Friedrich von Wieser (1851 to 1926) was an early member of the Austrian School of economics, born in Vienna. He built on Carl Menger's view of subjective value, coined the term marginal utility, and developed the idea of alternative cost, later known as opportunity cost, which holds that the cost of a commodity depends on the value of the alternative opportunity lost when resources are used for it. He taught at the universities of Vienna and Prague, succeeded Menger in Vienna in 1903, wrote Natural Value in 1893 and Social Economics in 1914, and became Austrian finance minister in 1917.
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Source New World Encyclopedia: Friedrich von Wieser
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Source New World Encyclopedia: Friedrich von Wieser
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Source New World Encyclopedia: Friedrich von WieserProfile pageQuote, Profile page
Wieser was born in Vienna, Austria on July 10, 1851.
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New World Encyclopedia: Friedrich von Wieser
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Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics.
Concepts Originated: Opportunity Cost, Profile page
He built on Carl Menger 's view of subjective value , coining the term "marginal utility" and developing the idea of "alternative cost" (later known as "opportunity cost").
Associated With School: Austrian School, Profile page
Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics.
In Group: Marxian, Austrian, Historical and Institutional Economists, Profile page
Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics.
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