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. Its most famous adherents are Friedrich Hayek, Ludwig von Mises, Murray Rothbard and Carl Menger. While often controversial, and standing to some extent outside of the mainstream of neoclassical theory — as well as being staunchly against much of Keynes' theory and its results — the Austrian School has been widely influential because of its emphasis on the creative phase of economic productivity and their questioning of the basis of the behavioral theory underlying neo-classical economics. The Austrian School is generally associated with groups that label themselves classical liberals or libertarian in their ideas of social, political and economic organization. The term economics was coined around 1870 and popularized by Alfred Marshall, as a substitute for the earlier term political economy which has been used through the 18-19th centuries, with Adam Smith, David Ricardo and Karl Marx as its main thinkers and which today is frequently referred to as... The term natural science as the way in which different fields of study are defined is determined as much by historical convention as by the present day meaning of the words. ... Praxeology is the science of human action. ... 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. ... 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. ... Murray Newton Rothbard Murray Newton Rothbard (March 2, 1926 - January 7, 1995) was an American economist and political theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ... Austrian School economist Carl Menger Carl Menger (February 23, 1840 _ February 26, 1921) was the founder of the Austrian School of economics. ... John Maynard Keynes John Maynard Keynes, 1st Baron Keynes of Tilton (pronounced Kaynes) (June 5, 1883 – April 21, 1946) was an English economist, whose radical ideas had a major impact on modern economic and political theory as well as Franklin D. Roosevelts New Deal. ... Neoclassical economics is the grouping of a number of schools of thought in economics. ... Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... This article deals with the libertarianism as defined in America and several other nations. ...

History

Classical economics focused on the exchange theory of value. In late 19th century, however, there was a focus on the concept of the "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 neo-classical economics. While marginalism was generally influential, there was also a more specific school which grew up around Menger, which came to be known as the "Vienna School" or "Austrian School". Austrian economics is currently closely associated with advocacy of radical laissez-faire views. However, earlier Austrian economists were more cautious compared to later economists such as Ludwig von Mises, with Eugen von Böhm-Bawerk saying that he feared that unbridled free 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. Economics is the social science studying production and consumption through measurable variables. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... In economics, marginalism is the belief that economic value is set by the consumers marginal utility. ... 1871 was a common year starting on Sunday (see link for calendar). ... Principles of Economics is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Neoclassical economics is the grouping of a number of schools of thought in economics. ... 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 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. ... Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... 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. ... Events and trends The 1980s marked an abrupt shift towards more conservative lifestyles after the momentous cultural revolutions which took place in the 1960s and 1970s and the definition of the AIDS virus in 1981. ...

The school originated in Vienna and owes its name to members of the Historical School of economics who during the Methodenstreit, where the Austrians defended the reliance that classical economists placed on logic over observation. Their Prussian opponents derisively named them the "Austrian School" to emphasize a departure from mainstream German thought and to suggest a provincial approach. Vienna (German: Wien [viːn]) is the capital of Austria, and also one of Austrias nine federal states (Bundesland Wien). ... 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. ... Economics (deriving from the Greek words οίκω [oeko], house, and νέμω [nemo], distribute) is the social science that studies the allocation of scarce resources through measurable variables. ... Methodenstreit was a controversy over the method and epistemological character of economics carried on in the late 1880s and early 1890s between the supporters of the Austrian School of Economics, led by Carl Menger, and the proponents of the (German) Historical School, led by Gustav von Schmoller. ... Economics is the social science studying production and consumption through measurable variables. ...

