noun
Usage: usually capitalized A & sometimes capitalized S
: the proponents of and adherents to the economic theories developed by Karl Menger (1840-1921), Friedrich von Wieser (1851-1926), and Eugen Böhm-Bawerk (1851-1914) of Vienna, Austria, who originated a subjective theory of value that utilizes the doctrine of marginal utility rather than the Ricardian labor theory of value and who formulated a productivity theory of interest and capital that emphasizes the importance of the time element in production — compare marginal utility