Grundsätze der Volkswirtschaftslehre
The Austrian national economist Carl Menger's (1840-1921) is considered to be the founder of the Austrian Marginal Utility School; 1871, the year in which his " Grundsätze der Volkswirthschaftslehre " was published "is now generally and rightfully seen as the beginning of a new epoch in the development of national economics." (F.A. von Hayek). In the preface of his " Grundsätze," Menger formulates the main goal of this publication as the development of a uniform price theory and the aspiration that every price phenomena -- including interest, wages and a basic pension -- can be attributed to a principle. Independent of, yet at the same time as Gossen (1854), Jevons and Walras, Menger founded a new direction of economics that focuses on the subjective status of the theory of value. But not just his thoughts on the price and income-distribution theory on the basis of marginal benefit already made Carl Menger famous during his lifetime: His long-term, polemically conducted methodological debate (Methodenstreit), mainly with Gustav Schmoller, entered into the history of economics. However, his main occupation was always the academic instruction, with which Menger acquired the reputation of an outstanding teacher.
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