Carl Menger’s Principles of Economics, first published in 1871, laid the foundation for the Austrian School of Economics and reshaped how we understand value. Rather than viewing value as something inherent in goods, Menger introduced the revolutionary idea of subjective value—that worth is determined by individual preference and circumstance, not by labour or production cost.

He also explained how money emerges naturally from the market, not by government decree, but through the spontaneous evolution of the most saleable goods. These ideas became the groundwork for thinkers like Mises, Hayek, and later, the philosophical backbone of Bitcoin itself.

For Bitcoiners, Principles of Economics is essential reading. It connects the dots between classical ideas of value and the rise of Bitcoin, showing that sound money and individual freedom aren’t new inventions. Some may say that Austrian Economics isn’t mainstream because it challenges the very foundations of modern policy and academia. It rejects central planning, resists mathematical modeling, and limits the power of governments and central banks to manipulate money and markets. In a world built on intervention and inflation, its ideas remain inconvenient, but more relevant than ever.

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📌 Top Tip: With a name reminiscent of the author of Principles of Economics, Carl B Menger is a must-follow on X for some of the most thought-provoking Bitcoin content out there!

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