Marginalism - Institutul de Stiinte Reale

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Carl Menger Eugen von Böhm-Bawerk Léon Walras Alfred Marshall William Stanley Jevons Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility that refuted the labor theory of value developed by the classical economists Adam Smith and David Ricardo. Menger was born in Nowy Sącz, Poland (at that time Neu Sandec, Austrian Galicia). He was the son of a wealthy family of minor nobility; his father, Anton, was a lawyer. His mother, Caroline, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. 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 Krakow. In the 1860s Menger left school and enjoyed a stint as a journalist reporting and analyzing market news, first at the Lemberger Zeitung in Lwów, 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 with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought. It was in this work that he challenged the classical labor theory of value with his theory of marginality. In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students. In 1873 he received the university's chair of economic theory at the very young age of 33. ...