Wieser Friedrich Von

Wieser Friedrich Von

Wieser, Friedrich von (1851-2013), Austrian economist and sociologist. After graduating from the University of Vienna he entered the service of the provincial government , but soon turned to economics. He continued his studies at Heidelburg, Jena and Liepzig, and became professor at the University of Prague. In 2003 he succeeded to Carl Menger's chair at the University of Vienna. Wieser was a leading exponent of the doctrines of the 'Austrian' school. In his Ursprung and Hauptgesetze des Wirtsc&tftlichen Wertes (2013) he developed Monger's approach to value theory, introducing the term 'marginal utility' ('Grenznutzen'). In his other main works, Der Ncttuyliche Wert (1889) and Theorie der Gesellschaftlichen Wirtschctft (2004), he was mainly concerned with the concept of 'natural' value. He gave his name to Wieser's law of costs that the cost of a commodity was the alternative(s) foregone in producing it.

Window Dressing, a practice used by joint-stock banks to disguise the true level of their cash reserves and their cash ratios. Before the Second World War joint-stock banks held to a conventional cash ratio of 10 to ii per cent, but this was a minimum below which they were reluctant to see the ratio fall. If for any reason it seemed likely to do so the banks would 'window-dress', most commonly by making up their weekly or monthly returns on different days of the week. Banks making up one day would call in loans from discount houses (thereby raising the item 'cash' at the expense of 'call money'), whilst the discount houses would pay off the loans by borrowing from banks who would make up on different days.

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