ABSTRACT
If Böhm-Bawerk had entirely agreed with Menger’s subjectivism, there would be no need for this chapter. It would be sufficient for those who want to know about Böhm-Bawerk’s subjectivism to read Menger’s Grundsätze der Volkswirtschaftslehre. In fact, at Innsbruck University during the early 1880s, Böhm-Bawerk repeatedly taught almost all of the essential ideas that appeared in the first five chapters of Menger’s work: the four conditions for a thing to be a good for an economizing individual (Menger 1871, ch. 1), 2 the condition for a good to be an economic good (ibid., ch. 2), 3 the subjective definition of value on the basis of the loss principle (ibid., ch. 3), 4 the conditions for exchange (ibid., ch. 4), 5 and the formation of prices in the isolated and competitive markets (ibid., ch. 5). 6
