#readwise # Carl Menger - Wikipedia  ## Metadata - Full Title: Carl Menger - Wikipedia - URL: https://en.wikipedia.org/wiki/Carl_Menger ## Highlights Carl Menger (/ˈmɛŋɡər/; German: [ˈmɛŋɐ]; 28 February 1840 – 26 February 1921) was an Austrian economist and **the founder of the Austrian School of economics. Menger 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. --- **Menger used his subjective theory of value to arrive at what he considered one of the most powerful insights in economics: "both sides gain from exchange"**. Unlike William Jevons, Menger did not believe that goods provide "utils," or units of utility. Rather, he wrote, **goods are valuable because they serve various uses whose importance differs**. Menger also came up with an explanation of how money develops that is still accepted by some schools of thought today. ---