# Austrian School of Economics The Austrian school of economics was created in the late 19th and early 20th century by Carl Menger.[^1] **The school's main realization is that [[Marginal Utility]] is the principal driver of market prices, thus creating the [[Subjective Theory of Value]].** The subjective theory was used to arrive at one of the most significant insights in economics: that both side gain from exchange, thus increasing total value in society. [^1]: [[Carl Menger - Wikipedia]], [[Study Guide to the Jordan Peterson – Robert Murphy Podcast#^yro9xm]]