Category: Today

The Twenty-​second Amendment to the United States Constitution, limiting Presidents to two terms, was ratified on February 27, 1951.

February 27 marks the Dominican Republic’s Independence Day.

On February 24 1803, the Supreme Court, in Marbury v. Madison, established the principle of judicial review.

February 14 marks Estonia’s Declaration of Independence, in 1918.

On February 23, 1898, Émile Zola was imprisoned in France after writing “J’accuse,” a letter accusing the French government of anti-​Semitism and wrongfully imprisoning Captain Alfred Dreyfus.

Fifty-​eight years earlier, Austrian economist Carl Menger was born.

Menger would go on to contribute to the development of the theory of marginal utility, which supplanted cost-​of-​production theories of value in economics, in his first book, translated into English as “Principles of Economics.” Though expert in mathematics (he served as tutor in economics and statistics to Archduke Rudolf von Habsburg, the Crown Prince of Austria not long after the publication of the Principles), his approach to marginal theory was the least mathematical of his famous “co-​discovers” of the principle, William Stanley Jevons and Leon Walras. Rooted in a subjective theory of value, it was the most realistic and least model-​based of the marginalist revolutionaries, and he was most interested in price formation, not “price determination,” which focused almost exclusively on equilibrium conditions. He developed an evolutionary theory of money, as well.

Menger’s second book was a defense of a particular kind of general theory in social science, and an explanation of the importance of “invisible hand” processes in the social world. The first theme caused a firestorm of debate in the German-​speaking world, where “socialists of the chair” and other opponents of laissez faire went ballistic regarding the possibility of permanence of finding laws in the social world that were not of their own constructing. The second theme developed ideas found in Adam Smith, and extended them.

Menger inspired two major followers, Friedrich Freiherr von Wieser and Eugen von Böhm-​Bawerk. The former named “marginal utility” and developed the first rigorous view of cost as opportunities foregone; the second advanced a time-​preference theory of interest and theory of the structure of production. Later followers of this “Austrian School” included Ludwig von Mises and F.A. Hayek.

On Feb. 21, 1848, The Communist Manifesto, written by Karl Marx with help from Friedrich Engels, was published in London by a group of German-​born revolutionary socialists known as the Communist League.

On Feb. 21, 1916, the Battle of Verdun began with German bombardment of the city of Verdun, France.  For ten months, the longest single engagement of World War II, German forces attacked the French along a 20-​kilometer front crossing the Meuse River. When the battle ended, with no change in the strategic position of either army, the combined death toll was over 300,000 (out of over 700,000 casualties).

On Feb. 21, 1965, Malcolm X was gunned down by rival Black Muslims while addressing his Organization of Afro-​American Unity in New York City.

Beginning on Feb. 20, 1944, and lasting through Feb. 25, 1944, the United States Strategic Air Forces (USSTAF) launched a series of missions against the Third Reich that became known as “Big Week.” In six days, the Eighth Air Force bombers based in England flew more than 3,000 sorties and the Fifteenth Air Force based in Italy more than 500. Together they dropped roughly 10,000 tons of bombs. The daylight bombing campaign was also supported by RAF Bomber Command operating against the same targets at night. The campaign helped the Allies achieve air superiority, so the invasion of Europe could proceed. While U.S. industrial might could entirely replace losses during the “Big Week,” Germany was unable to do so.