics at the University of Vienna.
After graduating, he worked as a government official for several years before becoming a professor of economics at the University of Vienna in 1893. He held this position until his death in 1926. If you want to learn more about him, you can check out the subheadings in this article on Zatrun.com.
Who is Friedrich von Wieser?
Friedrich von Wieser was a prolific writer and published numerous works on economics, including Natural Value (1889), Social Economics (1914), and The Law of Power (1926). He is best known for his contributions to the theory of value, capital, and entrepreneurship.
Wieser’s theory of value is based on the concept of marginal utility. He argued that the value of a good is determined by the marginal utility that it provides to consumers. This means that the more a good is consumed, the lower its marginal utility will be. For example, the first slice of pizza you eat may be very enjoyable, but the sixth slice may not be as enjoyable.
Friedrich von Wieser also made important contributions to the theory of capital. He argued that capital is not a physical thing, but rather a relationship between productive factors. For example, a machine is not capital in itself, but it becomes capital when it is used to produce goods and services.
Wieser also emphasized the importance of entrepreneurship in economic growth. He argued that entrepreneurs are the individuals who take risks and innovate, which leads to new products and services being created.
Wieser’s work had a profound influence on the development of Austrian economics. His ideas were later developed by other Austrian economists, such as Ludwig von Mises and Friedrich Hayek. Wieser’s work is still relevant today and is used by economists to understand a variety of economic phenomena.
In addition to his work in economics, Wieser was also interested in sociology and political science. He wrote several books on these topics, including The History of State Power (1923) and The Law of Power (1926). Wieser’s work on these topics helped to shape his views on economics. He believed that economics could not be studied in isolation from other social sciences.
Wieser was a highly respected economist and his work has had a lasting impact on the field. He is considered one of the most important figures in the development of Austrian economics.
