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The Austrian School, also known as the “Vienna School” or the “Psychological School”, is a heterodox school of economic thought that advocates adherence to strict methodological individualism. As a result Austrians hold that the only valid economic theory is logically derived from basic principles of human action. Alongside the formal approach to theory, often called praxeology, the school has traditionally advocated an interpretive approach to history. The praxeological method allows for the discovery of economic laws valid for all human action, while the interpretive approach addresses specific historical events. Image File history File links Portal. ... Heterodox economics [1] refers to approaches or schools of economic thought that do not conform to mainstream economics, which has largely developed from neoclassical economics in the late 19th century. ... It has been suggested that History of economics be merged into this article or section. ... Methodological individualism is a philosophical orientation toward explaining broad society-wide developments as the accumulation of decisions by individuals. ... Praxeology is the science of human action. ...


This Aristotelian/rationalist approach differs both from the currently dominant Platonic/positivist approach of contemporary neo-classical economics and the once dominant historical approach of the German historical school and the American institutionalists. Regardless, Austrian economics has made significant contributions to modern mainstream neo-classical economics. Additionally, the Austrian school is quite heterogeneous, with various branches of the school at various times throughout its history taking a range of positions from presenting a radical alternative to mainstream economics to contributing directly to mainstream neoclassical economics, though even in that case often through techniques that remained distinctly Austrian.[1] This article needs cleanup. ... This article is not about continental rationalism. ... Platonic idealism is the theory that the substantive reality around us is only a reflection of a higher truth. ... Logical positivism grew from the discussions of Moritz Schlicks Vienna Circle and Hans Reichenbachs Berlin Circle in the 1920s and 1930s. ... Neoclassical economics is the grouping of a number of schools of thought in economics. ... For historicism as a method of interpreting biblical apocalypse, see Historicism (Christian eschatology). ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Institutional economics focuses on understanding the role of human-made institutions in shaping economic behavior. ...


While the praxeological method differs from the current method advocated by the majority of contemporary economists, the Austrian method derives from a long line of deductive economic thought stretching from the 15th century to the modern era and including such major economists as Richard Cantillon, David Hume, A.R.J. Turgot, Adam Smith, Jean-Baptiste Say, David Ricardo, Nassau Senior, John Elliott Cairnes, and Claude Frédéric Bastiat. Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... This article is about the philosopher. ... Anne-Robert-Jacques Turgot, Baron de Laune, often referred to as Turgot (10 May 1727 – 18 March 1781), was a French economist and statesman. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist and businessman. ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Nassau William Senior (September 26, 1790 - June 4, 1864), English economist, was born at Compton, Berks, the eldest son of the Rev. ... John Elliott Cairnes (December 26, 1823 - July 8, 1875) was an Irish economist. ... Frédéric Bastiat Claude Frédéric Bastiat (June 30, 1801–December 24, 1850) was a French classical liberal author and political economist. ...


The most famous Austrian adherents are Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises, Friedrich Hayek, Gottfried von Haberler, Murray Rothbard, Israel Kirzner, George Reisman, Henry Hazlitt, and Hans-Hermann Hoppe. While often controversial, and standing to some extent outside of the mainstream of neoclassical theory—as well as being staunchly opposed to much of Keynes' theory and its results—the Austrian School has been widely influential because of its emphasis on the creative phase (i.e. the time element) of economic productivity and its questioning of the basis of the behavioral theory underlying neoclassical economics. Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Gottfried von Haberler (1900 - May 6, 1995) was an economist. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... George Reisman is Professor of Economics at Pepperdine University, and author of the massive 1,050-page volume Capitalism: A Treatise on Economics (ISBN 0915463733). ... Henry Hazlitt (November 28, 1894 - July 8, 1993) was a libertarian philosopher, economist and journalist for The Wall Street Journal, The New York Times, and Newsweek, among other publications. ... Hans-Hermann Hoppe (born September 2, 1949) is an Austrian school economist, an anarcho-capitalist (libertarian) philosopher, and a professor at the University of Nevada, Las Vegas. ... Keynes redirects here. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...