Menger's contributions were 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 or private property meaningful economic calculation was impossible. 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 untenable: Menger wrote his Principles of Economics at almost the same time as Marx was completing Das Kapital. The Austrian economists were, however, 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 1905-06. 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. Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... Neoclassical economics is the grouping of a number of schools of thought in economics. ... The economic calculation problem is a criticism of socialist 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 Hayek Friedrich August von Hayek (May 8, 1899 – March 23, 1992) 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. ... 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 was a controversy over the method and epistemological character of economics carried on in the late 1880s and early 1890s between the supporters of the Austrian School of Economics, led by Carl Menger, and the proponents of the (German) Historical School, led by Gustav von Schmoller. ... G.W.F. Hegel Georg Wilhelm Friedrich Hegel (August 27, 1770 - November 14, 1831) was a German philosopher born in Stuttgart, Württemberg, in present-day southwest Germany. ... 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 is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Karl Marx Karl Marx (May 5, 1818 – March 14, 1883) was an influential German philosopher, political economist, and revolutionary organizer of the International Workingmens Association. ... Das Kapital (Capital) is a very large treatise of political economy written by Karl Marx. ... In politics a capital (also called capital city or political capital — although the latter phrase has an alternative meaning based on an alternative meaning of capital) is the principal city or town associated with its government. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ... Rudolf Hilferding (1877 - 1941) was a 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 due to its rejection of observational methods. Its reputation has lately risen with work by students of Israel Kirzner and Ludwig Lachmann, as well as an 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. 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. ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Ludwig Lachmann (1906 - 1990) a German economist who was an important contributor to the Austrian School. ... The Bank of Sweden Prize in Economic Sciences (Swe. ...

Austrian economics can be broken into two general trends. One, exemplified by Hayek, while distrusting of many neoclassical concepts, generally accepts their formulations, the other exemplified by the Ludwig von Mises Institute, seeks a different formalism for economics. The primary areas of contention between neo-classical theory and the Austrian school are on the possibility of consumer indifference - neo-classical theory says it is possible, where as Mises rejected it as being "impossible to observe in practice" - Mises and his students argued that utility functions are ordinal, and not cardinal, that is, one can only rank preferences, and not measure their intensity. Finally there are a host of questions about uncertainty raised by Mises and other Austrians which argue for a different means of risk assessment. The Ludwig von Mises Institute is a foundation, based in Auburn, Alabama, dedicated to research on economics and political economy. ... Economics (deriving from the Greek words οίκω [oeko], house, and νέμω [nemo], distribute) is the social science that studies the allocation of scarce resources through measurable variables. ... Risk assessment is a step in the risk management process. ...

While the Austrian school itself is radically conservative many of their specific problems with the neo-classical formulation have analogs in other parts of economics. Game theory is used to challenge probability, volatility argued for as a better measure of preference and risk assessment than price, and chaos theory argues for highly discrete rather than very smooth functions of utility and value. Neo-classical economists have replies to each of the Austrian objections, which is why, while specific results of Austrian economics have been adopted by mainstream theory, as a whole, the paradigmatic assumption that economics should rest on deduction from principles rather than induction from observation has been largely rejected. Game theory is a branch of applied mathematics that uses models to study interactions with formalised incentive structures (games). It has applications in a variety of fields, including economics, international relations, evolutionary biology, political science, and military strategy. ... The word probability derives from the Latin probare (to prove, or to test). ... Volatility is the standard deviation of the change in value of a financial instrument with a specific time horizon. ... Chaos theory, in mathematics and physics, deals with the behavior of certain nonlinear dynamical systems that (under certain conditions) exhibit the phenomenon known as chaos, most famously characterised by sensitivity to initial conditions (see butterfly effect). ... This article is about utility in economics and in game theory. ...

An area which is often overlooked is the influence that Austrian school ideas have had on Keynesian macro-economics. The source of this influence is the period of time where the London School of Economics brought in Hayek and other "continental" economists. While their students "flew the coop", refusing to join the Austrian school, many of the concepts, particularly relating time to the value of capital and its importance, would find their way into the work of Keynesians such as John Hicks. Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... The London School of Economics and Political Science, often called the London School of Economics or the LSE, is one of the worlds eminent specialist universities, and is widely regarded as the most prestigious social science institution. ... Sir John Richard Hicks (April 8, 1904 - May 20, 1989) was one of the most important and influential economists of the twentieth century. ...

Analytical framework

Austrian economists reject observation as a tool 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 Ludwig von Mises. Praxeology is the science of human action. ... 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. ...

