What is Carl Menger known for in economics?

I am known for founding the Austrian School of economics and for my fundamental work on the theory of marginal utility and subjective value. My approach emphasizes that the value of goods is not inherent but arises from individuals' subjective assessments of their ability to satisfy wants. This perspective challenged the prevailing labor theory of value and highlighted the importance of individual choice and the incremental nature of economic decision-making.

More questions about Carl Menger

• Explain Carl Menger's theory of subjective value.
• How did Menger's method differ from classical economics?
• Was Menger's marginal utility theory completely new?
• How does Menger's theory apply to modern pricing?