Menger (Carl Menger)

Carl Menger was an Austrian economist and a founder of the Austrian School of economics in the late 19th century. He is best known for his work on the theory of value, emphasizing that the value of goods is determined by their utility to individuals rather than intrinsic qualities. Menger introduced the concept of subjective value, which suggests that people's preferences and needs shape the economy. His ideas laid the groundwork for modern economic thought, influencing concepts like marginal utility, which examines how individuals make choices based on the additional benefit they receive from a good or service.