Carl Menger - The Father of Austrian Economics and Subjective Value

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Carl Menger, the founder of the Austrian School of Economics, revolutionized economic thought by shifting the focus from abstract theories to real human decisions. In this video, we explore Menger’s groundbreaking concept of subjective value, which asserts that the worth of an item isn’t determined by production costs, but by individual desire. Menger's insights helped shape modern economics, emphasizing the importance of human choice, market dynamics, and the free market system. He also inspired future economists like Ludwig von Mises and Friedrich Hayek. Through his work, Menger laid the foundation for understanding economics not just as a system, but as a reflection of individual decisions and behaviors. Dive into the life and legacy of Carl Menger and see how his ideas continue to shape economic theory today. Watch our series on the Austrian School to explore these influential concepts in more detail.
00:00 - Carl Menger – The Father of Austrian Economics and the Pioneer of Subjective Value
00:48 - Carl Menger was A Thinker Ahead of His Time
01:29 - The Birth of the Austrian School of Economics
02:05 - Carl Menger was A Humble Revolutionary
02:41 - A Legacy Built on Choice