Research topic: Carl Menger

Carl Menger , 1840-1921, Austrian economist, a founder of the Austrian school of economics. He was professor of economics at the Univ. of Vienna from 1873 until 1903, when he retired to devote himself to research. Following an empirical approach rather than the historical method, he formulated a theory of marginal utility. The basic principle is that consumer goods have value of two orders, as they serve human needs directly or indirectly; thus he explained the economic phenomena of price and distribution in terms of social value. His theories are well known to the English-speaking world through... Read more