rather than the exception. His singular analytical contribution was what came to be known as the "ceremonial / instrumental dichotomy". Veblen saw that every culture is materially-based and dependent on tools and skills to support the "life process". The "ceremonial" was related to the past and supported the tribal legends; "instrumental" was oriented toward the technological imperative to judge value by the ability to control future consequences. The "Veblenian dichotomy" was a specialized variant of the "instrumental theory of value" of John Dewey, with whom Veblen was to make contact briefly at the University of Chicago.

The most important works by Veblen include Theory of Leisure Class, Theory of Business Enterprise, his monograph Imperial Germany and the Industrial Revolution, and the essay entitled Why Economics is not an Evolutionary Science which have both been influential in shaping the research agenda for following generations of social scientists.

Biography of Alfred Marshall (1842 — 1924)

Alfred Marshall was born in London. He became one of the most influential economists of his time. His book Principles of Political Economy (1890) brought together the theories of supply and demand, of marginal utility and of the costs of production into a coherent whole. It became the dominant economic Textbook in England for a long period.

Marshall grew up in the London suburb of Clapham and was educated at the Merchant Taylor's School and St. John's College, Cambridge, where he demonstrated an aptitude in mathematics. Although he wanted to become a clergyman, his success at Cambridge University led him to take an academic career. He became a professor in 1868 specializing in political economy. He desired to improve the mathematical crisis of economics and transform it into a more scientific profession. In the 1870's, he wrote a small number of articles on international trade and the problems of protectionism. In 1879, many of these works were compiled together into a work entitled The Pure Theory of Foreign Trade: The Pure

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venerable grandfather. He had shied away from controversy during his life in a way that previous leaders of the profession had not, although his evenhandedness curried great respect and even reverence from fellow economists, and his home at Balliol Croft had no shortage of distinguished guests. His students at Cambridge became leading figures in economics, including John Maynard Keynes and Arthur Cecil Pigou. His most important legacy was creating a respected, academic, scientifically-founded profession for economists in the future that set the tone of the field for the remainder of the twentieth century. Marshall died at his home in Cambridge, England, on July 13, 1924 at the age of 81. He is buried in the Ascension Parish Burial Ground in Cambridge.

Biography of Carl Menger (1840 — 1921)

Carl Menger was the founder of the Austrian School of economics. Menger was born in Poland. He was the son of a wealthy family of minor nobility, his father was a lawyer. After attending gymnasium he studied law at the Universities of Prague and Vienna and later received a doctorate in law from the University of Krakow. In the 1860's Menger left school and worked as a journalist reporting and analyzing market news, first at the

Lemberger Zeitung in Lvov and later at the Wiener Zeitung in Vienna. During the course of his newspaper work he noticed a discrepancy

between what the classical economics (he was taught in school) said about price determination and what real world market participants believed. In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics ("Grundsatze der Volkswirtschaftslehre"), thus becoming the father of the Austrian School of economic thought. At the time Principles was largely ignored, although they were later credited as a contribution to the Neoclassical Revolution.

In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students. In

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1873 he received the university's chair of economic theory at the very young age of 33.

In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics. For two years Menger accompanied the Prince in his travels, first through Europe and then later through the British Isles. He is also thought to have assisted the Crown Prince in the composition of a pamphlet, published anonymously in 1878, which was highly critical of the higher Austrian aristocracy. His association with the Prince would last until Rudolfs suicide in 1889.

In 1878 the Emperor (Rudolfs father) appointed him to the Chair of Political Economy in Vienna. The title of Hofrat was conferred on him and was appointed to the Austrian Herrenhaus in 1900.

After he received his professorship he set about refining and defending the positions he took and methods he utilized in Principles, the result of which was the 1883 publication of Investigations into the Method of the Social Sciences with Special Reference to Economics. The book caused a firestorm of debate; members of the Historical School of economics began to derisively call Menger and his students the "Austrian School" to emphasize their departure from mainstream economic thought in Germany. In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous

Methodenstreit, or methodological debate, between the Historical School and the Austrian School. During this time Menger began to attract likeminded disciples who would go on to make their own mark on the field of economics.

In the late 1880's Menger was appointed to head a commission to reform the Austrian monetary system. Over the course of the next decade he authored a plethora of articles which would revolutionize monetary theory including The Theory of Capital (1888) and Money (1892). Largely due to his pessimism about the state of German scholarship Menger resigned his professorship in 1903 to concentrate on study. He died in 1921.

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