Misplaced Pages

#481518

50-525: Carl Menger von Wolfensgrün was born in the city of Neu-Sandez in the Kingdom of Galicia and Lodomeria , Austrian Empire , which is now Nowy Sącz in Poland. He was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer. His mother, Caroline Gerżabek, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. His son, Karl Menger ,

100-614: A land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously. In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World . He criticised mercantilism and state-supported credit for

150-500: A general medium of exchange and evolution in many societies as money . Nowy S%C4%85cz Nowy Sącz ( Polish pronunciation: [ˈnɔvɨ ˈsɔnt͡ʂ] ; Hungarian : Újszandec ; Yiddish : צאַנז , romanized :  Tsanz ; Slovak : Nový Sonč ; German : Neu Sandez ) is a city in the Lesser Poland Voivodeship of southern Poland . It is the district capital of Nowy Sącz County as

200-554: A move to the hi-tech industry. Nowy Sącz had one of the first computer companies in Poland, with the largest assembly plant in Europe, but this has closed due to ownership friction with the government. The building trade is also represented in the town, which has a major European window-manufacturer. Like all the bigger towns in Lesser Poland, it has seen a significant influx of the largest European grocery chains. A main economic problem now

250-536: A pamphlet, published anonymously in 1878, which was highly critical of the higher Austrian aristocracy. His association with the prince would last until Rudolf's suicide in 1889 . In 1878 Rudolf's father, Emperor Franz Joseph , appointed Menger to the chair of political economy at Vienna. The title of Hofrat was conferred on him, and he was appointed to the Austrian Herrenhaus in 1900. Ensconced in his professorship, he set about refining and defending

300-666: A separate administrative unit. With a population of 83,116 as of 2021, it is the largest city in the Beskid Sądecki Region as well as the third most populous city in the Lesser Poland Voivodeship. Nowy Sącz has been known in German as Neu Sandez (older spelling Neu Sandec ) and in Hungarian as Újszandec . The Rusyn name was Novyj Sanc. Its Yiddish names include צאַנז ( Tsanz ) and נײַ-סאַנץ ( Nay-Sants ). Nowy Sącz

350-489: A vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar ). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit , cheques , promissory notes , savings accounts , transactional accounts , loaning , trusts , exchange rates , the transfer of credit and debt , and banking institutions for loans and deposits . In

400-557: Is Lake Rożnów (Jezioro Rożnowskie), a reservoir (22 km (14 mi) long, covering an area of 16 km (6 sq mi), and having a capacity of 193,000,000 m ), with many dachas and camping sites. To the north of the lake is the Ciężkowice-Rożnów Landscape Park (Park Ciężkowicko-Rożnowski). An annual festival of dance featuring children from highland regions from around the world takes place in July. Nowy Sącz

450-514: Is twinned with: Monetary theory Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange , store of value , and unit of account ), and it considers how money can gain acceptance purely because of its convenience as a public good . The discipline has historically prefigured, and remains integrally linked to, macroeconomics . This branch also examines

500-609: Is from rūpya , a Sanskrit term for silver coin , from Sanskrit rūpa, beautiful form. The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq , the emperor of the Delhi Sultanate , in 1329. It was modeled as representative money , a concept pioneered as paper money by the Mongols in China and Persia . The tanka was minted in copper and brass. Its value

550-482: Is still accepted by some schools of thought today. Menger believed that gold and silver were the precious metals that were adopted as money for their unique attributes like costliness, durability, and easy preservation, making them the "most popular vehicle for hoarding as well as the goods most highly favoured in commerce." Menger showed that "their special saleableness" tended to make their bid-ask spread tighter than any other market good, which led to their adoption as

SECTION 10

#1732851288482

600-548: Is the governmental seat of Nowy Sącz County part of the Lesser Poland Voivodeship , Województwo Małopolskie since 1999. Between 1975 and 1998 it was the provincial seat of Nowy Sącz Voivodeship . Before that and during the Second Polish Republic , Nowy Sącz was a county seat in the Kraków Voivodeship . In 1951 it became a town with the rights of a county. It is the historic and tourist centre of Sądecczyzna ,

