In page navigation
Wieser, Friedrich von (1851-1926)
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.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >