(1840–1921), Austrian economist, born in Neu-Sandez, Austria (now in Poland); founder of the Austrian school of economics and of neoclassical economic thought; studied at Universities of Vienna and Prague; doctorate from University of Kraków; worked as a journalist in Lemberg and in Vienna; worked in Austrian civil service 1871–73; first book, ‘Principles of Economics', published 1871; taught at University of Vienna 1873–1903; originated theory of subjective value to replace unworkable labor theory of value expounded by Adam Smith and Karl Marx; strong proponent of economic Liberalism