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Carl Menger von Wolfensgrün | |
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 Carl Menger von Wolfensgrün, founder of the Austrian school | |
| Born | 28 February 1840 |
| Died | 26 February 1921 (aged 80) |
| Resting place | Vienna Central Cemetery[2] |
| Nationality | Austrian |
| Academic career | |
| Field | Economics |
| School or tradition | Austrian school |
| Alma mater | Charles University, Prague University of Vienna Jagiellonian University |
| Other notable students | Prince Rudolf |
| Influences | |
| Contributions | Marginal utility, subjective theory of value |
| Part of a series on the |
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Carl Menger von Wolfensgrün[3] (/ˈmɛŋɡər/; German: [ˈmɛŋɐ]; 28 February 1840[4] – 26 February 1921) was an Austrian economist who contributed to the marginal theory of value. [5] Menger is considered the founder of the Austrian school of economics.[6]
In building his marginalist approach, Menger rejected many established views of classical economics. He directly disputed the view of the "German school" that economic theory could be derived from history. Departing from the cost-of-production theory of value—the prevailing theory of Adam Smith, David Ricardo, and Karl Marx—Menger's subjective theory of value emphasized role of mutual agreement in deriving prices.[7] Although he had few readers outside Vienna until late in his career, disciples including Eugen von Böhm-Bawerk and Friedrich von Wieser brought his theories into wider readership. Friedrich Hayek wrote that the Austrian school's "fundamental ideas belong fully and wholly to Carl Menger."[8]
Menger began his career as a lawyer and business journalist, during which he saw inconsistencies between existing economic theory and how buyers reasoned. After formal training in economics, he taught at the University of Vienna from 1872 to 1903. He became a private tutor and confidant to Rudolf von Habsburg, the crown prince of Austria.
- ^ Barry Smith, "Aristotle, Menger, Mises: An Essay in the Metaphysics of Economics" Archived 2020-11-13 at the Wayback Machine, History of Political Economy, Annual Supplement to vol. 22 (1990), 263–288.
- ^ "Ehrengräber Gruppe 0", viennatouristguide.at
- ^ "Carl Menger von Wolfensgrün, o. Univ.-Prof. Dr". 650 Plus. 28 June 2014. Retrieved November 19, 2021.
- ^ Mark Blaug (1992). Carl Menger (1840–1921). E. Elgar. pp. 46, 92. ISBN 978-1-85278-489-8. Note: Some sources say 23 February
- ^ "Britannica - Carl Menger".
- ^ "Carl Menger facts, information, pictures | Encyclopedia.com articles about Carl Menger". www.encyclopedia.com. Archived from the original on June 6, 2021. Retrieved June 30, 2017.
- ^ "Carl Menger | Austrian economist". Encyclopædia Britannica. Archived from the original on September 8, 2017. Retrieved June 30, 2017.
- ^ Hayek, Friedrich (1992) [First published 1934]. "Carl Menger (1840–1921)". In Klein, Peter G. (ed.). The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom. Routledge. p. 62.