ABSTRACT
For a long generation Carl Menger has been in Anglo-Saxon countries a famous but seldom-read economist. It will be necessary to consider first Menger's theory of subjective value, since he applies this theory directly to the evaluation of productive services. Thereafter, his discussions of the theories of productive organization, imputation, and the specific distributive shares will be analyzed. Menger's differentiation of productive resources from consumption goods solely on the basis of proximity to consumption led to a result important to economic theory. The greatest contribution of the theory of subjective value to theoretical economic analysis lies in the development of a sound theory of distribution. The outlines of the theory of imputation, the valuation of productive goods on the basis of their contribution to the value of their products—have been indicated. The greatest hiatus in Menger's system of distribution is unquestionably the virtual absence of any theory of capital.
