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Menger, Carl

Born: 1840 AD
Died: 1921 AD, at 80 years of age.

Nationality: Austrian
Categories: Economists


1840 - Carl Menger, born on the 28th of February in Nowy Scz, Poland (at that time Neu Sandec, Austrian Galicia). He 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.

1860 - 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.

1867 - Began a study of political economy.

1871 - Culminated with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought.

1872 - He 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.

1873 - Received the university's chair of economic theory at the very young age of 33.

1876 - Began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics.

1878 - He is also thought to have assisted the crown prince in the composition of a pamphlet, published anonymously.

1884 - He 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.

1888 - 1892 - Over the course of the next decade he authored a plethora of articles which would revolutionize monetary theory including The Theory of Capital and Money.

1921 - Died on the 26th of February.


Page last updated: 2:21am, 15th Jun '07