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Encyclopedia > Carl Menger
Carl Menger
Carl Menger

Carl Menger (February 28, 1840February 26, 1921) was the founder of the Austrian School of economics. This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... An economist is someone who studies Economics. ... Image File history File links Carl_Menger. ... Image File history File links Carl_Menger. ... February 28 is the 59th day of the year in the Gregorian calendar. ... 1840 is a leap year starting on Wednesday (link will take you to calendar). ... February 26 is the 57th day of the year in the Gregorian Calendar. ... 1921 (MCMXXI) was a common year starting on Saturday (see link for calendar). ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Daily analysis of economics in the news (UK focus) Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau...


Menger was born in Nowy Sacz, Poland (at that time Neu Sandec, Austrian Galicia). He was the son of a wealthy family of minor nobility; his father was a lawyer. After attending Gymnasium he studied law at the Universities of Prague and Vienna and later received a doctorate in jurisprudence from the University of Krakow. In the 1860s Menger left school and enjoyed a stint as a journalist reporting and analyzing market news, first at the Lemberger Zeitung in Lwów, Ukraine and later at the Wiener Zeitung in Vienna. Nowy Sącz is a town in southern Poland with 84,400 inhabitants (2003). ... Motto: Voivodship Lesser Poland Municipal government Rada Miejska Nowego SÄ…cza Mayor Józef Antoni Wiktor Area 57 km² Population  - city  - urban  - density 85,700(2001 est. ... The Kingdom of Galicia and Lodomeria, or simply Galicia, was the largest, most populous, and northernmost province of Austria from 1772 until 1918, with Lemberg (Lwów, Lviv) as its capital city. ... A gymnasium is a type of school of secondary education in parts of Europe. ... Jagiellonian University (Polish: Uniwersytet Jagielloński) is a university in Krakow, Poland. ... Motto: Semper fidelis Oblast Lviv Oblast Municipal government City council (Львівська міська рада) Mayor City chairman Lyubomyr Bunyak Area 171,01 km² Population  - city  - urban  - density 808,900 ? 4786/km² Founded City rights 13th century 1353 Latitude Longitude 49°51′ N 24°01′ E Area code +0322 Car plates  ? Twin towns Corning, Freiburg... Vienna (German: Wien [viːn]; Hungarian: Bécs, Czech: Vídeň, Slovak: Viedeň, Romany Vidnya; Serbian: Beč) is the capital of Austria, and also one of Austrias nine states (Land Wien). ...


During the course of his newspaper work he noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed. In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought. At the time Principles was largely ignored, although they were later credited as a contribution to the Neoclassical Revolution. Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill, and Johann Heinrich von Thünen. ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... 1867 was a common year starting on Tuesday (see link for calendar). ... Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Principles of Economics is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... In economics, the Neoclassical Revolution was the emergence of marginal theory of value as the central explanation for explaining the origin of value. ...


In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students. In 1873 he received the university's chair of economic theory at the very young age of 33. 1872 was a leap year starting on Monday (see link for calendar). ... University of Vienna, main building, seen from Beethovens apartment The University of Vienna (German: Universität Wien) in Austria was founded in 1365 by Rudolph IV and hence named Alma mater Rudolphina. ... 1873 was a common year starting on Wednesday (see link for calaber). ...


In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics. For two years Menger accompanied the prince in his travels, first through Europe and then later through the British Isles. He is also thought to have assisted the crown prince in the composition of a pamphlet, published anonymously in 1878, which was highly critical of the higher Austrian aristocracy. His association with the prince would last until Rudolf's suicide in 1889 (see the Mayerling Affair). 1876 is a leap year starting on Saturday. ... Crown Prince Rudolf of Austria (21 August 1858 – 30 January 1889) was the son and heir of Emperor Franz Josef of Austria and Elisabeth of Austria. ... Mayerling is a hunting lodge in Lower Austria, where on January 30, 1889 Archduke Crown Prince Rudolf of Austria, only son of Emperor Franz Joseph and Elisabeth and heir to the Austro-Hungarian crown, was found dead with his mistress Baroness Marie Vetsera, apparently as a result of suicide. ...


In 1878 Rudolf's father, Emperor Franz Josef, appointed Menger to the chair of political economy at Vienna. The title of Hofrat was conferred on him and was appointed to the Austrian Herrenhaus in 1900. Franz Joseph I Franz Joseph (in English also Francis Joseph) (August 18, 1830 - November 21, 1916) of the Habsburg Dynasty was Emperor of Austria and King of Bohemia from 1848 until 1916 and King of Hungary from 1867 until 1916. ... Vienna (German: Wien [viːn]; Hungarian: Bécs, Czech: Vídeň, Slovak: Viedeň, Romany Vidnya; Serbian: Beč) is the capital of Austria, and also one of Austrias nine states (Land Wien). ...


Ensconced in his professorship he set about refining and defending the positions he took and methods he utilized in Principles, the result of which was the 1883 publication of Investigations into the Method of the Social Sciences with Special Reference to Economics. The book caused a firestorm of debate, members of the Historical School of economics began to derisively call Menger and his students the "Austrian School" to emphasize their departure from mainstream economic thought in Germany. In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous Methodenstreit, or methodological debate, between the Historical School and the Austrian School. During this time Menger began to attract like-minded disciples who would go on to make their own mark on the field of economics, most notably Eugen von Böhm-Bawerk and Friedrich von Wieser. The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... Methodenstreit was a controversy over the method and epistemological character of economics carried on in the late 1880s and early 1890s between the supporters of the Austrian School of Economics, led by Carl Menger, and the proponents of the (German) Historical School, led by Gustav von Schmoller. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Daily analysis of economics in the news (UK focus) Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ...


In the late 1880s Menger was appointed to head a commission to reform the Austrian monetary system. Over the course of the next decade he authored a plethora of articles which would revolutionize monetary theory including The Theory of Capital (1888) and Money (1892). Largely due to his pessimism about the state of German scholarship Menger resigned his professorship in 1903 to concentrate on study. This article or section should include material from Monetary policy of central banks Monetary policy is the process of managing a nations money supply to achieve specific goals—such as constraining inflation, achieving full employment or more well-being. ...


See also

This article is part of or related to the Liberalism series Categories: Politics stubs | Liberal related stubs | Liberalism by country | Austrian political parties ...

External Links

  • Biography of Carl Menger The Founder of the Austrian School by Joseph T. Salerno
  • Biography of Carl Menger The Concise Encyclopedia of Economics: Library of Economics and Liberty
  • Profile on Carl Menger at the History of Economic Thought Website
  • Principles of Economics, online version provided by the Ludwig von Mises Institute.
  • Abridged version of Principles of Economics, with comments by Tancred Lidderdale

  Results from FactBites:
 
Carl Menger - Wikipedia, the free encyclopedia (680 words)
Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics.
In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students.
In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous Methodenstreit, or methodological debate, between the Historical School and the Austrian School.
  More results at FactBites »

 
 

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