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Carl Menger

Carl Menger, by Wikipedia https://en.wikipedia.org/wiki?curid=6255 / CC BY SA 3.0 #1840_births #1921_deaths #20th-century_Austrian_people #19th-century_economists #19th-century_Austrian_writers #Austrian_economists #Austrian_School_economists #Charles_University_alumni #University_of_Vienna_alumni #Jagiellonian_University_alumni Carl Menger von Wolfensgrün （/ˈmɛŋɡər/; German: [ˈmɛŋɐ]; 28 February 1840 – 26 February 1921） was an Austrian economist and the founder of the Austrian School of economics. 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. As a departure from such, he would go on to call his resultant perspective, the "Subjective Theory of Value". Carl Menger von Wolfensgrün was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is now Nowy Sącz in Poland. He was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer. His mother, Caroline Gerżabek, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. His son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technology. 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. In the 1860s Menger left school and enjoyed a stint as a journalist reporting and analyzing market news, first at the Lemberger Zeitung in Lemberg, Austrian Galicia （now Lviv, Ukraine） and later at the Wiener Zeitung in Vienna. 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. In 1867 Menger began a study of political economy which culminated in 1871 ...