Austrian School

Austrian School of EconomicsAustrian economicsAustrianAustrian economistAustrian economistsAustriansAustrian Economic SchoolAustrian School economistAustroAustro-libertarianism
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals.wikipedia
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Heterodox economics

heterodoxheterodox economistsheterodox economist
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals.
These might for example include institutional, evolutionary, Georgist, Austrian, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Marxian, socialist and anarchist economics, among others.

Schools of economic thought

school of economic thoughteconomic schoolseconomic schools of thought
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals.
Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economics.

Carl Menger

MengerKarl MengerMenger, Carl
The Austrian School originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and others. Carl Menger's 1871 book Principles of Economics is generally considered the founding of the Austrian School.
Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.

Friedrich von Wieser

imputation theoryWieser
The Austrian School originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and others.
Friedrich Freiherr von Wieser (10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics.

Eugen Böhm von Bawerk

Eugen von Böhm-BawerkBöhm-BawerkEugen Boehm von Bawerk
The Austrian School originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and others.
Eugen Böhm Ritter von Bawerk (born Eugen Böhm, 12 February 1851 – 27 August 1914) was an Austrian economist who made important contributions to the development of the Austrian School of Economics.

Methodenstreit

It was methodologically opposed to the Prussian Historical School (in a dispute known as Methodenstreit).
Methodenstreit (German for "method dispute"), in intellectual history beyond German-language discourse, was an economics controversy commenced in the 1880s and persisting for more than a decade, between that field's Austrian School and the (German) Historical School.

Friedrich Hayek

Friedrich von HayekF. A. HayekF.A. Hayek
Although the Austrian School has been considered heterodox since the late 1930s, it attracted renewed interest in the 1970s after Friedrich Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences. One camp of Austrians, exemplified by Mises, regards neoclassical methodology to be irredeemably flawed; the other camp, exemplified by Friedrich Hayek, accepts a large part of neoclassical methodology and is more accepting of government intervention in the economy.
Although he is widely considered as a leader of the Austrian School of Economics, he also had close connections with the Chicago School of Economics.

Frank Fetter

Frank A. FetterAustrian Economic SocietyFetter
Frank Albert Fetter (1863–1949) was a leader in the United States of Austrian thought.
Frank Albert Fetter (March 8, 1863 – March 21, 1949) was an American economist of the Austrian School.

Ludwig von Mises

MisesLudwig MisesMisesian
Several important Austrian economists trained at the University of Vienna in the 1920s and later participated in private seminars held by Ludwig von Mises.
Ludwig Heinrich Edler von Mises (29 September 1881 – 10 October 1973) was an Austrian School economist, historian, and sociologist. Mises wrote and lectured extensively on behalf of classical liberalism.

Principles of Economics (Menger)

Principles of EconomicsGrundsätze
Carl Menger's 1871 book Principles of Economics is generally considered the founding of the Austrian School.
Principles of Economics (Grundsätze der Volkswirtschaftslehre; 1871) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics.

Historical school of economics

Historical SchoolGerman Historical Schoolhistorical school of economic history
It was methodologically opposed to the Prussian Historical School (in a dispute known as Methodenstreit).
The historical school was involved in the Methodenstreit ("strife over method") with the Austrian school, whose orientation was more theoretical and aprioristic.

Marginal utility

marginal benefitdiminishing marginal utilitymarginal revolution
The book was one of the first modern treatises to advance the theory of marginal utility.
For example, the Austrian school generally attributes value to the satisfaction of wants, and sometimes rejects even the possibility of quantification.

Macroeconomics

macroeconomicmacroeconomistmacroeconomic policy
Since the mid-20th century, mainstream economists have been critical of the modern day Austrian School and consider its rejection of mathematical modelling, econometrics and macroeconomic analysis to be outside mainstream economics, or "heterodox".
Ludwig Von Mises's work Theory of Money and Credit, published in 1912, was one of the first books from the Austrian School to deal with macroeconomic topics.

Methodological individualism

individualistatomistic individual conceptionbasic units
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals.

Economics in One Lesson

Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
His book Economics in One Lesson (1946) sold over a million copies and he is also known for The Failure of the "New Economics" (1959), a line-by-line critique of John Maynard Keynes's General Theory.
Economics in One Lesson is an introduction to economics written by Henry Hazlitt and first published in 1946.

