Carl Menger

MengerKarl MengerMenger, Carl
Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.wikipedia
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Karl Menger

MengerK. MengerMenger, Karl
His son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technology.
He was the son of the economist Carl Menger.

Marginal utility

marginal benefitdiminishing marginal utilitymarginal revolution
Menger contributed to the development of the theory of marginalism (marginal utility), which rejected the cost-of-production theories of value, such as were developed by the classical economists such as Adam Smith and David Ricardo.
Marginalism eventually found a foothold by way of the work of three economists, Jevons in England, Menger in Austria, and Walras in Switzerland.

Principles of Economics (Menger)

Principles of EconomicsGrundsätze
In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought.
Principles of Economics (Grundsätze der Volkswirtschaftslehre; 1871) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics.

Austrian School

Austrian School of EconomicsAustrian economicsAustrian
In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought. Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.
The Austrian School originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and others.

University of Vienna

ViennaVienna UniversityUniversität Wien
After attending Gymnasium he studied law at the Universities of Prague and Vienna and later received a doctorate in jurisprudence from the Jagiellonian University in Kraków.
The founders of this school who studied and later instructed at the University of Vienna included Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, Joseph Schumpeter, Ludwig von Mises and Friedrich Hayek.

Nowy Sącz

Nowy SaczSanz14 – Nowy Sącz
Menger was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is now Nowy Sącz in Poland.

Anton Menger

Anton
He had two brothers, Anton and Max, both prominent as lawyers.
He was the brother of Austrian economist Carl Menger.

Friedrich von Wieser

imputation theoryWieser
During this time Menger began to attract like-minded disciples who would go on to make their own mark on the field of economics, most notably Eugen von Böhm-Bawerk, and Friedrich von Wieser.
In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory.

Jagiellonian University

University of KrakówKraków AcademyUniversity of Krakow
After attending Gymnasium he studied law at the Universities of Prague and Vienna and later received a doctorate in jurisprudence from the Jagiellonian University in Kraków.

Price

market pricepricesretail price
During the course of his newspaper work he noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed.
One solution offered to the paradox of value is through the theory of marginal utility proposed by Carl Menger, one of the founders of the Austrian School of economics.

Methodenstreit

In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous Methodenstreit, or methodological debate, between the Historical School and the Austrian School.
When the debate opened, Carl Menger developed the Austrian School's standpoint, and Gustav von Schmoller defended the approach of the Historical School.

William Stanley Jevons

JevonsStanley JevonsWilliam Jevons
Unlike William Jevons, Menger did not believe that goods provide “utils,” or units of utility.
Jevons' work, along with similar discoveries made by Carl Menger in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought.

Ludwig von Mises

MisesLudwig MisesMisesian
In 1900, Mises attended the University of Vienna, becoming influenced by the works of Carl Menger.

Subjective theory of value

Economic subjectivismsubjectivesubjective value theory
Menger used his subjective theory of value to arrive at what he considered one of the most powerful insights in economics: both sides gain from exchange.
The modern version of this theory was created independently and nearly simultaneously by William Stanley Jevons, Léon Walras, and Carl Menger in the late 19th century.

Gustav von Schmoller

Gustav SchmollerSchmoller
Ensconced in his professorship, he set about refining and defending the positions he took and methods he utilized in Principles, the result of which was the 1883 publication of Investigations into the Method of the Social Sciences with Special Reference to Economics (Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere). The book caused a firestorm of debate, during which members of the Historical school of economics began to derisively call Menger and his students the "Austrian School" to emphasize their departure from mainstream economic thought in Germany – the term was specifically used in an unfavorable review by Gustav von Schmoller.
As an outspoken leader of the "younger" historical school, Schmoller opposed what he saw as the axiomatic-deductive approach of classical economics and, later, the Austrian school—indeed, Schmoller coined the term to suggest provincialism in an unfavorable review of the 1883 book Investigations into the Method of the Social Sciences with Special Reference to Economics (Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere) by Carl Menger, which attacked the methods of the historical school.

Eugen Böhm von Bawerk

Eugen von Böhm-BawerkBöhm-BawerkEugen Boehm von Bawerk
During this time Menger began to attract like-minded disciples who would go on to make their own mark on the field of economics, most notably Eugen von Böhm-Bawerk, and Friedrich von Wieser.
While studying to be a lawyer at the University of Vienna, Böhm-Bawerk read Carl Menger's Principles of Economics and became an adherent of his theories, although he never studied under him.

Austria

AUTAustrianRepublic of Austria
In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics.
The Austrian School of Economics, which is prominent as one of the main competitive directions for economic theory, is related to Austrian economists Carl Menger, Joseph Schumpeter, Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich Hayek.

Friedrich Hayek

Friedrich von HayekF. A. HayekF.A. Hayek
During Hayek's years at the University of Vienna, Carl Menger's work on the explanatory strategy of social science and Friedrich von Wieser's commanding presence in the classroom left a lasting influence on him.

Mises Institute

Ludwig von Mises InstituteMises.orgThe Mises Institute
Developed by Ludwig von Mises, followig the Methodenstreit opened by Carl Menger, is a self-conscious opposition to the mathematical modeling and hypothesis-testing used to justify knowledge in neoclassical economics.

Ludwig Lachmann

Ludwig M. Lachmann
Lachmann grew to believe that the Austrian School had deviated from Carl Menger's original vision of an entirely subjective economics.

Étienne Bonnot de Condillac

CondillacEtienne Bonnot de CondillacÉtienne Condillac
Most physiocrats rejected utility and the idea was ignored until his 'rediscovery' by Stanley Jevons and Carl Menger in 1871.

History of macroeconomic thought

The Austrian School of economics began with Carl Menger's 1871 Principles of Economics.

Henry Ludwell Moore

Henry L. MooreH. L. MooreHenry Moore
Although he had studied with Carl Menger in Vienna, his "pure economics" belonged rather to the Marshallian and Walrasian branches of marginal economics.