Because many of the policy recommendations of Austrian theorists call for small government, strict protection of private property, and support for individualism in general, they are often cited by conservatives, laissez-faire liberal, libertarian, and Objectivist groups for support, although Austrian School economists, like Ludwig von Mises, insist that praxeology must be value-free. They do not answer the question "should this policy be implemented?", but rather "if this policy is implemented, will it have the effects you intend?". In civics, minarchism, sometimes called minimal statism or small government, is the view that the size, role and influence of government in a free society should be minimal — only large enough to protect the liberty and property of each individual. ... Individualism is a term used to describe a moral, political, or social outlook that stresses human independence and the importance of individual self-reliance and liberty. ... Conservatism or political conservatism is any of several historically related political philosophies or political ideologies. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... This article is about the philosophy of Ayn Rand. ... Positive economics, value-free economics or wertfrei economics (from the German wertfrei, meaning value-free) is the part of economics that focuses on facts and cause-and-effect relationships. ... Unintended consequences can be either positive, in which case we get serendipity or windfalls source of problems, according to the Murphys law definitively negative: perverse effect, which is the opposite result to the one intended The Law of unintended consequences holds that almost all human actions have at least...

Contents

History

Classical economics focused on the exchange theory of value. In the late 19th century, however, attention was focused on the concepts of “marginal” cost and value (see Marginalism). Carl Menger's 1871 book, Principles of Economics, is considered one of the crucial works that began the period known as neoclassical economics. While marginalism was generally influential, there was also a more specific school that grew up around Menger, which came to be known as the “Psychological School,” “Vienna School,” or “Austrian School,”[2] Classical economics is widely regarded as the first modern school of economic thought. ... Marginalism is the use of marginal concepts within economics. ... Principles of Economics (Grundsätze der Volkswirtschaftslehre) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...


Austrian economics is currently closely associated with the advocacy of laissez-faire views. Earlier Austrian economists were more skeptical compared to later economists such as Ludwig von Mises and Karel Engliš, with Eugen von Böhm-Bawerk saying that he feared unbridled competition would lead to “anarchism in production and consumption”. However, the Austrian School, especially through the works of Friedrich Hayek, would be influential in the revival of laissez-faire thought in the 1980s. Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ...


The school originated in Vienna. However, later adherents of the school like Murray Rothbard and others have derived the roots of the thought of the Austrian School from the Spanish Scholastics teaching at the University of Salamanca of the 15th century and the French Physiocrats of the 18th century.[3] It owes its name to members of the German Historical School of economics, who argued against the Austrians during the Methodenstreit, in which the Austrians defended the reliance that classical economists placed upon deductive logic. Their Prussian opponents derisively named them the “Austrian School” to emphasize a departure from mainstream German thought and to suggest a provincial, Aristotelian approach. (The name “Psychological School” derived from the effort to found marginalism upon prior considerations, largely psychological.) For other uses, see Vienna (disambiguation). ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Scholastic redirects here. ... The University of Salamanca (Spanish: Universidad de Salamanca), located in the town of Salamanca, west of Madrid, is the second oldest university in Spain (the first one is the university of Palencia, now disappeared), and one of the oldest in Europe. ... (14th century - 15th century - 16th century - other centuries) As a means of recording the passage of time, the 15th century was that century which lasted from 1401 to 1500. ... The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Methodenstreit is a German term referring to an intellectual controversy or debate over epistemology, research methodology, or the way in which academic inquiry is framed or pursued. ... Classical economics is widely regarded as the first modern school of economic thought. ... This article needs cleanup. ...


Menger was closely followed by Eugen von Böhm-Bawerk and Friedrich von Wieser. Austrian economists developed a sense of themselves as a school distinct from neoclassical economics during the economic calculation debate, with Ludwig von Mises and Friedrich von Hayek representing the Austrian position, where they contended that without monetary prices and private property, meaningful economic calculation is impossible. Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... The economic calculation problem is a criticism of socialist economics. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid...


