“Carl Menger.” Economica N.S. 1 (November 1934): 393–420.
“The history of economics is full of tales of forgotten forerunners, men whose work had no effect and was only rediscovered after their main ideas had been made popular by others, of remarkable coincidences of simultaneous discoveries, and of the peculiar fate of individual books. But there must be few instances, in economics or any other branch of knowledge, where the works of an author who revolutionised the body of an already well-developed science and who has been generally recognised to have done so, have remained so littleknown as those of Carl Menger. It is difficult to think of a parallel case where a work such as the Grundsätze has exercised a lasting and persistent influence but has yet, as a result of purely accidental circumstances, had so extremely restricted a circulation.
There can be no doubt among competent historians that if, during the last sixty years, the Austrian School has occupied an almost unique position in the development of economic science, this is entirely due to the foundations laid by this one man. The reputation of the School in the outside world and the development of its system at important points were due to the efforts of his brilliant followers, Eugen von Böhm-Bawerk and Friedrich von Wieser. But it is not unduly to detract from the merits of these writers to say that its fundamental ideas belong fully and wholly to Carl Menger. If he had not found these principles he might have remained comparatively unknown, might even have shared the fate of the many brilliant men who anticipated him and were forgotten, and almost certainly would for a long time have remained little known outside the countries of the German tongue. But what is common to the members of the Austrian School, what constitutes their peculiarity and provided the foundations for their later contributions is their acceptance of the teaching of Carl Menger.”