Difference between revisions of "Carl Menger"
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Revision as of 01:10, December 31, 2006
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.
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).