The Austrian economists were the first liberal economists to systematically challenge the Marxist school. This was partly a reaction to the Methodenstreit when they attacked the Hegelian doctrines of the Historical School. Though many Marxist authors have attempted to portray the Austrian school as a bourgeois reaction to Marx, such an interpretation is implausible: Menger wrote his Principles of Economics at almost the same time as Marx was working upon Das Kapital, whose second and third volumes were published more than ten and twenty years, respectively, after Principles. (However, this does not refute the weaker claim that marginalism received the attention it did in the 1880s, and not earlier, in part because it was seen as an answer to Marx.) The Austrian economists were, nonetheless, amongst the first to clash directly with Marxism, since both dealt with such subjects as money, capital, business cycles, and economic processes. Böhm-Bawerk wrote extensive critiques of Marx in the 1880s and 1890s, and several prominent Marxists — including Rudolf Hilferding — attended his seminar in 1905–6. In contrast, the classical economists had shown little interest in such topics, and many of them did not even gain familiarity with Marx's ideas until well into the twentieth century. Marxism is the political practice and social theory based on the works of Karl Marx, a 19th century philosopher, economist, journalist, and revolutionary, along with Friedrich Engels. ... Methodenstreit is a German term referring to an intellectual controversy or debate over epistemology, research methodology, or the way in which academic inquiry is framed or pursued. ... Georg Wilhelm Friedrich Hegel (IPA: ) (August 27, 1770 – November 14, 1831) was a German philosopher and, with Johann Gottlieb Fichte and Friedrich Wilhelm Joseph Schelling, one of the representatives of German idealism. ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Bourgeois at the end of the thirteenth century. ... Principles of Economics (Grundsätze der Volkswirtschaftslehre) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Das Kapital (Capital, in the English translation) is an extensive treatise on political economy written by Karl Marx in German. ... // Development and commercial production of electric lighting Development and commercial production of gasoline-powered automobile by Karl Benz, Gottlieb Daimler and Maybach First commercial production and sales of phonographs and phonograph recordings. ... Capital has a number of related meanings in economics, finance and accounting. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Rudolf Hilferding (1877 - 1941) was an Austrian Marxist economist and a popularizer of the economic reading of Karl Marx. ...


The school was no longer centered in Austria after Hitler came to power. Austrian economics was ill-thought of by most economists after World War II because it rejected observational methods. Its reputation has lately risen with work by students of Israel Kirzner and Ludwig Lachmann, as well as a renewed interest in Hayek after he won the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. However, it remains a distinctly minority position, even in such areas as capital value.[citation needed] Adolf Hitler Adolf Hitler (April 20, 1889 – April 30, 1945, standard German pronunciation in the IPA) was the Führer (leader) of the National Socialist German Workers Party (Nazi Party) and of Nazi Germany from 1933 to 1945. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Ludwig Lachmann Ludwig Lachmann (1906 – 1990) was a German economist who became a passionate member of and important contributor to the Austrian School. ... The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. ...


Austrian economics can be broken into two general trends. One, exemplified by Hayek, while distrusting most neoclassical concepts (like the entire corpus of macroeconomics), generally accepts a large part of the neoclassical methodology; the other, exemplified by the Ludwig von Mises Institute, seeks a different formalism for economics. The main area of contention between the mainstream and the Austrian school is on their view of the market system as a process, not only to be studied using equilibrium models, but to be viewed as an incessant process that only tends toward a constantly changing equilibrium, this difference is the root of the Austrian business cycles theory, the economic calculation debate and their different views of monopoly and competition. The second primary area of contention between neoclassical theory and the Austrian school is over the possibility of consumer indifference — neoclassical theory says it is possible, whereas Mises rejected it as being “impossible to observe in practice”. The third major dispute arose when Mises and his students argued that utility functions are ordinal, and not cardinal; that is, the Austrians contend that one can only rank preferences and cannot measure their intensity, in direct opposition to the neoclassical view at the time. Finally there are a host of questions about uncertainty raised by Mises and other Austrians, who argue for a different means of risk assessment. Ludwig von Mises Institute for Austrian Economics, Auburn, Alabama The Ludwig von Mises Institute (LvMI), based in Auburn, Alabama, is a libertarian academic organisation engaged in research and scholarship in the fields of economics, philosophy and political economy. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... An ordinal scale defines a total preorder of objects; the scale values themselves have a total order; names may be used like bad, medium, good; if numbers are used they are only relevant up to strictly monotonically increasing transformations (order isomorphism). ... Aleph-0, the smallest infinite cardinal In mathematics, cardinal numbers, or cardinals for short, are a generalized kind of number used to denote the size of a set, known as its cardinality. ... Risk assessment is a step in the risk management process. ...


