Carl Menger — School of Salamanca · Aristotree

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Carl Menger

Community · Austrian school of economics

Summary

Carl Menger von Wolfensgrün was an Austrian economist who contributed to the marginal theory of value.

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Carl Menger image — Wikimedia

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Founder of the Austrian School of Economics
He published 'Principles of Economics' in 1871, which established the school's core focus on subjective value and methodological individualism.
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pioneer of the subjective value critique
Menger was a central figure in the Marginal Revolution who explicitly rejected the cost-of-production theory, arguing that costs themselves are determined by the value of the final products.
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pioneer of the subjective value theory
Menger's work on subjective value laid the groundwork for understanding that costs are not objective, but rather based on the value of the best forgone alternative.
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Facts