Description:
(Economist, University teacher) Carl Menger, an Austrian economist, founded the Austrian School of economics and made notable contributions to economic theory. He developed the concepts of marginalism and marginal utility, which challenged the traditional cost-of-production theory of value held by classical economists such as Adam Smith and David Ricardo. Menger's work paved the way for the subjective theory of value, highlighting the significance of individual preferences and perceptions in determining economic value.
