Carl Menger

Carl Menger (1840–1921) was an Austrian economist who founded the Austrian School and helped establish marginal utility analysis. His account of value and money emphasized individual choices and the gradual emergence of institutions.

Marginal utility: The additional satisfaction a person gains from consuming one more unit of a good. Menger used the importance of the next available unit to explain economic value.
Imputation theory: A theory explaining how the value of productive goods derives from the consumer goods they help produce. Menger connected the value of production goods to the value of their expected outputs.
Principles of Economics (Menger): Carl Menger’s 1871 treatise presenting his theory of value, goods, exchange, and prices. This book introduced the framework that established Menger’s distinctive economic approach.
Eugen von Böhm-Bawerk: An Austrian economist who developed theories of capital and interest and helped extend the Austrian tradition. Böhm-Bawerk was among the first generation of economists who carried Menger’s school forward.
Ludwig von Mises: An Austrian economist who developed theories of money, business cycles, and economic calculation. Mises extended Menger’s tradition in monetary theory and the analysis of market coordination.
Subjective theory of value: The view that a good’s value depends on the importance people assign to its uses. Menger made value depend on individual judgments rather than production costs alone.
Marginalism: An approach to economics that explains choices through changes at the margin. Menger’s work helped establish marginal analysis alongside parallel developments elsewhere.
Investigations into the Method of the Social Sciences: Carl Menger’s 1883 book defending theoretical economics and causal explanation in social science. It set out his methodological case during a dispute over how economics should be studied.
Friedrich von Wieser: An Austrian economist who developed theories of opportunity cost and the imputation of value. Wieser extended themes from Menger’s work on value and productive goods.
Friedrich Hayek: An Austrian-born economist and social theorist known for work on knowledge, markets, and spontaneous order. Hayek developed Menger’s account of unplanned social institutions into a theory of dispersed knowledge.

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