Carl Menger

money invention state legal political natural economic power

"Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state."

—Carl Menger (1840-1921)

man beginning end economy

"Man himself is the beginning and the end of every economy."

—Carl Menger (1840-1921)

time period goods higher order lower

"The time period lying between command of goods of a higher order and possession of the corresponding goods of lower order can never be eliminated."

—Carl Menger (1840-1921)

institutions serve common welfare will establish plan

"How can it be that institutions which serve the common welfare and are extremely significant for its development come into being without a common will directed toward establishing them?"

—Carl Menger (1840-1921)

value nature goods individual

“When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances. The measure of value is entirely subjective in nature, and for this reason a good can have great value to one economizing individual, little value to another, and no value at all to a third, depending upon the differences in their requirements and available amounts. What one person disdains or values lightly is appreciated by another, and what one person abandons is often picked up by another.”

—Carl Menger (1840-1921)