Carl Menger

Carl Menger was a famous Austrian economist who is known for his important contributions to the field of economics. He is most famous for his book Principles of Economics, published in 1871. In this book, Menger argued that the value of goods and services is determined by people's preferences and the amount of available resources, which results in what we call the "Law of Supply and Demand". This law states that the prices of goods and services are based on how eager people are to buy them and how much of them are available. Menger also developed the concept of marginal utility, which is the idea that people make decisions about what to buy or do based on how much extra benefit or satisfaction they can get from it. This theory is still widely used today to understand how people make decisions about their purchases.