650-463: Is the high level of unemployment which, officially about 20%, is one of the highest in the European Union . Recently the local government has tried to address the persistent economic and social problems of the local Romani community, including access to utilities and education. The city has many historic features, including one of the largest marketplaces in Europe after Kraków , along with one of

700-542: The Wiener Zeitung in Vienna. During the course of his newspaper work, he noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed. In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics ( Grundsätze der Volkswirtschaftslehre ), thus becoming

750-612: The Indian subcontinent , Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya , weighing 178 grams. Its use was continued by the Mughal rulers. The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world, along with the Lydian staters , several other Middle Eastern coinages and the Chinese wen . The term

800-589: The Lemko Republic (1918–1920) with capital in Florynka . Within interwar Poland the city saw industrial expansion and the railway factory expanded. In 1936, the Museum of Sącz Land was opened in the restored royal castle. Nowy Sącz had a population of around 34,000 in 1939. During the invasion of Poland starting World War II , Nazi Germany carried out air raids on 1–2 September 1939, and then German troops entered

850-614: The "Austrian school" to emphasize their departure from mainstream German economic thought – the term was specifically used in an unfavourable review by Gustav von Schmoller . In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous Methodenstreit , or methodological debate, between the historical school and the Austrian school. During this time Menger began to attract like-minded disciples who would go on to make their own mark on

900-578: The 20th century, Tibet 's official currency was also known as the Tibetan rupee. Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution , during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain . At

950-580: The Great , for supporting him during the Rebellion of wojt Albert in 1311–1312. During these times, the majority of the town's inhabitants were German colonists . In the 15th century it produced steel and woollen products, and nearly rivalled Kraków in visual arts. In 1329, Nowy Sącz signed a treaty with Kraków, upon which Kraków merchants, on their way to Hungary, had to stop at Nowy Sącz; Nowy Sącz merchants, on their way to Gdańsk , were obliged to stay at Kraków. In

1000-506: The Sądecki district. Nowy Sącz has an oceanic climate ( Köppen climate classification : Cfb ) using the −3 °C (27 °F) isotherm or a humid continental climate (Köppen climate classification: Dfb ) using the 0 °C (32 °F) isotherm. The climate is temperate, with an average annual rainfall of about 700 millimetres (27.6 inches). During the Polish communist regime , Nowy Sącz

1050-650: The central part of Nowy Sącz burned in a fire, with a town hall and ancient town records. At that time, the town was important in Hasidic Jewish history for the founding of the Sanz Hasidic dynasty during the 19th century, the precursor to the Bobov dynasty founded in nearby Bobowa (with a synagogue with occasional services by Kraków congregation) and the Klausenberg dynasty . At the beginning of World War I , Nowy Sącz

SECTION 20

#1732851288482

1100-540: The city on 20 January 1945. The city was restored to Poland, although with a Soviet -installed communist regime, which remained in power until the Fall of Communism in the 1980s. At war's end, about 60% of the city had been destroyed. Nowy Sącz was honoured for its heroism with the Cross of Grunwald , third class in 1946. In 1947 much of the Lemko population, living in villages southeast of

1150-733: The city on 6 September. Afterwards, the German Einsatzgruppe I entered the city to commit various atrocities against the population , and then its members co-formed the local German police and security forces. Under German occupation the city was made part of the General Government . Poles expelled in December 1939 from several villages in the German-annexed Sieradz County were deported in freight trains to Nowy Sącz, while many locals were among Poles imprisoned in

1200-455: The eastern Outer Western Carpathian Mountains : Beskid Sądecki to the south, Beskid Wyspowy to the west, Beskid Niski to the southeast, and the foothills of Pogórze Rożnowskie to the north. The geological basis is Carpathian flysch  – an undifferentiated grey-banded sandstone  – with alluvial sediment from the Dunajec , Poprad , and Kamienica rivers in the valley basin. Nowy Sącz

