Ad
related to: six lessons of austrian economics
Search results
Results From The WOW.Com Content Network
The Austrian school owes its name to members of the German historical school of economics, who argued against the Austrians during the late 19th-century Methodenstreit ("methodology struggle"), in which the Austrians defended the role of theory in economics as distinct from the study or compilation of historical circumstance.
Ludwig von Mises acknowledged that, by the time of his writing, many core concepts from the Austrian school of economics had been integrated into mainstream economic thought. [93] He noted that the distinctions between the Austrian school and other economic traditions had blurred, making the label "Austrian" more of a historical reference than ...
Human Action: A Treatise on Economics is a work by the Austrian economist and philosopher Ludwig von Mises. Widely considered Mises' magnum opus , [ 1 ] it presents the case for laissez-faire capitalism based on praxeology , his method to understand the structure of human decision-making.
Man, Economy, and State: A treatise on economic principles is a 1962 book of Austrian School economics by Murray Rothbard (orig. abridged ed.). [a] It was originally intended as a textbook form of Human Action by Ludwig von Mises, but became its own treatise after he realized original work was needed to flesh out Mises' ideas.
Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economics. Some more recent developments in economic thought such as feminist economics and ecological economics adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics seeking to explain 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]
Many consider Economic Calculation in the Socialist Commonwealth to be Mises's most influential work, while others view Human Action: A Treatise on Economics to be more important of a book, as it fills the magnum opus role. Joseph T Salerno, an American Austrian school economist considers it to be among his best works. He writes:
Carl Menger von Wolfensgrün [3] (/ ˈ m ɛ ŋ ɡ ər /; German:; 28 February 1840 [4] – 26 February 1921) was an Austrian economist who contributed to the marginal theory of value. [5] Menger is considered the founder of the Austrian school of economics. [6]