The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Menger, Carl (1840–1921)

  • Karen I. Vaughn
Reference work entry


Carl Menger is known as one of the co-founders, along with W.S. Jevons and Leon Walras, of marginal utility analysis. As such, he can be counted as one of the originators of modern neoclassical economics. He is also recognized as the founder of the Austrian School of economics which developed a distinct tradition of economic thought over the century following his writing.


Austrian School Bilateral competition Böhm-Bawerk, E. von Capital accumulation Classical economics Commodity money Double coincidence of wants Economic development Economic good Economic man Exchange of equivalent values Exchange theory Fiat money German Historical School Hayek, F. A. von Imputation Isolated exchange Labour theory of value Limits of trade Marginal productivity theory Marginal utility analysis Market intermediaries Menger, C. Methodenstreit Methodological individualism Mises, L. E. von Money Opportunity cost Period of production Precautionary balances Price formation Schmoller, G. von Spontaneous order Subjective theory of value Time preference Value Wieser, F.F. von 

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Bibliographic Addendum

  1. See also Alter, M. 1990. Carl Menger and the origins of Austrian economics. Boulder: Westview Press, Different facets of Menger’s work are discussed in B. Caldwell, ed., Carl Menger and his legacy in economics. Durham: Duke University Press, 1991. M. Latzer and S. Schmitz, eds., Carl Menger and the evolution of payments systems. Cheltenham: Edward Elgar, 2002, provides the first English translation of Menger’s ‘Geld’ as well as essays both evaluating Menger’s views on monetary systems and applying them to contemporaneous issues.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Karen I. Vaughn
    • 1
  1. 1.