Carl Menger (jan 1, 1840 – jan 1, 1921)
Description:
Contributed to the development of the theory of marginalism (marginal utility), which rejected the cost-of-production theories of value, such as were 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".Added to timeline:
Date:
jan 1, 1840
jan 1, 1921
~ 81 years