1250-421: The effects of monetary systems , including regulation of money and associated financial institutions and international aspects. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing

1300-507: The end of this period, the first modern texts on monetary economics were beginning to appear. During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper". In 1705, John Law in Scotland published Money and Trade Considered , which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with

1350-538: The father of the Austrian school of economics . It was in this work that he challenged classical cost-based theories of value with his theory of marginality – that price is determined at the margin. In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students. In 1873, he received

1400-404: The field of economics, most notably Eugen von Böhm-Bawerk , and Friedrich von Wieser . In the late 1880s, Menger was appointed to head a commission to reform the Austrian monetary system. Over the course of the next decade, he authored a plethora of articles which would revolutionize monetary theory , including "The Theory of Capital" (1888) and "Money" (1892). Largely due to his pessimism about

1450-468: The implications of money as a substitute for other assets and as based on explicit frictions. The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow–Debreu model ). Traditionally, research areas in monetary economics have included: At around the same time in the medieval Islamic world ,

1500-681: The infamous Montelupich Prison in Kraków and then murdered in the Krzesławice Fort of the Kraków Fortress , as part of the Intelligenzaktion . Because of its proximity to Slovakia , it lay on a major route for resistance fighters of the Polish Home Army . The Gestapo was active in capturing those trying to cross the border, including the murder of several Polish pilots. In June 1940,

1550-432: The inflation problems of his era. Della Moneta , was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith 's more famous book, The Wealth of Nations , which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined

Carl Menger - Misplaced Pages Continue

1600-605: The largest old squares in Poland The mountainous country around Nowy Sącz is also popular with tourists, hikers and skiers, especially the Beskid Sądecki mountains (part of the Carpathians ), of which the highest peak is Radziejowa (1,262 m (4,140.42  ft ) above sea level ). Nearby popular mountain resorts include Krynica-Zdrój and Piwniczna-Zdrój (" Zdrój " means "health spa"). 15 km (9 mi) north of Nowy Sącz

1650-402: The mid-14th century, King Casimir the Great built a royal castle here and surrounded the town with a defensive wall . Nowy Sącz was the seat of a castellan and a starosta , becoming an important point in the system of defence of the southern border of Poland. The town was further elevated in 1448 when Bishop Zbigniew Oleśnicki promoted a local church to the status of a Collegiate . Nowy Sącz

1700-620: The positions he took and methods he utilized in Principles , the result of which was the 1883 publication of Investigations into the Method of the Social Sciences with Special Reference to Economics ( Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere ). The book caused a firestorm of debate, during which members of the historical school of economics began to derisively call Menger and his students

1750-476: The possible causes for money's value to fluctuate. The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through

1800-409: The resistance rescued Jan Karski from a hospital there, and a year later 32 people were shot in reprisal for the escape; several others were sent to concentration camps . The regional Jewish community numbered about 25,000 before World War II, and nearly a third of the town's population was Jewish; ninety per cent of them died or did not return. The Nowy Sącz Ghetto for around 20,000 Jewish people

1850-495: The social and political changes in Poland that started in 1989, the industry has faced economic problems. Nowy Sącz is also important in the food industry, specialising in processing fruits, especially apples. Most of the factories were in the Biegonice district. Now the local government is trying to change the structure of the industry, restructuring old factories and encouraging new companies to start up. This initiative also includes

1900-518: The state of German scholarship, Menger resigned his professorship in 1903 to concentrate on study. Menger used his subjective theory of value to arrive at what he considered one of the most powerful insights in economics: "both sides gain from exchange." Unlike William Jevons , Menger did not believe that goods provide "utils," or units of utility. Rather, he wrote, goods are valuable because they serve various uses whose importance differs. Menger also came up with an explanation of how money develops that

1950-471: The town was annexed by the Habsburg Empire and made part of newly formed Galicia , where it remained until November 1918. Nowy Sącz rose to new prominence in the 19th century when the Austrian authorities built a railway connecting it with Vienna (1880s). Nowy Sącz was the seat of a county, new buildings were opened, the town was a rail hub with a large rail repair shop opened in 1876. On 17 April 1894,

