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Happy birthday, Carl Menger

February 23 is the 161st anniversary of the birth of Carl Menger, founder of the Austrian school of economics. As the economist Joseph Salerno has written, "[I]n its method and core theory, Austrian economics always was and will forever remain Mengerian economics."

It would be hard to overstate how important Menger was in the development of economic science and, indirectly, the freedom philosophy. He valiantly defended economic theory per se against those (the socialist German historical school) who insisted there is no such thing. Menger, who died in 1921, patiently demonstrated that indeed there are economic regularities-laws-defiance of which would have undesirable consequences.

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