The Rich Legacy Of Austrian Economists: A Comprehensive Count

The Austrian school of economics was founded in 1871 in Vienna by Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser and others. It is methodologically opposed to the Historical school, and its key ideas have evolved over the years through the input of various economists. The Austrian school uses logic of a priori thinking to discover economic laws of universal application, whereas other mainstream schools of economics make use of data and mathematical models. The Austrian school has been based in Britain and the United States since the 1930s and 1940s, and its economists are now located in many countries.

The Austrian school of economics was founded in 1871 by Carl Menger

The Austrian school of economics was founded in 1871 in Vienna by Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It is methodologically opposed to the Historical school, a dispute known as Methodenstreit or the methodology quarrel.

The Austrian school uses logic of a priori thinking to discover economic laws of universal application, whereas other mainstream schools of economics make use of data and mathematical models. The early concepts of the Austrian school contributed significantly to the theory of diminishing marginal utility. The Austrian school also contributed to the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem.

Carl Menger, an Austrian economist who wrote "Principles of Economics" in 1871, is considered by many to be the founder of the Austrian school of economics. Other notable economists aligned with the Austrian school include Ludwig von Mises, Eugen von Bohm-Bawerk, Friedrich Hayek, Knut Wicksell, and Friedrich von Wieser. Many of the ideas of these leading mid-twentieth-century Austrian economists are rooted in the ideas of classical economists such as Adam Smith and David Hume, or early-twentieth-century figures such as Knut Wicksell.

In the 1930s and 1940s, the Austrian school moved to Britain and the United States, and scholars associated with this approach to economic science were located primarily at the London School of Economics (1931–1950), New York University (1944), Auburn University (1983), and George Mason University (1981–). Economists of the Hayekian view are affiliated with the Cato Institute, George Mason University (GMU), and New York University, among other institutions. They include Peter Boettke, Roger Garrison, Steven Horwitz, Peter Leeson, and George Reisman.

It is worth noting that the designation "Austrian school" is colloquial and does not necessarily refer to economists who are Austrian citizens or based in Austria.

The school is methodologically opposed to the Historical school

The Austrian school of economics is methodologically opposed to the Historical school. This dispute is known as the Methodenstreit, or methodology quarrel. The Austrian school uses logic of a priori thinking to discover economic laws of universal application, whereas other mainstream schools of economics make use of data and mathematical models. The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others.

The Austrian school is sometimes colloquially referred to as 'the Austrians', although few of its members hold Austrian citizenship and not all economists from Austria subscribe to the ideas of the Austrian school. The school's key ideas have evolved over the years through the input of various economists. Other than Carl Menger, the Austrian school also includes names like Ludwig von Mises, Eugen von Böhm-Bawerk, and Friedrich Hayek. Many of the ideas of the leading mid-twentieth-century Austrian economists are rooted in the ideas of classical economists such as Adam Smith and David Hume, or early-twentieth-century figures such as Knut Wicksell, as well as Menger, Böhm-Bawerk, and Friedrich von Wieser.

In the 1930s and 1940s, the Austrian school moved to Britain and the United States, and scholars associated with this approach to economic science were located primarily at the London School of Economics (1931–1950), New York University (1944), Auburn University (1983), and George Mason University (1981). Economists of the Hayekian view are affiliated with the Cato Institute, George Mason University (GMU) and New York University, among other institutions. They include Peter Boettke, Roger Garrison, Steven Horwitz, Peter Leeson and George Reisman. Economists of the Mises–Rothbard view include Walter Block, Hans-Hermann Hoppe, Jesús Huerta de Soto and Robert P. Murphy, each of whom is associated with the Mises Institute and some of them also with academic institutions.

The Austrian school moved to Britain and the United States in the 1930s and 1940s

The Austrian school of economics was founded in 1871 by Carl Menger, who wrote *Principles of Economics*. The school is rooted in the ideas of classical economists such as Adam Smith and David Hume, as well as early-20th-century figures such as Knut Wicksell and Menger himself.

In the 1930s and 1940s, the Austrian school moved to Britain and the United States. Scholars associated with this approach to economic science were located primarily at the London School of Economics (1931-1950), New York University (from 1944), Auburn University (from 1983) and George Mason University (from 1981).

The Austrian school uses a priori thinking to discover economic laws of universal application, rather than relying on data and mathematical models like other mainstream schools of economics. This approach has been described as 'methodologically opposed' to the Historical school.

Many of the ideas of the leading mid-20th-century Austrian economists, such as Ludwig von Mises and Friedrich Hayek, are rooted in the ideas of classical economists. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal, which brought renewed interest to the Austrian school in the 1970s.

It is worth noting that the designation 'Austrian' is colloquial and does not necessarily refer to economists who are Austrian citizens or based in Austria.

The school's key ideas have evolved over the years through the input of various economists

The Austrian school of economics was founded in 1871 by Carl Menger, who wrote *Principles of Economics*. The school's key ideas have evolved over the years through the input of various economists, including Ludwig von Mises, Eugen von Böhm-Bawerk, Friedrich Hayek, Knut Wicksell, and Friedrich von Wieser. The Austrian school uses a priori thinking to discover economic laws of universal application, rather than relying on data and mathematical models like other mainstream schools of economics.

The early concepts of the Austrian school contributed significantly to the theory of diminishing marginal utility. The subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem are also among the Austrian school's theoretical contributions. In the 1970s, the Austrian school experienced a revival of interest after Friedrich August von Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal.

The Austrian school is associated with libertarian political theory, although this is a matter of some debate. Hayek, for example, is not considered a libertarian by some, as he defended broader state activity than other libertarians, such as progressive taxation and extensive labour legislation. Nevertheless, economists of the Hayekian view are affiliated with institutions such as the Cato Institute, George Mason University, and New York University.

While the Austrian school originated in Vienna, since the 1930s, no economists from Austrian universities have become leading figures in the school. In the 1930s and 1940s, the school moved to Britain and the United States, and scholars associated with this approach to economic science were primarily located at institutions such as the London School of Economics, New York University, Auburn University, and George Mason University. It is worth noting that not all economists from Austria subscribe to the ideas of the Austrian school, and the designation "Austrian" is used colloquially to refer to economists aligned with the school, regardless of their citizenship.

Austrian economics is sometimes referred to as libertarian political theory

The Austrian school of economics is associated with libertarianism because of its focus on individual freedom and limited government intervention in the economy. Economists of the Hayekian view are affiliated with the Cato Institute, George Mason University, and New York University, among other institutions. They include Peter Boettke, Roger Garrison, Steven Horwitz, Peter Leeson, and George Reisman.

Economists of the Mises-Rothbard view include Walter Block, Hans-Hermann Hoppe, Jesús Huerta de Soto, and Robert P. Murphy, each of whom is associated with the Mises Institute and some academic institutions. These economists are more closely aligned with libertarianism because they advocate for a minimal state and oppose progressive taxation and extensive labour legislation.

While the Austrian school of economics is often associated with libertarianism, it is important to note that not all Austrian economists are libertarians, and the school's ideas have evolved over time through the input of various economists. Additionally, few economists associated with the Austrian school hold Austrian citizenship, and not all economists from Austria subscribe to the ideas of the Austrian school.

Frequently asked questions