Carl Menger

Carl Menger (1840-1921) was an Austrian economist and the founder of the Austrian School of economics. He is best known for his work 'Principles of Economics' published in 1871, where he introduced the theory of subjective value, arguing that the value of goods is determined by individual preferences rather than production costs. His ideas significantly challenged classical economic theories and laid the groundwork for modern economic thought, particularly in relation to price formation and market dynamics. Menger's influence continues to resonate in contemporary economic discussions, particularly among libertarian economists.