Austrians view entrepreneurship as the driving force in economic development, see private property as essential to the efficient use of resources, and often see government interference in market processes as counterproductive. Entrepreneurship is the practice of starting new organizations, particularly new businesses. ... 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 schools 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. Economics is the social science studying production and consumption through measurable variables. ... The labor theory of value (LTV) is a theory in economics and political economy concerning a market-oriented or commodity-producing society: the theory equates the value of an exchangeable good or service (i. ... Vienna (German: Wien [viːn]) is the capital of Austria, and also one of Austrias nine federal states (Bundesland Wien). ... 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. ... In economics, economic equilibrium often refers to an equilibrium in a market that clears: this is the case where a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded. ...

The core of the Austrian framework can be summarized as taking a subjectivist approach to marginal economics, and a focus on the idea that theory should absolutely overrule observation. 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. A fuller explanation of this in more exact term is available at the New School's economic pages (http://cepa.newschool.edu/het/essays/margrev/oppcost.htm). 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. ...

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. This means, in the Austrian context, the correct way to prevent imbalances in the economy is to make people want to buy the correct goods, rather than controlling when people buy goods. 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 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.)
• 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.
• 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 R. 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 recognise opportunity costs of factors of production, and so socialism could not calculate best uses in the same way capitalism does.

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. ... 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. ... 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. ... Time preference is the economists assumption that a consumer will place a premium on enjoyment nearer in time over more remote enjoyment. ... In economics, economic equilibrium often refers to an equilibrium in a market that clears: this is the case where a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded. ... In economic theory, perfect competition is a market form in which no producer or consumer has the power to influence prices in the market. ... Praxeology is the science of human action. ... Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... Karl Marx Karl Marx (May 5, 1818 – March 14, 1883) was an influential German philosopher, political economist, and revolutionary organizer of the International Workingmens Association. ... The labor theory of value (LTV) is a theory in economics and political economy concerning a market-oriented or commodity-producing society: the theory equates the value of an exchangeable good or service (i. ... A transformation problem for Marxist political economy was raised by the Polish neo-Ricardian theoretician Ladislaus Bortkiewicz in 1907, gaining currency in the post-war Western Marxian tradition after its translation and adoption by the influential Marxian economist and philosopher Paul Sweezy in 1942. ... 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. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ... This article or section should include material from Monetary policy of central banks. ... An interest rate is the rental price of money. ... 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. ... Sir John Richard Hicks (April 8, 1904 - May 20, 1989) was one of the most important and influential economists of the twentieth century. ... In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. ... In economics, the time preference theory of interest is the idea that interest is the price that borrowers put on having money now rather than having money later. ... Intertemporal choice is essentially the question of whether you consume something now or in the future,this is a form of delayed gratification. ... 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 a term used for an approximation or model of homo sapiens that acts to obtain the highest possible well-being for himself given available information about opportunities and other constraints, both natural and institutional, on his ability to achieve his predetermined goals. ... 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. ... The color red and particularly the red flag are traditional symbols of Socialism. ... Capitalism has been defined in various ways (see definitions of capitalism). ...

Major Austrian economists

Austrian School economist Carl Menger Carl Menger (February 23, 1840 _ February 26, 1921) was the founder of the Austrian School of economics. ... Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian 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 Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... 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. ... Don Lavoie died on November 6 2001. ... Murray Newton Rothbard Murray Newton Rothbard (March 2, 1926 - January 7, 1995) was an American economist and political theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ... Ludwig Lachmann (1906 - 1990) a German economist who was an important contributor to the Austrian School. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Hans-Hermann Hoppe (born September 2, 1949) is an Austrian school economist and controversial anarcho-capitalist philosopher. ... Walter Block (born 1941) is an Austrian School economist. ... Gene Callahan is an American writer who deals with the subjects of politics and economics. ... 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). ... Llewellyn Rockwell, more commonly known as Lew Rockwell, is a paleolibertarian political commentator and economist in the United States. ... Dr Mark Thornton is an American economist who adheres to the principles of the Austrian school. ... E. C. Pasour, Jr. ... Thomas J. DiLorenzo is an economics professor at Loyola College in Maryland and a senior fellow at the Ludwig von Mises Institute. ... Ralph Raico currently works as a teacher of European English in the State University of New York College, Buffalo. ... Dr. Richard M. Ebeling (born [[1950) is an American libertarian author and president of the Foundation for Economic Education (FEE). ... Pascal Salin (born in 1939) is a French economist, professor at Paris IX Dauphine University, specialist of public finances, president of the Mont Pelerin Society from 1994 to 1996. ...

