Menger is a noun that refers to an individual or a group of people that play a significant role in the economic and social principles known as the Austrian School of economics. The Austrian School was founded by Carl Menger, an influential economist, and social scientist.
In economics, Menger is associated with the concept of marginal utility, which states that the satisfaction or value a person derives from consuming an additional unit of a good or service diminishes as they consume more of it. This theory challenged the classical view of value and laid the groundwork for the subjective theory of value, which suggests that value is determined by individuals' preferences and subjective evaluations rather than objective measurements.
Moreover, Mengerians emphasize the importance of methodological individualism, which asserts that individuals' actions are the fundamental units of analysis in understanding economic phenomena. They focus on understanding the intentions, choices, and competitive behavior of individuals as the driving force behind market dynamics.
Within social sciences, Menger's ideas extend beyond economics to areas such as sociology and history. Mengerians advocate for a holistic perspective that respects the diversity and complexity of real-world interactions, rejecting overly simplistic and deterministic models.
Overall, "Menger" refers to the thought and contributions of Carl Menger and his followers, who have made significant contributions to economic theory, championing principles such as marginal utility, subjective value, and methodological individualism within the broader framework of the Austrian School of economics.
