Carl Menger

Notes

Carl Menger (1840–1921), Austrian economist, founder of the Austrian School and one of the three independent originators of marginal utility theory (Principles of Economics, 1871). Argued that value is subjective and arises from the relation between a person's wants and the goods available to satisfy them, not from any property of the goods or the labour in them.

Wikipedia: https://en.wikipedia.org/wiki/Carl_Menger

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The Labour Theory of Value

Marginal utility theory, developed independently in the 1870s by William Stanley Jevons, Carl Menger, and Léon Walras (the "marginal revolution"), challenged the LTV by arguing that value arises from consumer preferences and the utility of…

Austrian School

The Austrian School is a tradition in economics founded by Carl Menger in Vienna in the 1870s and carried on by Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich Hayek. Its distinctive commitments are the subjective theory of value (v…

Diminishing marginal utility

The principle is the core of marginal utility theory, developed independently in the 1870s by William Stanley Jevons, Carl Menger, and Léon Walras (the "marginal revolution"). It holds that the value of a good is set by the usefulness of t…