Carl Menger von Wolfensgrün was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility, which rejected cost-of-production theory of value, such as developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value.
Carl Menger von Wolfensgrün, founder of the Austrian School
Untersuchungen über die Methode der Socialwissenschaften, und der Politischen Oekonomie insbesondere, 1933
Austrian school of economics
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals and their self interest. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Carl Menger
Campus of Mises Institute, in Auburn, Alabama
Ludwig von Mises
Friedrich Hayek