The influence that Austrian school ideas have had on Keynesian macroeconomics is often overlooked. Keynes himself acknowledged being exposed to the Misesian notion that “nominal” values could have “real” effects. A further source of this influence is the period of time when the London School of Economics brought in Hayek and other “continental” economists. While their students, though initially receptive, ultimately were drawn to the new Keynesian doctrines, many of the Hayekian concepts, particularly those relating time to the value of capital and its importance, would find their way into the work of Keynesians, especially by way of John Hicks (who, while distancing himself from Keynesianism, nonetheless made the most influential attempt to formalize it). Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... For other persons named John Hicks, see John Hicks (disambiguation). ...


Alan Greenspan, speaking of the originators of the School, said in 2000, “the Austrian school have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in this country.” The long-time U.S. Federal Reserve Chairman said he attended a seminar hosted by Ludwig von Mises.[4] Alan Greenspan (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the United States. ...


Analytical framework

Austrian economists reject statistical methods and artificially constructed experiments as tools applicable to economics, saying that while it is appropriate in the natural sciences where factors can be isolated in laboratory conditions, acting human beings are too complex for this treatment. Instead one should isolate the logical processes of human action - a discipline named "praxeology" by Alfred Espinas. Praxeology is the science of human action. ... Alfred Victor Espinas (23 May 1844 - 24 February 1922) was a French thinker. ...


Austrians view entrepreneurship as the driving force in economic development, see private property as essential to the efficient use of resources, and usually (if not always) see government interference in market processes as counterproductive. Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. ... Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. ... This page deals with property as ownership rights. ...


As with neoclassical economists, Austrians reject classical cost of production theories, most famously the labor theory of value. Instead they explain value by reference to the subjective preferences of individuals. This psychological aspect to Menger's economics has been attributed to the school's birth in turn of the century Vienna. Supply and demand are explained by aggregating over the decisions of individuals, following the precepts of methodological individualism, which asserts that only individuals and not collectives make decisions, and marginalist arguments, which compare the costs and benefits for incremental changes. Classical economics is widely regarded as the first modern school of economic thought. ... The labor theory of value (LTV) is a theory in classical economics concerning the value of an exchangeable good or service. ... Economic subjectivism is the theory that value is a feature of the appraiser and not of the thing being valued. ... For other uses, see Vienna (disambiguation). ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Methodological individualism is a philosophical orientation toward explaining broad society-wide developments as the accumulation of decisions by individuals. ... In economics, marginalism is the belief that economic value is set by the consumers marginal utility. ...


Contemporary neo-Austrian economists claim to adopt economic subjectivism more consistently than any other school of economics and reject many neoclassical formalisms. For example, while neoclassical economics formalizes the economy as an equilibrium system with supply and demand in balance, Austrian economists emphasize its dynamic, perpetually dis-equilibrated nature. Economic subjectivism is the theory that value is a feature of the appraiser and not of the thing being valued. ... Price of market balance In economics, economic equilibrium is simply a state of the world where economic forces are balanced and in the abscence of external shocks the (equilibrium) values of economic variables will not change. ...


The core of the Austrian framework can be summarized as taking a subjectivist approach to marginal economics, and a focus on the idea that logical consistency of a theory is more important than any interpretation of empirical observations. Austrians focus completely on the opportunity cost of goods, as opposed to balancing downside or disutility costs. It is an Austrian assertion that everyone is better off in a mutually voluntary exchange, or they would not have carried it out.[5]. In economics, opportunity cost, or economic cost, is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone), i. ...


