Menger, Carl (1840-1921)
, by Lawrence H. White, The Encyclopedia of Libertarianism
, 15 Aug 2008
"Carl Menger was a professor of economics at the University of Vienna and the founder of the Austrian School of economic thought. Among economists, he ranks as the 19th century's greatest contributor to the theory of spontaneous order—the social-scientific tradition supporting the libertarian view that a free society can generate beneficial and sophisticated institutions without state involvement. Menger's highly original approach to the formation of market prices and institutions marked an important advance over the classical economics of Adam Smith ..."
23 Feb 1840
, in Neu Sandez (Nowy Sącz), Poland
Register of the Carl Menger Papers, 1857-1985
Rare Book, Manuscript, and Special Collections Library, Duke University
Book Review: Principles of Economics by Carl Menger
, by Roger Ream, The Freeman
, Feb 1982
"... it was Menger's Grundsätze (1871), along with the works of Léon Walras and William Stanley Jevons, that began the modern period of economic thought. ... His Principles is so lucid and understandable that it can serve as an introduction to economics for the intelligent laymen with no background in the subject."
Government: Creator of Uncertainty
, by Murray Rothbard
, Future of Freedom
, Jul 2000
Discusses economic subjectivism, the principle that different persons attach different values to things or events, as evidenced by the early 2000 stock market downturn
"Up to the time of Carl Menger, founder of the Austrian school in the late 19th century, much of classical economics was preoccupied with what was regarded as objective, wealth for example, which purportedly existed apart from human plans and purposes. Menger put acting, valuing man at the center of economic study. For Menger, understanding economic phenomena meant seeing them through the eyes of the relevant actors. ... In a market economy consumers endow objects with value, then, following Menger's key principle, value flows from those objects back to the factors of their production."
Hayek and the Scots on Liberty
[PDF], by Gerald P. O'Driscoll, Jr., The Journal of Private Enterprise
Explores the influence of the eighteenth-century Scottish moral philosophers, mainly David Hume and Adam Smith, on Hayek's thinking about liberty and concepts such as natural law theory
"Menger ... argued that a 'portion' of social phenomena 'is not the result of agreement of members of society or of legislation'. He continued: 'Language, religion, law, even the state itself, and, to mention a few economic social phenomena, the phenomena of markets, of competition, of money, and numerous other social structures are already met with in epochs of history where we cannot properly speak of a purposeful activity of the community as such directed at establishing them'. On the same page, he then famously posed 'perhaps the most noteworthy problem of the social sciences.'"
Ludwig von Mises, socialism's greatest enemy: His life and times
, by Jim Powell
Lengthy biographical essay on Mises, including details on Menger and Böhm-Bawerk
"Then Mises had a revelation: 'Around Christmas, 1903, I read Menger's Grundsatze der Volkswirtschaftslehre [Principles of Economics] for the first time. It was the reading of this book that made an "economist" of me.' ... Menger's great book, published in 1871, presented a case that prices reflected the subjective values of customers in free markets. ... Menger further resolved the question of value by what came to be known as marginal utility analysis."
Related Topics: Austria
, Eugen Böhm von Bawerk
, Central Banking
, Foundation for Economic Education
, Gold Standard
, Henry Hazlitt
, Ludwig von Mises
, Mont Pelerin Society
, Ayn Rand
The life and times of F.A. Hayek, who explained why political liberty is impossible without economic liberty
, by Jim Powell
Lengthy biographical essay, with extensive quotes both from Hayek and others (including Keynes)
"Hayek was drafted into the Austrian army in March 1917 ... He contracted malaria but passed time reading about the Austrian School of economics which maintained that market prices are driven by the subjective valuations of customers. 'I really got hooked,' he recalled, 'when I found [Carl] Menger's Grundsatze [Principles of Economics] such a fascinating book, so satisfying.' Hayek was especially interested in Menger's "conception of the spontaneous generation of institutions.'"
Investigations into the Method of the Social Sciences
Principles of Economics
Text available online at the Ludwig von Mises Institute, based on the 1976 New York University edition