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Carl Menger von Wolfensgrün | |
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![]() Carl Menger von Wolfensgrün, founder of the Austrian School | |
Born | |
Died | 26 February 1921 | (aged 80)
Nationality | Austrian |
Academic career | |
Field | Economics |
School or tradition | Austrian School |
Alma mater | University of 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 |
Austrian school |
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Carl Menger von Wolfensgrün[2] (/ˈmɛŋɡər/; German: [ˈmɛŋɐ]; 28 February 1840[3] – 26 February 1921) was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility,[4] which rejected cost-of-production theory of value, such as developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value.[5]
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