3. Carl Menger and Subjective Value 

Subjective Value: Menger refuted Marx’s labor theory of value by showing that a good’s value is subjective and determined by individual utility, not the amount of labor invested.  

Labor Doesn’t Create Value: He argued that labor alone doesn’t give value to a product; the value depends on whether someone finds the product useful and is willing to pay for it.  

Diminishing Marginal Utility: Menger introduced the concept that the value of additional identical goods decreases as their quantity increases, further challenging Marx’s idea that value is tied solely to labor.