Carl Menger (1840-1921) · CatalogCarl MengerCarl Menger (1840-1921) · CatalogAustrian economist, founder of the Austrian School and a pioneer of the subjective theory of value.
Author
Carl Menger
1840-1921 · Austrian economist, founder of the Austrian School and a pioneer of the subjective theory of value
Carl Menger (1840–1921) was born in Neu-Sandez in Austrian Galicia, now Nowy Sącz in Poland. He studied law in Vienna and Prague and took his doctorate at Kraków in 1867. While working as a journalist and in the press office of the Austrian government he wrote Principles of Economics (1871), which won him a post at the University of Vienna, where he became full professor in 1879. He tutored Crown Prince Rudolf, defended theoretical economics against the German historical school in the Methodenstreit of the 1880s, and wrote on the origin of money. He retired in 1903 and died in Vienna in 1921.
Principles of Economics (Grundsätze der Volkswirtschaftslehre) is the book with which the Austrian economist Carl Menger founded what became the Austrian School of economics. Published in Vienna in 1871 and dedicated to the German historical economist Wilhelm Roscher, it appeared in the same year as William Stanley Jevons's Theory of Political Economy and three years before Léon Walras's Elements of Pure Economics; together the three books are credited with the marginal revolution that replaced the classical cost-of-production theories of value.