Murray Rothbard

Murray N. RothbardRothbardianRothbard, Murray N.
Economist Leland Yeager discussed the late 20th century rift and referred to a discussion written by Murray Rothbard, Hans-Hermann Hoppe, Joseph Salerno and others in which they attack and disparage Hayek.
Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an American heterodox economist of the Austrian School, historian, and a political theorist whose writings and personal influence played a seminal role in the development of modern right-libertarianism.

Ludwig Lachmann

Ludwig M. Lachmann
The reputation of the Austrian School rose in the late 20th century due in part to the work of Israel Kirzner and Ludwig Lachmann at New York University and to renewed public awareness of the work of Hayek after he won the 1974 Nobel Memorial Prize in Economic Sciences.
Ludwig Maurits Lachmann (1 February 1906 – 17 December 1990) was a German economist who became a member of and important contributor to the Austrian School of economics.

Hans-Hermann Hoppe

Hans-Herman HoppeHans Hermann-HoppeHoppe
Economist Leland Yeager discussed the late 20th century rift and referred to a discussion written by Murray Rothbard, Hans-Hermann Hoppe, Joseph Salerno and others in which they attack and disparage Hayek.
Hans-Hermann Hoppe (born September 2, 1949) is a German-born American Austrian School economist, and paleolibertarian anarcho-capitalist philosopher.

Neoclassical economics

neoclassicalneoclassical economistsneo-classical economics
One camp of Austrians, exemplified by Mises, regards neoclassical methodology to be irredeemably flawed; the other camp, exemplified by Friedrich Hayek, accepts a large part of neoclassical methodology and is more accepting of government intervention in the economy.
The term was originally introduced by Thorstein Veblen in his 1900 article 'Preconceptions of Economic Science', in which he related marginalists in the tradition of Alfred Marshall et al. to those in the Austrian School.

Walter Block

Block
Austrian economist Walter Block says that the Austrian School can be distinguished from other schools of economic thought through two categories—economic theory and political theory.
Walter Edward Block (born August 21, 1941) is an American Austrian School economist and anarcho-capitalist theorist.

Mises Institute

Ludwig von Mises InstituteMises.orgThe Mises Institute
In a 1999 book published by the Ludwig von Mises Institute, Hoppe asserted that Rothbard was the leader of the "mainstream within Austrian Economics" and contrasted Rothbard with Nobel Laureate Friedrich Hayek, whom he identified as a British empiricist and an opponent of the thought of Mises and Rothbard.
It is named after Austrian School economist Ludwig von Mises (1881–1973) because it promotes teaching and research in the Austrian School of economics and Misesian views on social and political philosophy.

Joseph Salerno

Joseph T. SalernoSalerno
Economist Leland Yeager discussed the late 20th century rift and referred to a discussion written by Murray Rothbard, Hans-Hermann Hoppe, Joseph Salerno and others in which they attack and disparage Hayek.
Joseph T. Salerno (born 1950) is an American Austrian School economist who is Professor Emeritus of Economics in the Finance and Graduate Economics departments at the Lubin School of Business at Pace University, Academic Vice President of the Ludwig von Mises Institute, and holds the John V. Denson II Endowed Professorship in the economics department at Auburn University.

Peter Boettke

Peter J. BoettkeAnalytical anarchism
They include Peter Boettke, Roger Garrison, Steven Horwitz, Peter Leeson and George Reisman.
Peter Joseph Boettke (born January 3, 1960) is an American economist of the Austrian School.

Gustav von Schmoller

Gustav SchmollerSchmoller
Gustav von Schmoller, a leader of the historical school, responded with an unfavorable review, coining the term "Austrian School" in an attempt to characterize the school as outcast and provincial.
As an outspoken leader of the "younger" historical school, Schmoller opposed what he saw as the axiomatic-deductive approach of classical economics and, later, the Austrian school—indeed, Schmoller coined the term to suggest provincialism in an unfavorable review of the 1883 book Investigations into the Method of the Social Sciences with Special Reference to Economics (Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere) by Carl Menger, which attacked the methods of the historical school.

Henry Hazlitt

HazlittHazlitt, Henry
Henry Hazlitt wrote economics columns and editorials for a number of publications and wrote many books on the topic of Austrian economics from the 1930s to the 1980s.
According to Hazlitt, the greatest influence on his writing in economics was the work of Ludwig von Mises, and he is credited with introducing the ideas of the Austrian School of economics to the English-speaking layman.