This article records tradition as it has been passed down and reported. Its sources are not yet part of the atlas's verified catalogue.
In 1871, an Austrian civil servant named Carl Menger published Principles of Economics and, without knowing it, joined a revolution already underway. In the same few years, William Stanley Jevons in England and Leon Walras in Switzerland independently reached the same insight from different directions: the value of a good does not come from the labor spent making it, as the classical economists Smith and Ricardo had argued, but from the satisfaction a person expects from the next unit they consume. Menger called this the theory of subjective value. A starving man values his first loaf of bread far more than his tenth, and the market price of bread reflects what buyers at the margin, the ones least eager to buy, are willing to pay. This reframing did more than settle an academic dispute over value theory. It gave economics a unified way to analyze exchange, price formation and resource allocation through the single lens of marginal comparison, and it became the analytical foundation Menger's own students built the Austrian School upon, while Jevons and Walras's parallel versions fed directly into what became neoclassical economics.