2000-701: The town, and during the Swedish invasion of Poland , the town was captured by the Swedes (late 1655), who burned and looted it. Nowy Sącz was a centre of the rebellion against the invaders. The decline of the town continued in the 18th century, when Nowy Sącz suffered more destruction during the Great Northern War and the Bar Confederation , when the castle was burned. In 1772, during the First Partition of Poland ,

2050-634: The town, was deported in Action Vistula (mostly to land recently regained from Germany ) in reaction to the nationalist Ukrainian activity in the region. Nowy Sącz is located at the confluence of the Kamienica River and Dunajec , about 20 kilometres (12 miles) north of the Slovak border, in the Sądecka Valley ( Kotlina Sądecka ) at an altitude of 381 metres (1,250 feet ). It is surrounded by ranges of

Carl Menger - Misplaced Pages Continue

2100-471: The university's chair of economic theory at the very young age of 33. In 1876 Menger began tutoring Archduke Rudolf von Habsburg , the crown prince of Austria, in political economy and statistics. For two years, Menger accompanied the prince during his travels, first through continental Europe and then later through the British Isles. He is also thought to have assisted the crown prince in the composition of

2150-662: Was a royal city of Poland, administratively located in the Kraków Voivodeship in the Lesser Poland Province . Nowy Sącz prospered in the Polish Golden Age (16th century). It was an important centre of the Protestant Reformation . Local leader of the Polish Brethren , Stanisław Farnowski, was very popular among local nobility . Good times ended in the 17th century. In 1611 a great fire destroyed much of

2200-645: Was a mathematician who taught for many years at Illinois Institute of Technology . After attending Gymnasium , he studied law at the universities of Prague and Vienna and later received a doctorate in jurisprudence from the Jagiellonian University in Kraków. In the 1860s Menger left school and enjoyed a stint as a journalist reporting and analyzing market news, first at the Lemberger Zeitung in Lemberg, Austrian Galicia (now Lviv , Ukraine) and later at

2250-646: Was established by the German authorities near the castle. Its inhabitants were deported aboard Holocaust trains to Belzec extermination camp over three days in August 1942 and murdered. Across the river in the Jewish Cemetery, 300–500 Polish people were executed for their participation in the sheltering of Jews . Several Poles were also held by the occupiers in the local prison for helping Jews, before being deported to concentration camps. The Red Army fought its way into

2300-609: Was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals. Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee . The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925. Until the middle of

2350-523: Was founded on 8 November 1292 by the Polish and Bohemian ruler Wenceslaus II , on the site of an earlier village named Kamienica. The foundation of Nowy Sącz took place due to the efforts of Bishop of Kraków , Paweł of Przemanków  [ pl ] , who owned Kamienica. Upon request of the bishop, Wenceslaus II granted it Magdeburg rights , making it the only Polish town founded by the Bohemian king. Its name

2400-585: Was occupied by the Russian Army . The Russians were driven back by the Central Powers in December 1914. In the final stages of the war, on 31 October – 1 November 1918, Poles stationed in the Austrian 10th Infantry Regiment in the city and local members of the secret Polish Military Organisation liberated it from Austrian rule, almost two weeks before Poland regained independence. Nowy Sącz and its surroundings, including Nowy Targ and Sanok , were claimed by

2450-470: Was taken from the nearby town of Stary Sącz . As early as 1329, the name was spelled Nowy Sandacz. In the 14th and 15th century Nowy Sącz emerged as one of the most important economic and cultural centres of this part of the Kingdom of Poland . The town benefited from its proximity on the trade route to Hungary due to privileges granted by King Władysław I the Elbow-high , and later his son, Casimir III

2500-508: Was the capital of Nowy Sącz Voivodeship (1975–98). In the 1950s the Polish authorities applied a special economic programme for the town, called the Nowy Sacz Experiment . The plan was to provide improvement and acceleration of the region's economic development, but it was only partially completed. The town was an important centre of the railway industry, and now contains one of the biggest railway engineering works in Poland. Since

#481518