The Austrian School of Economics was founded by Carl Menger in Vienna during the last third of the nineteenth century. From that time until today, its vibrant teaching tradition has had a significant influence on the formation and further development of the modern social sciences and economics in Europe and the United States. Its research agenda was characterized by an astonishing multitude of diverse, and in some cases even contradictory, conclusions. All branches of the school shared the conviction that the subjective feelings and actions of the individual are those which drive economic activity. Based on this conviction, explanations for economic phenomena such as value, exchange, price, interest, and entrepreneurial profit were derived, and step by step expanded into a comprehensive theory of money and business cycles. Because of their subjectivist-individualistic approach, economists of the Austrian School regarded any kind of collective as unscientific in rationale. This led to fierce arguments with the Marxists, the German Historical School, and later with the promoters of planned economy and state interventionism. In the modern Austrian School of Economics, questions regarding knowledge, monetary theory, entrepreneurship, the market process, and spontaneous order placed themselves in the foreground. This book endeavors to trace the development of this multifaceted tradition, with all of its ideas, personalities, and institutions.
Austrian Economics: An Introduction book explains the Austrian School’s insights on a wide range of economic topics and introduces some of its key thinkers.
... to the position David Levy and Sandra Peart describe in their brilliant archival work on Buchanan, Towards an Economics of Natural Equals (2020). If, instead, we are referring to the economics of the Austrian school thinkers, then I ...
Often, what would make a desir- able business location, what would be a desirable change in a product design or what could improve the efficiency of a production process is something people are better able to determine with experience.
Papers presented at a symposium held in Vienna, June, 1971. Includes bibliographical references.
This volume demonstrates how the Austrian challenge, and the debates it inspires, can continue to benefit contemporary developments in micro- and macroeconomic theory, and can offer insights into other schools of thought.
This book explores the thought of the three ‘founding’ members of the Austrian School of economics: Carl Menger, Friedrich von Wieser, and Eugen Böhm-Bawerk, considering the overlapping and specialization of their work on money, value, ...
This book analyzes both the consistent and changing elements in the Austrian School of Economics since its foundation in the late 19th Century up to the recent offspring of this School.
14 The Political Economy of Social Credit and Guild Socialism Frances Hutchinson and Brian Burkitt 15 Economic Careers Economics and economists in Britain 1930–1970 EditedbyKeithTribe 16 Understanding 'Classical' Economics Studies in ...
This book clarifies the specific nature of the Austrian theory and restores the unity and open-mindedness of the Austrian school in general.
The Historical Setting of the Austrian School of Economics