Tag: Carl Menger

The Price of Labor: Burke, Nietzsche, and Menger

Edmund Burke, Thoughts and Details on Scarcity: When any commodity is carried to market, it is not the necessity of the vendor, but the necessity of the purchaser that raises the price….If the goods at market are beyond the demand, they fall in their value; if below it, they rise. The impossibility of the subsistence of a man, who carries his labour to a market, is totally beside the question in this way of viewing it. The only question is, what is it worth to the buyer? (pp. 68-69) Carl Menger, Principles of Economics: Neither the means of subsistence nor the minimum of subsistence of a laborer, therefore, can be the direct cause or determining principle of the price of […]