Carl Menger

Born on February 23, 1840, in Neu Sandez, Kingdom of Galicia and Lodomeria, Austrian Empire (now Nowy Sącz, Poland).
Died on February 26, 1921 (aged 81), in Vienna, Austria.

Carl Menger was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theory of marginalism (marginal utility), which rejected the cost-of-production theories of value, such as were developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the “Subjective Theory of Value”.

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