“Assuming… that all available goods of higher order are employed in the most economic fashion, the value of a concrete quantity of a good of higher order is equal to the difference in importance between the satisfactions that can be attained when we have command of the given quantity of the good of higher order whose value we wish to determine and the satisfactions that would be attained if we did not have this quantity at our command.”

—  Carl Menger

Source: Principles,, p. 164-5; cited in: Randall G. Holcombe, Great Austrian Economists, p. 90

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Carl Menger6
founder of the Austrian School of economics 1840–1921

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“The time period lying between command of goods of a higher order and possession of the corresponding goods of lower order can never be eliminated.”

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Source: Principles,, p. 67; cited in: Randall G. Holcombe, Great Austrian Economists, p. 90

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“When… we have a series of values of a quantity which continually diminish, and in such a way, that name any quantity we may, however small, all the values, after a certain value, are severally less than that quantity, then the symbol by which the values are denoted is said to diminish without limit. And if the series of values increase in succession, so that name any quantity we may, however great, all after a certain point will be greater, then the series is said to increase without limit.”

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“Whereas in Arithmetick Questions are only resolv'd by proceeding from given Quantities to the Quantities sought, Algebra proceeds in a retrograde Order, from the Quantities sought as if they were given, to the Quantities given as if they were sought, to the End that we may some Way or other come to a Conclusion or Æquation, from which one may bring out the Quantity sought.”

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Augustus De Morgan photo

“When… we have a series of values of a quantity which continually diminish, and in such a way, that name any quantity we may, however small, all the values, after a certain value, are severally less than that quantity, then the symbol by which the values are denoted is said to diminish without limit. And if the series of values increase in succession, so that name any quantity we may, however great, all after a certain point will be greater, then the series is said to increase without limit. It is also frequently said, when a quantity diminishes without limit, that it has nothing, zero or 0, for its limit: and that when it increases without limit it has infinity or ∞ or 1⁄0 for its limit.”

Augustus De Morgan (1806–1871) British mathematician, philosopher and university teacher (1806-1871)

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