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The Austrian school is a heterodox [ 1 ][ 2 ][ 3 ] school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest.
The economy of Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP ( gross domestic product) per capita. [19] Until the 1980s, many of Austria 's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level ...
Austrian School. The Austrian business cycle theory ( ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. [1]
Carl Menger von Wolfensgrün [2] ( / ˈmɛŋɡər /; German: [ˈmɛŋɐ]; 28 February 1840 [3] – 26 February 1921) was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility, [4] which rejected cost-of-production theory of value, such ...
Notes. Carl Menger. 1840. 1921. Austrian. Jagiellonian University. Founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo . Eugen von Böhm-Bawerk.
The Mises Institute was founded in 1982 by Lew Rockwell, who was chief of staff to Texas Republican Congressman Ron Paul; previously Rockwell had been editor for the conservative Arlington House Publishers and had worked for the radical-right John Birch Society and the traditionalist Hillsdale College. [ 12][ 11] Rockwell received the blessing ...
Friedrich von Wieser. Friedrich Freiherr von Wieser [a] ( German: [ˈviːzɐ]; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law.
The Ultimate Foundation of Economic Science (1962) Full text available. The Historical Setting of the Austrian School of Economics (1969) (long-form essay) Full text available. Notes and Recollections (1978, written in 1940-41) On the Manipulation of Money and Credit (1978) (collection of essays, reissued as The Causes of the Economic Crisis)