Subjectivism

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.

Mainstream economists claim that Austrian economics is "discredited" because Austrians use deductive reasoning instead of employing complicated calculus and statistics. The irony is that Austrian analysis is better at explaining real-world economic phenomena.

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.