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Encyclopedia > Friedrich von Wieser
Friedrich von Wieser

Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. Friedrich von Wieser source:http://www. ... Friedrich von Wieser source:http://www. ... July 10 is the 191st day (192nd in leap years) of the year in the Gregorian Calendar, with 174 days remaining. ... Events January 23 - The flip of a coin determines whether a new city in Oregon is named after Boston, Massachusetts, or Portland, Maine, with Portland winning. ... July 22 is the 203rd day (204th in leap years) of the year in the Gregorian Calendar, with 162 days remaining. ... 1926 was a common year starting on Friday (link will take you to calendar). ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...


Born in Vienna the son of a high official in the War Ministry, he first trained in sociology and law. He was the brother-in-law of another prominent Austrian school economist Eugen von Böhm-Bawerk. Wieser held posts at the universities of Vienna and Prague until succeeding Austrian school founder Carl Menger in Vienna in 1903 where with Bohm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 1900s. He became Austrian Finance Minister in 1917. Vienna (German: Wien [viːn]) is the capital of Austria, and also one of Austrias nine federal states (Bundesland Wien). ... 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 (February 23, 1840 _ February 26, 1921) was the founder of the Austrian School of economics. ... Ludwig von Mises (September 29, 1881 - October 10, 1973), a notable economist and social philosopher, was born Ludwig Heinrich Edler von Mises in Lemberg, Austria-Hungary (today Lviv, Ukraine), the son of Arthur von Mises, a railroad engineer and civil servant, and Adele von Mises, born Adele Landau. ... 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 free-market capitalism against a rising tide of socialist thought in the mid-20th century. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was a 20th century economist and one of the best read. ...


Wieser's two main contributions are the theory of "imputation", maintaining that factor prices are determined by output prices and the theory of "opportunity cost" as the foundation of value theory - subjectivist pillars in Neoclassical theory. In economics, the theory of imputation, first expounded by Friedrich von Wieser, maintains that factor prices are determined by output prices. ... Factor prices are the prices that the factors of production of a finished item attract. ... Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity), or the most valuable foregone alternative. ... In philosophy, value theory, or axiology, concerns itself with the notion of goodness. ... Economic subjectivism is the theory that value is a feature of the appraiser and not of the thing being valued. ... Neoclassicism (sometimes rendered as Neo-Classicism or Neo-classicism) is the name given to quite distinct movements in the visual arts, literature, theatre, music, and architecture. ...


In developing these ideas, Wieser can be credited with turning Neoclassical economics firmly towards the study of scarcity and resource allocation - a fixed quantity of resources and unlimited wants - all based on the principle of marginal utility, a phrase he coined. Wieser's imputation theory allowed that single principle to be applied everywhere. Wieser's theory of alternative cost (not yet known as opportunity cost), where costs would be analysed in terms of the foregone use of the product, and Alfred Marshall's "real cost" theory soon came into conflict. Scarcity is a central concept in economics. ... In economics, marginal utility is the additional utility (satisfaction or benefit) that a consumer derives from an additional unit of a commodity or service. ... Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ...


Wieser is renowned for two main works, Natural Value (1889), which carefully details the alternative cost doctrine and the theory of imputation, and his Social Economics (1914), which is an ambitious attempt to apply it to the real world.


The economic calculation debate started with his notion of the paramount importance of accurate calculation to economic efficiency. Prices to him represented, above all, information about market conditions, and are thus necessary for any sort of economic activity. A socialist economy, therefore, would require a price system in order to operate. The economic calculation problem is a criticism of socialist economics. ...


He also stressed the importance of the entrepreneur to economic change, which he saw as being brought about by "the heroic intervention of individual men who appear as leaders toward new economic shores." This idea of leadership was later taken up by Joseph Schumpeter in his treatment of economic innovation. An entrepreneur -derived from the French words entre (ie: enter) and prendre(ie: take)- is, in its most general sense, a person who creates or starts a new project, opportunity, or venture. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was a 20th century economist and one of the best read. ...


Unlike almost all Austrian School economists he rejected classical liberalism, writing that "freedom has to be superseded by a system of order." Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ...


See also

This is a list of Austrian scientists Economists Eugen von Böhm-Bawerk Friedrich Hayek, economist and social scientist, Nobel Prize in economics 1974 Leopold Kohr, economist Carl Menger, founder of the Austrian School of economics Ludwig von Mises, free-market economist Oskar Morgenstern, co-founder of game theory Joseph... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...

External links

  • Article on Wieser's political career (http://www.mises.org/hsofase/ch1sec4.asp)
  • Biography in the History of Economic Thought (http://cepa.newschool.edu/het/profiles/wieser.htm)
  • Open Directory Project - Friedrich von Wieser (http://dmoz.org/Science/Social_Sciences/Economics/Schools_of_Thought/Austrian_School/People/Wieser,_Friedrich_von/) directory category

  Results from FactBites:
 
Friedrich von Wieser - Wikipedia, the free encyclopedia (455 words)
Friedrich Freiherr von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics.
Wieser held posts at the universities of Vienna and Prague until succeeding Austrian school founder Carl Menger in Vienna in 1903 where with Bohm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 1900s.
Wieser's two main contributions are the theory of "imputation", maintaining that factor prices are determined by output prices and the theory of "opportunity cost" as the foundation of value theory - subjectivist pillars in Neoclassical theory.
Friedrich von Wieser (365 words)
Wieser and Bohm-Bawerk groomed the next generation of Austrians (which included L. von Mises, F.A. Hayek and J.A. Schumpeter) at Vienna during the late 1890s and early 1900s.
Wieser held posts at the universities of Vienna and Prague until being called to succeed Menger in Vienna in 1903.
Wieser's theory of alternative cost and Marshall's "real cost" theory came into confrontation quickly - Wicksteed and Edgeworth duelled on a version of this, as later did Robbins, Knight and Viner - but today they can be said to be reconciled (for the most part).
  More results at FactBites »

 
 

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