This focus on opportunity cost alone means that their interpretation of the time value of a good has a strict relationship: since goods will be as restricted by scarcity at a later point in time as they are now, the strict relationship between investment and time must also hold. A factory making goods next year is worth as much less as the goods it is making next year are worth. This means that the business cycle is driven by miscoordination between sectors of the same economy, caused by money not carrying incentive information correct about present choices, rather than within a single economy where money causes people to make bad decisions about how to spend their time. The time value of an option is determined by the chance that the option becomes (more) profitable and depends on the time until the expiration date and the volatility of the option. ...


Contributions

Some contributions of Austrian economists:

  • A theory of distribution in which factor prices result from the imputation of prices of consumer goods to goods of "higher order", that is goods used in the production of consumer goods (goods of the first order).
  • An emphasis on the forward-looking nature of choice, seeing time as the root of uncertainty within economics (see also time preference).
  • A fundamental rejection of mathematical methods in economics seeing the function of economics as investigating the essences rather than the specific quantities of economic phenomena. This was seen as an evolutionary, or "genetic-causal", approach against the stresses of equilibrium and perfect competition found in mainstream Neoclassical economics (see also praxeology).
  • Eugen von Böhm-Bawerk's critique of Marx centered around the untenability of the labor theory of value in the light of the transformation problem. There was also the connected argument that capitalists do not exploit workers; they accommodate workers by providing them with income well in advance of the revenue from the output they helped to produce.
  • Eugen von Böhm-Bawerk's capital theory, which equates capital intensity with the degree of roundaboutness of production processes.
  • Eugen von Böhm-Bawerk's demonstration that the law of marginal utility, as formulated by Menger necessarily implies the classical law of costs and hence the vast majority of the conclusions of the British classical economists. This discovery was later fully developed and its implications traced by a student of von Mises, George Reisman, in his book, Capitalism.
  • An emphasis on opportunity cost and reservation demand in defining value, and a refusal to consider supply as an otherwise independent cause of value. (The British economist Philip Wicksteed adopted this perspective.)
  • The Mises-Hayek business cycle theory, which explains depression as a reaction to an intertemporal production structure fostered by monetary policy setting interest rates inconsistent with individual time preferences.
  • Hayek's concept of intertemporal equilibrium. (John Hicks took over this theory in his discussion of temporary equilibrium in Value and Capital, a book very influential on the development of neoclassical economics after World War II.)
  • Mises and Hayek's view of prices as permitting agents to make use of dispersed tacit knowledge.
  • The time preference theory of interest, which explains interest rates through intertemporal choice - the different time preferences of the borrower or lender - rather than as a price paid for a factor of production.
  • Stressing uncertainty in the making of economic decisions, rather than relying on "Homo economicus" or the rational man who was fully informed of all circumstances impinging on his decisions. The fact that perfect knowledge never exists, means that all economic activity implies risk.
  • Seeing the entrepreneurs' role as collecting and evaluating information and acting on risks.
  • The economic calculation debate between Austrian and Marxist economists, with the Austrians claiming that Marxism is flawed because prices could not be set to recognize opportunity costs of factors of production, and so socialism could not make rational decisions.

