Birthdate: February 23, 1840
Sun Sign: Pisces
Birthplace: Nowy Sącz
Died: February 26, 1921
Carl Menger, an Austrian economist, is renowned for establishing the Austrian School of economics. He revolutionized economic theory by introducing the concepts of marginalism and marginal utility. These ideas posed a challenge to the traditional cost-of-production theory of value embraced by classical economists such as Adam Smith and David Ricardo. Menger’s contributions led to the development of the subjective theory of value, which highlights the significance of individual preferences and perceptions in shaping economic value.
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