This book explores the neglected contribution of the American and English "psychological" school to economic theory, especially to the development and refinement of the Austrian school of economics. It argues that Frank Knight, Frank Fetter, Herbert Davenport, Philip Wicksteed and J.B. Clark...

Chapter 1: Introduction -- Chapter 2: Menger and Bohm-Bawerk. Weaknesses: rent, interest, production, distribution -- Chapter 3: Price, cost and utility: A theory of entrepreneurship (Wicksteed, Davenport, Fetter) -- Chapter 4: Marginal productivity theory (Carver, Clark, Davenport, Wicksteed)...

This landmark book presents a critical study of the Austrian subjectivism of Menger and Mises and assesses their contribution in the light of contemporary philosophy of the human sciences. Allen Oakley lays emphasis on the subjectivism of Menger and Mises as the foundation of Austrian economics....