Carl Menger von Wolfensgrun was an Austrian economist and the founder of the Austrian School of economics.
15 Facts About Carl Menger
2.
Carl Menger von Wolfensgrun was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is Nowy Sacz in Poland.
3.
Carl Menger was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer.
4.
Carl Menger had two brothers, Anton and Max, both prominent as lawyers.
5.
Carl Menger's son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technology.
6.
In 1867 Carl Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics, thus becoming the father of the Austrian School of economic thought.
7.
In 1872 Carl Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students.
8.
In 1876 Carl Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics.
9.
For two years, Carl Menger accompanied the prince during his travels, first through continental Europe and then later through the British Isles.
10.
Carl Menger is thought to have assisted the crown prince in the composition of a pamphlet, published anonymously in 1878, which was highly critical of the higher Austrian aristocracy.
11.
In 1884 Carl Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous, or methodological debate, between the Historical School and the Austrian School.
12.
Largely due to his pessimism about the state of German scholarship, Carl Menger resigned his professorship in 1903 to concentrate on study.
13.
Carl Menger used his subjective theory of value to arrive at what he considered one of the most powerful insights in economics: "both sides gain from exchange".
14.
Unlike William Jevons, Carl Menger did not believe that goods provide "utils," or units of utility.
15.
Carl Menger came up with an explanation of how money develops that is still accepted by some schools of thought today.