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