Carl Menger: Difference between revisions
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'''Biography''' | '''Biography''' | ||
Carl Menger (1840-1921) was a lawyer and political scientist. He worked as a journalist and market analyst until recieving his law degree, whereafter he immediately began work in the field of economics. His most famous works are ''Principles'' and ''Investigations into the Method of the Social Sciences with Special Reference to Economics''. German historicists coined the term "Austrian School" in reference to Menger's works in order to highlight the differences between his theories and mainstream German economics. | Carl Menger (1840-1921) was a lawyer and political scientist. He worked as a journalist and market analyst until recieving his law degree, whereafter he immediately began work in the field of economics. His most famous works are ''Principles'' and ''Investigations into the Method of the Social Sciences with Special Reference to Economics''. German historicists coined the term "Austrian School" in reference to Menger's works in order to highlight the differences between his theories and mainstream German economics. | ||
Carl Menger (1840-1921) is known as the founder of the the Austrian school of economics. Menger's primary education was as a lawyer, but he eventually moved into political economy, leading to the publication of his ''Principles of Economics'' which created the system of value and price theory which is the core of the Austrian schools of economic thought. Through the law of marginal utility, Menger's work, established a link between the subjective values underlying consumer choices and objective market prices. It refuted the theory of "calculated action" which attempted to explain market prices with supply and demand, but solely through the choices of businessmen. Menger provided a theory of value which took into account the preferences of individual consumers, and is the basis of modern Austrian economics. | Carl Menger (1840-1921) is known as the founder of the the Austrian school of economics. Menger's primary education was as a lawyer, but he eventually moved into political economy, leading to the publication of his ''Principles of Economics'' which created the system of value and price theory which is the core of the Austrian schools of economic thought. Through the law of marginal utility, Menger's work, established a link between the subjective values underlying consumer choices and objective market prices. It refuted the theory of "calculated action" which attempted to explain market prices with supply and demand, but solely through the choices of businessmen. Menger provided a theory of value which took into account the preferences of individual consumers, and is the basis of modern Austrian economics. | ||
Revision as of 02:16, 5 May 2006
Biography
Carl Menger (1840-1921) was a lawyer and political scientist. He worked as a journalist and market analyst until recieving his law degree, whereafter he immediately began work in the field of economics. His most famous works are Principles and Investigations into the Method of the Social Sciences with Special Reference to Economics. German historicists coined the term "Austrian School" in reference to Menger's works in order to highlight the differences between his theories and mainstream German economics.
Carl Menger (1840-1921) is known as the founder of the the Austrian school of economics. Menger's primary education was as a lawyer, but he eventually moved into political economy, leading to the publication of his Principles of Economics which created the system of value and price theory which is the core of the Austrian schools of economic thought. Through the law of marginal utility, Menger's work, established a link between the subjective values underlying consumer choices and objective market prices. It refuted the theory of "calculated action" which attempted to explain market prices with supply and demand, but solely through the choices of businessmen. Menger provided a theory of value which took into account the preferences of individual consumers, and is the basis of modern Austrian economics.
General Overview | Major Contributors | Game Theory Models | Objections/Arguments | Sources
