Wieser, Friedrich

Born July 10, 1851, in Vienna; died July 22, 1926, in St. Gilgen. Economist, representative of the Austrian school of political economy.

Wieser became a professor at the University of Vienna in 1903. Along with K. Menger and E. Boehm-Bawerk, he developed the theory of marginal utility, introducing the term into common usage. He attempted to refute the Marxist labor theory of value and theory of surplus value. He created the so-called theory of imputation, according to which a certain portion of the value of a product is imputed respectively to each of the three factors in production that created it— labor, land, and capital. He proposed a theory of money whereby its value was determined as a function of the correlation between money income and real income. His views were widely disseminated in capitalist economic science.