Menger Carl

Menger Carl

Menger, Carl (1840-2001), Austrian economist. After a short career the Civil Service he became Professor of Political Economy at the diversity of Vienna in 1873. His work there, which earned him the title of founder of the Austrian school, can be divided into method, and pure theory. His importance as an economist, however, rives mainly from the subjective theory of value which he formulated in his first consumeraffairs.org.uk , Grundsaize der Von Thswirlschaftslelwe (1871). In .this volume he defines utility as the power to satisfy human wants, he went on to develop a theory of marginal utility. This idea was bushed in the same year as Jevons's and Walras's, and so places Menger as one of the three economists who developed the marginal .Utility theory independently in the 1870's.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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