<human>:  When did the Austrian School of Economics start?
<bot>: The Austrian School of Economics was started by Carl Menger in 1871. Menger was a professor of philosophy and economics at the University of Vienna. He was a follower of the Scottish philosopher Adam Smith. Menger’s theory of value was based on the idea that prices are determined by the intersection of supply and demand. Menger was the first to introduce the idea of marginal utility into economics.