Why People Pay Higher Prices for Some Goods Relative to Others
Update: 2024-11-19
Description
One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.
Original article: Why People Pay Higher Prices for Some Goods Relative to Others
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