Carl Menger is the founder of the Austrian School of Economics. His independent discovery of the marginal theory of value in 1871, alongside the discoveries of Leon Walras and William Stanley Jevons, helped usher in the “Marginal Revolution” in economic thought. Menger’s system of value and price theory constitutes the core of Austrian economic theory, forming the basis upon which his successors such as Eugen von Böhm-Bawerk and Ludwig von Mises would ground their work. While Menger’s contributions to the field of economics persist to this day, Menger himself has been all but forgotten by the mainstream economics profession.
The Carl Menger Center for the Study of Money and Banking is proud to take its name from Carl Menger. First and foremost, we are an institution working firmly within the Austrian tradition, and establish that by taking the name of the Austrian School’s founder. Secondly, Menger’s contributions to the field of monetary theory and his practical work in reforming the monetary system of the Austro-Hungarian Empire find their echo in the work the of Carl Menger Center. As an institution dedicated to educating the American people about the importance of sound money and sound banking, we hope to be on the front lines of much-needed monetary reform in the United States.
Finally, one of the longer-term goals of the Carl Menger Center is to translate and make available to the English-speaking world the untranslated works of Carl Menger. Because English is the dominant language in the economics profession, works not published in or translated into English are likely to be ignored or forgotten. By pursuing the translation of Menger’s works into English, we hope to bring back to public attention the economic thought of one of the greatest economists of all time.