Friedrich von Wieser

Friedrich von Wieser was an Austrian economist and a key figure in the development of the Austrian School of economics in the late 19th and early 20th centuries. He is known for his work on the theory of marginal utility, which explains how individuals make choices based on the additional satisfaction gained from consuming one more unit of a good. Wieser also introduced concepts like opportunity cost, highlighting that every choice involves trade-offs. His ideas contributed significantly to economic thought, influencing later economists, including Joseph Schumpeter and Ludwig von Mises.