Austrian school

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Austrian School

A school of economics that argues that human behavior is so complex it is extremely difficult or impossible to model. For that reason, it promotes deductive, as opposed to inductive, reasoning in its analysis. It is an extremely individualist school, advocating laissez faire policies and opposing all or nearly all government interventions in the economy. The Austrian School, and particularly its rejection of modeling, has faced criticism from both right- and left-leaning economists. It is so named because most of its founders were born in or around Austria. See also: Ludwig von Mises.
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Austrian school

a group of late 19th-century economists at the University of Vienna who established and developed a particular line of theoretical reasoning. The tradition originated with Professor Carl Menger who argued against the classical theories of value, which emphasized PRODUCTION and SUPPLY. Instead, he initiated the ‘subjectivist revolution’, reasoning that the value of a good was not derived from its cost but from the pleasure, or UTILITY, that the CONSUMER can derive from it. This type of reasoning led to the MARGINAL UTILITY theory of value whereby successive increments of a commodity yield DIMINISHING MARGINAL UTILITY.

Friedrich von Wieser developed the tradition further, being credited with introducing the economic concept of OPPORTUNITY COST. Eugen von Böhm-Bawerk helped to develop the theory of INTEREST and CAPITAL, arguing that the price paid for the use of capital is dependent upon consumers’ demand for present CONSUMPTION relative to future consumption. Ludwig von Mises and Friedrich von Hayek subsequently continued the tradition established by Carl Menger et al. See also CLASSICAL ECONOMICS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Your attempt to link this, even indirectly, with the usual Austro-libertarian support for gold as money is highly problematic.
In sharp contrast the Austro-libertarian position opposes the sort of central planning that "monetary policy" is.
Austro-libertarian literary criticism has recently yielded new insights in a range of areas, from ancient Chinese moral philosophy (Long 2003) to American cowboy movies (McMaken 2012).
Readers need not be versed in Austro-libertarian theory, however, in order to appreciate the essays that follow.
Nonetheless, the Austro-libertarian community, I think, must be grateful to this author for his efforts to undermine the veracity of this school of thought.
The Austro-libertarian critique of the Federal Reserve is a potent weapon, one that libertarians have underutilized in this era of accelerated economic decline.
Block in his "Austro-Libertarian Publishing: A Survey and Critique," Reason Papers 32 (Fall 2010), pp.
Long, "Austro-Libertarian Themes in Early Confucianism".
Long, "Austro-Libertarian Themes in Early Confucianism", Journal of Libertarian Studies, Vol.
Specifically, how can we best attain an Austro-libertarian understanding of it?
Whether it is the written word or the spoken word, what is important is that the Austro-libertarian word gets created and then publicized.
(23) This question was posed by a long time prominent Austro-libertarian theorist.