Carl Menger

Carl Menger

:"This article is about the economist, not about his son, the mathematician Karl Menger."

school_tradition = Austrian School
color = #B0C4DE

image_caption = Carl Menger, founder of the Austrian School

name = Carl Menger
birth = birth date|1840|2|28
death = Death date and age|1921|2|26|1840|2|28
nationality = Austrian
field =
influences =
opposed =
influenced = Eugen von Böhm-Bawerk
Friedrich von Wieser
contributions = Marginal utility

Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility that refuted the labor theory of value developed by the classical economists Adam Smith and David Ricardo.

Menger was born in Nowy Sącz, Poland (at that time Neu Sandec, Austrian Galicia). He was the son of a wealthy family of minor nobility; his father, Anton, was a lawyer. His mother, Caroline, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. After attending "Gymnasium" he studied law at the Universities of Prague and Vienna and later received a doctorate in jurisprudence from the Jagiellonian University in Kraków. In the 1860s Menger left school and enjoyed a stint as a journalist reporting and analyzing market news, first at the "Lemberger Zeitung" in Lwów, Ukraine and later at the "Wiener Zeitung" in Vienna.

During the course of his newspaper work he noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed. In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his "Principles of Economics" "(Grundsätze der Volkswirtschaftslehre)," thus becoming the father of the Austrian School of economic thought. It was in this work that he challenged the classical labor theory of value with his theory of marginality.

In 1872 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. In 1873 he received the university's chair of economic theory at the very young age of 33.

In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics. For two years Menger accompanied the prince in his travels, first through continental Europe and then later through the British Isles. He is also 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. His association with the prince would last until Rudolf's suicide in 1889 (see the Mayerling Affair).

In 1878 Rudolf's father, Emperor Franz Josef, appointed Menger to the chair of political economy at Vienna. The title of "Hofrat" was conferred on him and was appointed to the Austrian "Herrenhaus" in 1900.

Ensconced in his professorship he set about refining and defending the positions he took and methods he utilized in "Principles," the result of which was the 1883 publication of "Investigations into the Method of the Social Sciences with Special Reference to Economics (Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere)." The book caused a firestorm of debate, during which members of the Historical School of economics began to derisively call Menger and his students the "Austrian School" to emphasize their departure from mainstream economic thought in Germany. In 1884 Menger responded with the pamphlet "The Errors of Historicism in German Economics" and launched the infamous "Methodenstreit," or methodological debate, between the Historical School and the Austrian School. During this time Menger began to attract like-minded disciples who would go on to make their own mark on the field of economics, most notably Eugen von Böhm-Bawerk and Friedrich von Wieser.

In the late 1880s Menger was appointed to head a commission to reform the Austrian monetary system. Over the course of the next decade he authored a plethora of articles which would revolutionize monetary theory including "The Theory of Capital" (1888) and "Money" (1892). Largely due to his pessimism about the state of German scholarship Menger resigned his professorship in 1903 to concentrate on study.

See also

* Liberalism in Austria

External links

* [ Biography of Carl Menger] The Founder of the Austrian School by Joseph T. Salerno
* [ Biography of Carl Menger] The Concise Encyclopedia of Economics: Library of Economics and Liberty
* [ The Epistemological Import of Carl Menger's Theory of the Origin of Money] Ludwig von Mises in "Human Action" on Menger's Theory of the Origins of Money
* [ Profile on Carl Menger] at the History of Economic Thought Website
* [ Principles of Economics] , online version provided by the Ludwig von Mises Institute.
* [ Abridged version of Principles of Economics, with comments by Tancred Lidderdale]
* [ "Grundsätze der Volkswirtschaftslehre" ("Principles of Economics")]
* [ Principles of Economics (PDF Spanish)]

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Carl Menger — (23 février 1840 26 février 1921) est avec Stanley Jevons et Léon Walras l un des trois économistes qui abandonnèrent au début des années 1870 la « valeur travail » adoptée par les classiques anglais puis reprise par …   Wikipédia en Français

  • Carl Menger — Saltar a navegación, búsqueda Carl Menger (23 de febrero de 1840 26 de febrero de 1921) fue el fundador de la Escuela Austríaca de Economía. Contenido 1 Origen 2 Teórico 3 Maestro …   Wikipedia Español

  • Carl Menger — Bronzetafel zu Ehren …   Deutsch Wikipedia

  • Carl Menger — (23 de febrero de 1840 26 de febrero 1921) fue el fundador de la Escuela Austríaca de Economía. Menger nació en Nowy Sacz, Galicia (hoy parte de Polonia, antes de Austria). Era el hijo de una familia de nobles acomodados y su padre era abogado.… …   Enciclopedia Universal

  • Carl Menger, österreichischer Ökonom — Carl Menger Carl Menger (* 23. Februar 1840 in Neu Sandez, Galizien; † 27. Februar 1921 in Wien) war ein österreichischer Ökonom. Er gilt als erster Vertreter der Österreichischen Schule der Nationalökonomie und ma …   Deutsch Wikipedia

  • Menger — may refer to: People Andreas Menger (born 1972), former German football player Anton Menger (1841–1906), Austrian economist and author; brother of Carl Menger Carl Menger (1840–1921), Austrian economist and author founder of the Austrian School… …   Wikipedia

  • Menger (Begriffsklärung) — Menger steht für Menger, eine alte Berufsbezeichnung für bestimmte Angehörige des mittelalterlichen Nahrungsmittelgewerbes. Familie Menger von Wolfensgrün: Max Menger (1838 1911), österreichischer Reichsratsabgeordneter Anton Menger (1841 1906),… …   Deutsch Wikipedia

  • Carl — Saltar a navegación, búsqueda Carl hace referencia a: Consejo Andaluz de Relaciones Laborales (CARL), órgano competente de la Junta de Andalucía en materia laboral. Carl Bosch, químico e industrial alemán, premio Nobel de Química en 1931; Carl… …   Wikipedia Español

  • Menger — Carl, 1840–1921, österreichischer Nationalökonom, der seit 1872 bis zum Rücktritt 1903 in Wien lehrte, unterbrochen durch eine dreijährige Tätigkeit (1876–1879) als Erzieher des Erzherzogs. M. entwickelte die Lehre vom ⇡ Grenznutzen, fast… …   Lexikon der Economics

  • Menger, Carl — ▪ Austrian economist born February 23, 1840, Neu Sandec, Galicia, Austrian Empire [now in Poland] died February 26, 1921, Vienna, Austria  Austrian economist who contributed to the development of the marginal utility theory and to the formulation …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.