In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... In economics, the theory of imputation, first expounded by Friedrich von Wieser, maintains that factor prices are determined by output prices. ... Time preference is the economists assumption that a consumer will place a premium on enjoyment nearer in time over more remote enjoyment. ... Price of market balance In economics, economic equilibrium is simply a state of the world where economic forces are balanced and in the abscence of external shocks the (equilibrium) values of economic variables will not change. ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ... Praxeology is the science of human action. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... The labor theory of value (LTV) is a theory in classical economics concerning the value of an exchangeable good or service. ... In Karl Marxs economics the transformation problem is the problem of finding a general rule to transform the values of commodities (based on labour according to his labour theory of value) into the competitive prices of the marketplace. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Capital intensity is the term in economics for the amount of fixed or real capital present in relation to other factors of production, especially labor. ... Roundaboutness, or roundabout methods of production is the term used to describe the process whereby capital goods are produced first and then, with the help of the capital goods, the desired consumer goods are produced. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, and John Stuart Mill. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... George Reisman is Professor of Economics at Pepperdine University, and author of the massive 1,050-page volume Capitalism: A Treatise on Economics (ISBN 0915463733). ... In economics, opportunity cost, or economic cost, is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone), i. ... The marginal theory of value asserts that the economic value of an object or service is set by the consumers marginal utility. ... Philip Wicksteed (October 25, 1844 - March 18, 1927) was an English economist closely associated with the Austrian School. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... Intertemporal equilibrium is the assertion that the economy at any one time is in disequilibrium, and that it is only when looking at it over the long term that it is in equilibrium. ... For other persons named John Hicks, see John Hicks (disambiguation). ... In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. ... Time preference is the economists assumption that a consumer will place a premium on enjoyment nearer in time over more remote enjoyment. ... Intertemporal choice is the study of the relative value people assign to two or more payoffs at different points in time. ... Classical economics distinguishes between three factors of production which are used in the production of goods: Land or natural resources - naturally-occurring goods such as soil and minerals. ... Homo economicus, or Economic man, is the concept in some economic theories of man (that is, a human) as a rational and self-interested actor who desires wealth, avoids unnecessary labor, and has the ability to make judgments towards those ends. ... The economic calculation problem is a criticism of socialist economics. ... Marxism is the political practice and social theory based on the works of Karl Marx, a 19th century philosopher, economist, journalist, and revolutionary, along with Friedrich Engels. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community[1] for the purposes of increasing social and economic equality and cooperation. ...

Criticism

One criticism of the Austrian school is its rejection of the scientific method and empirical testing in favor of supposedly self-evident axioms and logical reasoning.[6] Bryan Caplan has criticized the school for rejecting on principle the use of mathematics or econometrics which is "more than anything else, what prevents Austrian economists from getting more publications in mainstream journals"[7] There are also criticisms of more specific theories.[8] Scientific method is a body of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge. ... A central concept in science and the scientific method is that all evidence must be empirical, or empirically based, that is, dependent on evidence or consequences that are observable by the senses. ... This article is about a logical statement. ... Bryan Caplan (b. ... For other meanings of mathematics or uses of math and maths, see Mathematics (disambiguation) and Math (disambiguation). ... Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles. ...


