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Carl Menger (1840–1921) founded the [[Austrian School of Economics]] (also known as neoclassical school of economics). He developed the theory of marginal utility. He refuted the labor theory of value popularized by classical economists like [[David Ricardo]].
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 Poland, Menger worked as a journalist until he began to suspect that the classical economists he learned in school did not match the price behavior he observd in the market. He developed a theory of marginality authored The Theory of Capital (1888) and Money (1892).
Born in Poland, Menger worked as a journalist until he began to suspect that the classical economists he learned in school did not match the price behavior he observd in the market. He developed a theory of marginality authored The Theory of Capital (1888) and Money (1892).