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.

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.

References in periodicals archive ?
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.
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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.
14) Were Friedman an editor of a typical neoclassical refereed periodical, and were an Austro-libertarian to have submitted a typical manuscript to him for publication, I suspect he would have been biased against it, given this attitude.
I am far from being the brightest light bulb in the Austro-libertarian firmament.
Of all of the movement or Austro-libertarian entries, AJES is by far the highest ranked in terms of prestige within the economics profession.
Its editor, Josef Sima, is a leading Austro-libertarian.
He was then, and is now even more so, a brilliant Austro-libertarian, a voracious reader, a prolific writer, and a movement builder par excellence.
Given the number of scholarly periodicals that now welcome an Austro-libertarian perspective, it is unlikely in the extreme that any one or two individuals would dominate all of them in such a manner.
So, let me try again: While reading Huebert's utter evisceration of Richard Posner's attack on Austro-libertarian analysis, I found it difficult to keep myself from jumping up and down screaming with glee to my friend Jacob and saying, "You go, boy; kick him in the crotch, again
23) This question was posed by a long time prominent Austro-libertarian theorist.