Description

The origin of the Austrian School of economics is the publication of Carl Mengers Principles of Economics in 1871 Menger William Stanley Jevons and Lon Walras are considered the cofounders of the marginal revolution in economics a shift to the marginal utility theory of value from the labour theory of value The revolutionists argued that value is not based on the amount of labour expended but reflects how useful people perceive the commodity to be in satisfying their ends