Other related economists

• Frederic Bastiat (precursor)
• Henry Hazlitt (introduced the Austrian School to the USA)
• School of Salamanca (medieval precursors)
• Étienne Bonnot de Condillac
• Louis Say
• J.B. Say
• Léon Walras
• Jules Dupuit
• Joseph Schumpeter

Frédéric Bastiat Claude Frédéric Bastiat (June 30, 1801–December 24, 1850) was a French classical liberal author and political economist. ... 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. ... Etienne 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. ... Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was one of the greatest 20th century economists and one of the best read. ...

Critics

• Bryan Caplan

Brian Caplan aint all that or a bag of chips. ...

Seminal works

• Principles of Economics by Carl Menger
• Capital and Interest by Eugen von Böhm-Bawerk
• The Theory of Money and Credit by Ludwig von Mises
• Socialism by Ludwig von Mises
• Human Action by Ludwig von Mises
• Man, Economy, and State by Murray N. Rothbard

Principles of Economics 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 (February 23, 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 (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian 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. ... Human Action is an economics treatise by the Austrian economist Ludwig von Mises. ... 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 Murray Newton Rothbard (March 2, 1926 - January 7, 1995) was an American economist and political theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ...

See also

• Chicago school
• Classical liberalism
• Keynesian-Neoclassical school
• Socialist school
• Supply-side economics

The Chicago school comprises the scholarly approaches in economics and sociology found and developed at the University of Chicago. ... Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... Supply-side economics is a school of macroeconomic thought which emphasizes the importance of tax cuts and business incentives in encouraging economic growth, in the belief that businesses and individuals will use their tax savings to create new businesses and expand old businesses, which in turn will increase productivity, employment...

External links

• What is Austrian Economics? (http://www.mises.org/etexts/austrian.asp) Austrian School as defined by the Ludwig von Mises Institute.
• Austrian School on newschool.edu (http://homepage.newschool.edu/het/schools/austrian.htm) – compare Austrian versus other Schools
• A list of academic critiques of Austrian economics (http://www.againstpolitics.com/austrian_economics/)
• The Austrian Economists by Eugen von Böhm-Bawerk 1891 (http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/bawerk/austrian)
• The Mises Institute - A large selection of material on Austrian economics (http://www.mises.org)
• The Origins of the Austrian School of Economics by John Moser (http://www.gmu.edu/departments/ihs/hsr/s97hsr.html#austrian)
• Austrian School (http://www.dmoz.org/Science/Social_Sciences/Economics/Schools_of_Thought/Austrian_School/) Directory of links from the Open Source Directory
• Austrian Economics Forum (http://forum.austrianeconomics.org/) Discussion message board concerning Austrian economic theory
• Pascal Salin (http://fr.wikipedia.org/wiki/Pascal_Salin) (in french)
• Jacques Garello (http://fr.wikipedia.org/wiki/Jacques_Garello) (in french)
• Jean_Pierre_Centi (http://fr.wikipedia.org/wiki/Jean-Pierre_Centi) (in french)
• Gérard_Bramoullé (http://fr.wikipedia.org/wiki/Gérard_Bramoullé) (in french)
• Henri_Lepage (http://fr.wikipedia.org/wiki/Henri_Lepage) (in french)]
• Syllabus of Austrian economics vs neoclassical economics (http://www.freescholars.org/default_zone/fr/html/theme124.html)
• Syllabus of Austrian economics vs institutional economics (http://www.freescholars.org/default_zone/fr/html/theme128.html)