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Carl Menger

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Carl Menger
20151017 170957
Mr. Menger
Field: Economics
Education: University of Prague

University of Vienna Jagiellonian University

Contributions Marginal utility
Born February 23, 1840
Died February 26, 1921 (aged 81)

Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was 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, of the type developed by the classical economists such as Adam Smith and David Ricardo.

The state may also well support the various sectors of the national economy by actual subsidies, of course only when it is useful to the citizens but surpasses their individual means: strictly speaking, such subsidies are intended to become a useful public good, owned by the community as a whole. This will occur, for example, if the state wants to promote agriculture and especially cattle breeding by purchasing prime quality breeding animals whose price exceeds most people's means; by becoming public property, the animals best serve their purpose, to serve all alike.” (Menger 1994: 123). State intervention to stop clearing of forests on private property in the mountains of Austria when this clearing had serious and bad effects on agriculture, such as soil erosion and floods on the plains: Government intervention to stop child labour (Menger 1994: 129).


All in all, the founder of Austrian economics appears to have accepted the existence of the state and a number of interventions, perhaps on utilitarian grounds.

The progressive liberalism and Fabian socialist sympathies of later Austrians like Eugen von Philippovich, Friedrich von Wieser and Richard von Strigl were not deviations from Menger’s ideas on the state, but a development of them. [1]

Sadly the Austrian school later became much more Right wing.

ReferencesEdit

  1. Rescuing Menger from the Austrians

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