Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was 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, of the type developed by the classical economists such as Adam Smith and David Ricardo. All in all, the founder of Austrian economics appears to have accepted the existence of the state and a number of interventions, perhaps on utilitarian grounds. Sadly the Austrian school later became much more Right wing.
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| - Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was 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, of the type developed by the classical economists such as Adam Smith and David Ricardo. All in all, the founder of Austrian economics appears to have accepted the existence of the state and a number of interventions, perhaps on utilitarian grounds. Sadly the Austrian school later became much more Right wing.
- Carl Menger (1840-1921) was the founder of the Austrian School. He is most famous for the theory of marginal utility, but made many more important contributions, including to the theory of prices and was instrumental in the so-called Methodenstreit, a dispute about the proper methods of the science of economics.
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Jagiellonian University
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| - Carl Menger (1840-1921) was the founder of the Austrian School. He is most famous for the theory of marginal utility, but made many more important contributions, including to the theory of prices and was instrumental in the so-called Methodenstreit, a dispute about the proper methods of the science of economics. In his book The Origins of Money, Menger explains that it is not government edicts that create money but instead the marketplace. Individuals decide what the most marketable good is for use as a medium of exchange. "Man himself is the beginning and the end of every economy," and so it is with deciding what is to be traded as money. Menger developed a complete theory of social institutions arising from interactions among humans, each with his own subjective knowledge and experiences. It is the spontaneous evolution of these human actions that create institutions whereby individuals discover certain patterns of behavior that aid each person in attaining his goals more efficiently. Nothing is more central to this evolution than the development of money, making the division of labor possible and satisfaction of wants attainable.
- Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was 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, of the type developed by the classical economists such as Adam Smith and David Ricardo. The state may also well support the various sectors of the national economy by actual subsidies, of course only when it is useful to the citizens but surpasses their individual means: strictly speaking, such subsidies are intended to become a useful public good, owned by the community as a whole. This will occur, for example, if the state wants to promote agriculture and especially cattle breeding by purchasing prime quality breeding animals whose price exceeds most people's means; by becoming public property, the animals best serve their purpose, to serve all alike.” (Menger 1994: 123). State intervention to stop clearing of forests on private property in the mountains of Austria when this clearing had serious and bad effects on agriculture, such as soil erosion and floods on the plains: Government intervention to stop child labour (Menger 1994: 129). All in all, the founder of Austrian economics appears to have accepted the existence of the state and a number of interventions, perhaps on utilitarian grounds. The progressive liberalism and Fabian socialist sympathies of later Austrians like Eugen von Philippovich, Friedrich von Wieser and Richard von Strigl were not deviations from Menger’s ideas on the state, but a development of them. Sadly the Austrian school later became much more Right wing.
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