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Carl Menger
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Carl Menger, by Wikipedia https://en.wikipedia.org/wiki?curid=6255 / CC BY SA 3.0 • #1840_births • #1921_deaths • #20th-century_Austrian_people • #19th-century_economists • #19th-century_Austrian_writers • #Austrian_economists • #Austrian_School_economists • #Charles_University_alumni • #University_of_Vienna_alumni • #Jagiellonian_University_alumni • Carl Menger von Wolfensgrün （/ˈmɛŋɡər/; German: [ˈmɛŋɐ]; 28 February 1840 – 26 February 1921） was an Austrian economist and the founder of the Austrian School of economics. • Menger contributed to the development of the theory of marginalism （marginal utility）, which rejected the cost-of-production theories of value, such as were developed by the classical economists such as Adam Smith and David Ricardo. • As a departure from such, he would go on to call his resultant perspective, the Subjective Theory of Value . • Carl Menger von Wolfensgrün was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is now Nowy Sącz in Poland. • He was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer. • His mother, Caroline Gerżabek, was the daughter of a wealthy Bohemian merchant. • He had two brothers, Anton and Max, both prominent as lawyers. • His son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technology. • 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 Lemberg, Austrian Galicia （now Lviv, 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 ...
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