explain the main contributions of Austrian School to the theory of value and capital
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The theory of marginal utility was applied to production as well as to consumption. Friedrich von Wieser based the value of productive resources on their contribution to the final product, recognizing that changes in the amount used of one productive factor would alter the productivity of other factors.
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The theory of marginal utility was applied to production as well as to consumption. Friedrich von Wieser based the value of productive resources on their contribution to the final product, recognizing that changes in the amount used of one productive factor would alter the productivity of other factors.
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