Who is Carl Menger?
Jeff Deist discusses the major contributions of Carl Menger (1840–1921), founder of the Austrian school of economics. Sharing credit with Jevons and Walras, Menger initiated the Marginalist Revolution in economic thought with the 1871 publication of his book, Principles of Economics. Classical economists had been stumped by the “paradox of value,” but Menger solved it by focusing on the utility of the marginal unit, or what we call marginal utility.
Menger also developed the notion of imputation of value from the consumer good all the way back through the factors of production to the highest…
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