Carl Menger

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Carl Menger (1840–1921) founded the Austrian School of Economics. He developed the theory of marginal utility. He refuted the labor theory of value popularized by classical economists like David Ricardo.

Born in Galicia (now in modern Poland), Menger worked as a journalist until he began to suspect that the classical economics he learned in school did not match the price behavior he observed in the market. He developed a theory of marginality authored The Theory of Capital (1888) and Money (1892).

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