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The Greatest Economist Ever and the Winner Is…  Share   Share Ludwig von Mises Friedrich Hayek Principles has had such a great influence on the development of economics as…”   Knut Wicksell The revolutionary book that these three writers are talking about is Carl Menger’s “ Grundsätze der Volkswirtschaftslehre,” published in 1871 in Vienna, Austria. It was not translated into English as “Principles of Economics” until 1950. It was with this book that the Austrian School was born and made economics a real science. After Menger wrote his magnum opus, he became a distinguished professor at the University of Vienna. For several years he taught the crown prince of Austria and was a man of great influence. By the turn of the century, the Austrians were considered the most dominant school in economics and were the first to take on the Marxists. Menger died in 1921, deeply pessimistic about the future of Europe after World War I.

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