Probleme der Wertlehre

Ludwig von Mises

Mises discusses the origins of the subjective theory of value. As developed by Menger, value theory was in a position to solve problems that the British classical economists could not answer.

Probleme der Wertlehre by Mises

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Ludwig von Mises
Ludwig von Mises

Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises’s writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that he called praxeology.

Mises Daily Ludwig von Mises
There is only one way that leads to an improvement of the standard of living for the wage-earning masses, viz., the increase in the amount of capital invested. All other methods, however popular they may be, are not only futile, but are actually detrimental to the well-being of those they allegedly want to benefit.
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References

Probleme der Wertlehre, Part I. Ludwig Mises and Arthur Spiethoff, eds. Schriften des Vereins für Sozialpolitik. 183 (Munich & Leipzig: Duncker & Humblot, 1931)73-93. Included in Epistemological Problems of Economics.