Carl Menger
Biography
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.
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