Principles of Economics by Carl Menger Video Series

Are you interested to read the original book? Get ‘Principles of Economics’ by Carl Menger now: https://amzn.to/41Te3Ov Carl Menger, the founder of the Austrian School of Economics, revolutionized economic thought by shifting the focus from abstract theories to real human decisions. In this video, we explore Menger’s groundbreaking concept of subjective value, which asserts that the worth of an item isn’t determined by production costs, but by individual desire. Menger's insights helped shape modern economics, emphasizing the importance of human choice, market dynamics, and the free market system. He also inspired future economists like Ludwig von Mises and Friedrich Hayek. Through his work, Menger laid the foundation for understanding economics not just as a system, but as a reflection of individual decisions and behaviors. Dive into the life and legacy of Carl Menger and see how his ideas continue to shape economic theory today. Watch our series on the Austrian School to explore these influential concepts in more detail. 00:00 - Carl Menger – The Father of Austrian Economics and the Pioneer of Subjective Value 00:48 - Carl Menger was A Thinker Ahead of His Time 01:29 - The Birth of the Austrian School of Economics 02:05 - Carl Menger was A Humble Revolutionary 02:41 - A Legacy Built on Choice

Are you interested to read the original book? Get ‘Principles of Economics’ by Carl Menger now: https://amzn.to/41Te3Ov 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