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Economics. 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 ...
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 ...
Ludwig Heinrich Edler von Mises [ n 1] ( German: [ˈluːtvɪç fɔn ˈmiːzəs]; 29 September 1881 – 10 October 1973) was an Austrian–American historian, logician, sociologist, and economist of the Austrian School. Mises wrote and lectured extensively on the societal contributions of classical liberalism and the power of consumers. [ 1]
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]
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.
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 Quarterly Journal of Austrian Economics is a quarterly peer-reviewed academic journal covering heterodox economics published by the Ludwig von Mises Institute. [1] It was established in 1998 after the Murray Rothbard -created publication, The Review of Austrian Economics, was transferred to other editors [2] and then to George Mason ...