Economists affiliated with the Austrian School

Note that the economists aligned with the Austrian School are sometimes colloquially called "the Austrians" even though not all held Austrian citizenship, and not all economists from Austria subscribe to the ideas of the Austrian School. Benjamin Anderson Benjamin McAlester Anderson, Jr. ... Dr. William L. Anderson, Ph. ... Walter Block Walter Block (born 1941) is a leading free market economist and anarcho-capitalist associated with the Austrian School. ... Peter J. Boettke Peter J. Boettke (b. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Gene Callahan is an American writer who deals with the subjects of politics and economics. ... Christopher Coyne is an Assistant Professor of Economics at the West Virginia University Ph. ... Thomas DiLorenzo Thomas J. DiLorenzo (born 1954) is an American economics professor at Loyola College in Maryland. ... Dr. Richard M. Ebeling (born 1950) is an American libertarian author and president of the Foundation for Economic Education (FEE) based in Irvington-on-Husdon, NY. He has written and edited numerous books, including the three-volume Selected Writings of Ludwig von Mises. ... Frank A. Fetter Frank Albert Fetter (8 March 1863–1949) was an American economist of the Austrian School. ... Roger Garrison is a professor who is currently at Auburn University. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Henry Hazlitt (November 28, 1894 - July 8, 1993) was a libertarian philosopher, economist and journalist for The Wall Street Journal, The New York Times, and Newsweek, among other publications. ... Gottfried Haberler (1901-1995) was an economist. ... Hans-Hermann Hoppe (born September 2, 1949) is an Austrian school economist, an anarcho-capitalist (libertarian) philosopher, and a professor at the University of Nevada, Las Vegas. ... Jörg Guido Hülsmann is an economist influenced by Ludwig Von Mises and is of the Austrian School. ... William Harold Hutt William Harold Bill Hutt (3 August 1899–1988) was an English economist who described himself as a classical liberal, although some identify him more closely with the Austrian School. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Ludwig Lachmann Ludwig Lachmann (1906 – 1990) was a German economist who became a passionate member of and important contributor to the Austrian School. ... Don Lavoie (April 4, 1951 - November 6, 2001) was an Austrian school economist. ... Henri Lepage, born 1941, is a French libertarian economist. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Oskar Morgenstern (January 24, 1902 - July 26, 1977) was an German- American economist who, working with John von Neumann, helped found the mathematical field of game theory. ... Fritz Machlup (December 15, 1902-January 30, 1983) was an Austrian-American economist. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... E. C. Pasour, Jr. ... Ralph Raico is a professor of history at Buffalo State College (USA), and a specialist of European classical liberalism. ... George Reisman is Professor of Economics at Pepperdine University, and author of the massive 1,050-page volume Capitalism: A Treatise on Economics (ISBN 0915463733). ... Dr. Kurt Richebächer (pronounced Reek-a-bah-kur) was an international banker and economist. ... Llewellyn Rockwell, more commonly known as Lew Rockwell, is a paleolibertarian political commentator and economist in the United States. ... Paul Rosenstein-Rodan (1902-1985) was a Austrian economist born in Kraków, who was trained in the Austrian tradition at Vienna. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Mark Thornton Mark Thornton is an famous Harry Potter conspirator who adheres to the principles of the Fawkes as Horcrux Thornton received his B.S. from St. ... Joseph T. Salerno Joseph T. Salerno is an Austrian School economist in the United States. ... Pascal Salin (born in 1939) is a French economist, professor at the Université Paris-Dauphine, specialist in public finance, president of the Mont Pelerin Society from 1994 to 1996. ... Mark Skousen Mark Skousen is an American economist, investment analyst, newsletter editor, college professor and author of more than 20 non-fiction books. ... Jesus Huerta de Soto Jesús Huerta de Soto (born in Madrid, 1956) is an Austrian School economist and Professor of Political Economy at King Juan Carlos University of Madrid, Spain. ... Philip Henry Wicksteed (25 October 1844 – 18 March 1927) was an English Unitarian theologian, classicist, literary critic, and economist. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... There are very few or no other articles that link to this one. ...


Other related economists

Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... Frédéric Bastiat Claude Frédéric Bastiat (June 30, 1801–December 24, 1850) was a French classical liberal theorist, political economist, and member of the French assembly. ... Henry Hazlitt (November 28, 1894 - July 8, 1993) was a libertarian philosopher, economist and journalist for The Wall Street Journal, The New York Times, and Newsweek, among other publications. ... The School of Salamanca is the renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. ... Étienne Bonnot de Condillac. ... Louis Say (1774-1840), was a French economist. ... Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist and businessman. ... Marie-Ésprit-Léon Walras (December 16, 1834 in Évreux, France - January 5, 1910 in Clarens, near Montreux, Switzerland) was a French economist, considered by Joseph Schumpeter as the greatest of all economists. He was a mathematical economist associated with the creation of the general equilibrium theory. ... Jules Dupuit (18 May 1804 - 5 September 1866) was a French civil engineer and economist. ... Lionel Charles Robbins, Baron Robbins (1898 - 1984) was a British economist of the 20th century who proposed one of the early contemporary definitions of economics, Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. ... Wilhelm Röpke Wilhelm Röpke (October 10, 1899, Schwarmstedt, a village near Hannover - February 12, 1966, Geneva) was one of the most important spiritual fathers of the German social market economy. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ... Anne-Robert-Jacques Turgot, Baron de Laune, often referred to as Turgot (10 May 1727 – 18 March 1781), was a French economist and statesman. ... Knut Wicksell, Swedish economist Johan Gustaf Knut Wicksell, (December 20, 1851 Stockholm -May 3, 1926 Stocksund ) was a Swedish economist. ...

Critics

Bryan Caplan (b. ... David D. Friedman (b. ... Tyler Cowen (COW-en) (b. ...

