Wieser, Friedrich von (1851-1926)

Updated: Aug 20, 2021

He succeeded Menger to the Chair of Economics at Vienna University in 1903 after a period at Prague University. His most important works include Vber den Ursprung und die Hauptgesetze des Wirtschaftlichen Wertes (1884), Der Naturliche Wert (1889) and Theorie der gesellschaftlichen Wirtschaft (1914). He developed a law of costs which became known later as the principle of opportunity cost. Factors of production will be distributed by competition such that, in equilibrium, the value of their marginal outputs will be equal. The costs of production of any commodity reflect the competing claims in other uses for the services of the factors needed to produce it. The law became an important element in the theory of resource allocation.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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