Founder of the Austrian School of economics


Carl Menger - Wikipedia, the free encyclopedia
"Carl Menger (February 28, 1840 - February 26, 1921) was the founder of the Austrian School of economics. ..."


23 Feb 1840, in Neu Sandec (Nowy Sacz), Poland


26 Feb 1921, in Vienna

Web Pages

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."
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."
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.'"


Carl Menger and His Legacy in Economics
    by Bruce Caldwell, 1991
Annual supplement to History of Political Economy, volume 22

Books Authored

Investigations into the Method of the Social Sciences, 1883
Principles of Economics [PDF], 1871
Text available online at the Ludwig von Mises Institute, based on the 1976 New York University edition
Related Topic: Austrian Economics