**Carl Menger**
**Definition**
Carl Menger (1840–1921) was an Austrian economist and the founder of the Austrian School of economics, known for his pioneering work on the theory of marginal utility.
**Article**
### Early Life and Education
Carl Menger was born in 1840 in Galicia, then part of the Austrian Empire. He studied law and economics at the University of Vienna, where he later became a professor.
### Contributions to Economics
Menger is best known for his 1871 work, *Principles of Economics*, which laid the foundation for the marginal utility theory. This theory explains how individuals make economic decisions based on the additional satisfaction gained from consuming one more unit of a good or service. His ideas challenged the classical labor theory of value and influenced later economists such as Ludwig von Mises and Friedrich Hayek.
### Legacy
Menger’s work established the Austrian School as a distinct approach to economic thought, emphasizing subjective value, individual choice, and the importance of methodological individualism. His contributions remain influential in economic theory and philosophy.
**Meta Description**
Carl Menger was an Austrian economist who founded the Austrian School and developed the theory of marginal utility, significantly shaping modern economic thought.