Who was Carl Menger?

   He was born in Galicia, part of Austro-Hungary; now in Poland to a prosperous family in 1840. Menger earned his doctorate in law from the University of Krakow in the year 1867. At the time of the publication of Grundsatze der Volkswirtschaftslehre he was thirty one and had recently been appointed to the prestigious Austrian Civil Service. With the success and fame of the book Menger in 1876 took post as a tutor for Crown Prince Rudolf of Austria.

What is the importance of the book?

  Carl Menger the founder of Austrian school of Economics wrote this book with the purpose to show how his theory of value could solve satisfactorily all the problems of economics theory posed by earlier thinkers. The reason for this observation is that, Menger’s economics are grounded in the central principle that ‘all things are subject to law of cause and effect.’ He has divided the book in eight chapters, and they....