Origins & Early Life

Carl Menger von Wolfensgrün ( MENG-ghər; German: [ˈmɛŋɐ]; 28 February 1840 – 26 February 1921) was an Austrian economist who contributed to the marginal theory of value. Menger is considered the founder of the Austrian school of economics. In building his marginalist approach, Menger rejected many established views of classical economics. He directly disputed the view of the "German school" that economic theory could be derived from history.

Pivotal Works & Achievements

Departing from the cost-of-production theory of value—the prevailing theory of Adam Smith, David Ricardo, and Karl Marx—Menger's subjective theory of value emphasized role of mutual agreement in deriving prices. Although he had few readers outside Vienna until late in his career, disciples including Eugen von Böhm-Bawerk and Friedrich von Wieser brought his theories into wider readership. Friedrich Hayek wrote that the Austrian school's "fundamental ideas belong fully and wholly to Carl Menger." Menger began his career as a lawyer and business journalist, during which he saw inconsistencies between existing economic theory and how buyers reasoned. After formal training in economics, he taught at the University of Vienna from 1872 to 1903. He became...

Enduring Legacy & Impact

The historical impact and works continue to influence the modern world.

Contemporary Figures & Related Historical Timelines

• Alfred Thayer Mahan — Contemporary (Born in 1840) (1840): Pioneering theorist of sea power, shaping global naval strategy for over a century.
• Auguste Rodin — Contemporary (Born in 1840) (1840): Founder of modern sculpture, celebrated for naturalism and emotional depth.
• Caspar David Friedrich — Contemporary (Died in 1840) (1840): Pioneering German Romantic landscape painter known for sublime, spiritual depictions of nature.
• ʻAbdu'l-Bahá — Contemporary (Died in 1921) (1921): Successor to Baháʼu'lláh and guiding light of the Baháʼí Faith.
• Akio Morita — Contemporary (Born in 1921) (1921): Visionary Japanese entrepreneur and co-founder of Sony.
• Alex Haley — Contemporary (Born in 1921) (1921): Pioneering author of 'Roots,' who brought Black American genealogy to global prominence.
• César Ritz — Shared historical date (02-23 · Born) (1850): Swiss hotelier and pioneer, known as the 'King of Hoteliers' for founding luxury establishments.
• Carl Friedrich Gauss — Shared historical date (02-23 · Died) (1855): German polymath whose work spanned number theory, algebra, and statistics.
• Arsène Houssaye — Shared historical date (02-26 · Died) (1896): French novelist, poet, and man of letters, active from the 1830s to the 1890s.
• Edward G. Robinson Jr. — Shared historical date (02-26 · Died) (1974): American actor known for roles in films like Some Like It Hot and TV series.
• 1840 Historical Timeline & Archive — Explore world events and figures from 1840
• February 23 (02-23) On This Day — Historical birthdays and events on February 23
• 1921 Historical Timeline & Archive — Explore world events and figures from 1921
• February 26 (02-26) On This Day — Historical events and memorials on February 26