WIESER, Friedrich von.

Der natürliche Werth.

Vienna, Alfred Hölder, 1889. 8vo, pp. xvi, 239, [1] imprint; with ink inscriptions by Wieser and Kleinwächter (dated 1888) on the front cover; first and last pages browned, edges lightly toned throughout; still a good copy in contemporary cloth-backed boards, joints cracking, with the original printed wrappers laid down, a little soiled. First edition of this classic, in which Wieser attempted to apply marginal utility analysis to the determination of cost, inscribed by Wieser to his fellow economist Friedrich von Kleinwächter.Friedrich von Wieser (1851–1926) was one of the leading exponents of the Austrian, or ‘subjective’ school of economics. Together with his fellow-student and brother-in-law Eugen von Böhm-Bawerk (1851–1914), he developed the ideas of Carl Menger and made the Austrian school of marginal utility widely known. In his first book, Über den Ursprung und die Hauptgesetze des wirtschaftlichen Werthes (1884), which already foreshadowed theories of the present work, Wieser introduced the term Grenznutzen (marginal utility). The book earned him a lectureship at the University of Vienna. ‘Here he continued to work on the same problems and also on what he regarded merely as a first step toward a theory of value that was to be fully developed in [the present work]. He employed the expository device of studying value in a centrally directed economy and suggested possible applications of utility theory to public finance. The book gained him almost immediate acclaim, and it was soon translated into English’ (Friedrich von Hayek, in IESS).Masui, p. 909; Mattioli 3846; Menger, col. 395.

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