Carl Menger

Sources

Biography

https://mises.org/library/biography-carl-menger-founder-austrian-school-1840-1921

https://www.britannica.com/biography/Carl-Menger

http://www.econlib.org/library/Enc/bios/Menger.html

- Born February 28, 1840 in Galicia, Poland. To a wealthy Polish family. Died 1921 in Vienna Austria.

- Studied economics at the universities of Vienna from 1859-1863. Studied law at University of Jagiellonion in Krakow 1867

- Worked as a market analyst for the newspaper Wiener Zeitung

- Professor of political economy Vienna

Carl Menger

Carl Menger

Key Theories

- Marginal Utility: A person will only keep buying a product or service until the marginal utility is filled, once it's filled the product loses the value it once had to that person because the need is filled

- Subjective Theory of Value: Products only sell because the person buying the product values the product more than the person selling it does. And the person selling the product only sells it because he values what he can get for it more than the product itself.

Life and Times

- Krakow uprising, 1846

- Greater Poland uprising, 1848

- World War One, 1914-1918

- Economic Atmosphere was an Aristotelian one. Which means that when people trade it is a transaction of eqaul value for eqaul value.

Lasting Impact

- Subjective theory of value is still accepted by

most people as a reason for how the value of something is determined.

- Principles of Economics

- The Origin of Money