Carl Menger: Pioneer of “Empirical Theory”

The problems and ideas that moved Ludwig von Mises in his early years, writes Jorg Guido Hulsmann, were addressed by the work of four great economic theorists: Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and Joseph Schumpeter. He knew all four personally, but Menger had retired from teaching a year before Mises discovered Menger’s Principles. They met for the first time around 1910, when Mises was attending Böhm-Bawerk’s seminar and preparing his first treatise, The Theory of Money and Credit. It was then customary that young men wishing to pursue an academic career in economics paid Menger a visit. He received them in his house amidst his impressive library and had them talk about their work and projects. FULL ARTICLE