Friedrich von Wieser, 1851-1926.
MORGENSTERN Oskar (1927.)
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Original offprint. 8vo. -674 pp. Original orange printed wrappers, stapled as issued. A fine copy. Reprinted from the American Economic Review, Vol. XVII, No. 4, December,
A presentation copy, inscribed by the author 'Herrn Dr. E. [Ernst] Schramm Mit freundl. ... Verf. Dez 1927.' to the front wrapper. Not identified as such, but from the collection of the Nobel Prize winning Cambridge economist Sir Richard Stone (1913-1991).
The first separate appearance of Morgenstern's obituary and testament to his former teacher Friedrich von Wieser: "the last of the great triumvirate who founded the 'Austrian School of Economics' passed away; Bohm-Bawerk died in 1914, Carl Menger in 1921, and on July 23, 1926, Wieser followed them at the age of seventy-five years. Death has deprived economics of one of its ablest figures; economic theory has suffered a heavy loss" (p. 669). Morgenstern praises Wieser as a "wholly original thinker" (p. 674) and highlights his accomplishments in developing Mengerian economics with regards to the influence of costs upon price and coining the term Grenznutzen (marginal utility), as well as his later sociological work.
Morgernstern is chiefly remembered as a co-developer of game theory through his joint authorship with mathematician John von Neumann of the Theory of Games and Economic Behaviour.
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