Seminal works

Principles of Economics (Grundsätze der Volkswirtschaftslehre) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Capital and Interest is a three-volume work on finance published by Austrian economist Eugen von Böhm-Bawerk. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... Human Action: A Treatise on Economics is the magnum opus of the Austrian economist Ludwig von Mises. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Man, Economy, and State is a treatise on economic principles by Murray Rothbard, and is one of the most important books in the Austrian School of economics (others are Ludwig von Mises The Theory of Money and Credit and Human Action) When originally published in 1962, the final eight chapters... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ...

References

  1. ^ Boettke, Peter J. 1998. The Elgar Companion to Austrian Economics. Edgard Elgar Publishing. p. 1
  2. ^ Israel M. Kirzner (1987). "Austrian School of Economics," The New Palgrave: A Dictionary of Economics, v. 1, pp. 145-51.
  3. ^ What is Austrian economics?
  4. ^ The Greenspan-Paul Congressional Exchanges
  5. ^ The Opportunity Cost Doctrine
  6. ^ Joe D., Why We Can't Associate Too Closely with the Austrians
  7. ^ Caplan, Bryan, Why I Am Not an Austrian Economist
  8. ^ For example, see Critics of Austrian Economics, Austrian Economics, part of the "Critiques of Libertarianism" site
  9. ^ Chase Distinguished Professor of International Business and Professor of Economics
  10. ^ George Mason University site
  11. ^ George Mason University site
  12. ^ Karel Englis, Economist, politician

Bryan Caplan (b. ...

See also

Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... An Austrian Perspective on the History of Economic Thought is a book written by Murray N. Rothbard, with a sub-title “Economic Thought Before Adam Smith”. Volume I). ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Consumarchy is a form of social organization that is posed in contrast with consumerist capitalism. ... Consumer sovereignty is a term which is used in economics to refer to the disputed notion of the rule or sovereignty of purchasers over producers in markets. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... For other uses, see Libertarianism (disambiguation). ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... There are very few or no other articles that link to this one. ... The Quarterly Journal of Austrian Economics is a scholarly, refereed journal published quarterly by Transaction Periodicals Consortium and the Mises Institute. ... Socialist economics is a broad, and sometimes controversial, term. ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... The School of Salamanca is the renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. ...

External links

Ludwig von Mises Institute for Austrian Economics, Auburn, Alabama The Ludwig von Mises Institute (LvMI), based in Auburn, Alabama, is a libertarian academic organisation engaged in research and scholarship in the fields of economics, philosophy and political economy. ... The Concise Encyclopedia of Economics (CEE) is a widely-used encyclopedia of economics. ... The Library of Economics and Liberty (econlib. ... The Open Directory Project (ODP), also known as dmoz (from , its original domain name), is a multilingual open content directory of World Wide Web links owned by Netscape that is constructed and maintained by a community of volunteer editors. ...

Critical

  • A list of academic critiques of Austrian economics
  • Why I Am Not An Austrian Economist

  Results from FactBites:
 
Austrian School - Wikipedia, the free encyclopedia (1883 words)
The Austrian School is a school of economic thought that rejects economists' overreliance on methods used in natural science for the study of human action, and instead bases its formalism on a logic of action known as praxeology.
The Austrian School is generally associated with groups that label themselves classical liberals or libertarian in their ideas of social, political and economic organization.
Austrian economists developed a sense of themselves as a school distinct from neoclassical economics during the economic calculation debate, with Ludwig von Mises and Friedrich von Hayek representing the Austrian position, where they contended that without monetary prices or private property, meaningful economic calculation was impossible.
THE AUSTRIAN SCHOOL (2417 words)
The "Austrian School" (also known as the "Vienna School") emerged around one of the pioneers of the 1871 Marginalist Revolution, Carl Menger at the University of Vienna.
The early Austrian School was to influence economists beyond the boundaries of the Austro-Hungarian Empire.
The Austrian School's traditional duel with the Marxians took on a new dimension when several prominent Paretians rode into the assistance of the Marxians by concurring with the possibility of an efficient socialist organization of economic society, what became known as the "Socialist Calculation" debate.
  More results at FactBites »

 
 

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