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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