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Line 1: − '''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). − − ==References== − *'''Salerno, Joseph T.''' ''Carl Menger: The Founder of the Austrian School'' [http://www.mises.org/content/mengerbio.asp Ludwig von Mises Institute] accessed June 23, 2007 − − [[Category:Economists|Menger, Carl]]
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