Carl Menger

Carl Menger was an influential economist from Austria who founded the modern theory of subjective value and marginal utility. His work shifted economic thinking from focusing on the cost of production to understanding how individuals value goods and services based on their personal needs and preferences. Menger's ideas laid the foundation for the Austrian School of Economics, emphasizing the importance of individual choice, spontaneous market processes, and the role of prices in coordinating economic activity. His contributions helped explain how markets function efficiently without central planning, highlighting the importance of individual valuation and decision-making in economic systems.