Methodology of Carl Menger and its interpretations

Although economic theory of the founder of Austrian School of Economics, Carl Menger, is widely acknowledged (marginal utility theory), his methodological writings are analysed less often. The author claims Mengerian methodology brings many valuable ideas which have influenced methodological thought of economists in the 20th century too. The article is primarily concerned with the Menger's main methodological work - Untersuchungen über die Methode der Sozialwissenschaften (1883). Many philosophical interpretations (at most aristotelian) of Mengerian methodology are discussed. The fundamental merit of Menger's methodology is seen in precision distinguishing between history and theory and between the realistic-empirical orientation and the exact orientation of theoretical research.

Keywords: realistic-empirical orientation of theoretical research, exact orientation of theoretical research, Austrian School of Economics, methodological individualism, methodology of economic science, philosophical assumptions