Austrian School
The Austrian School is a way of thinking about economics. It is based on the actions of the individual person.[1][2][3][4] It started in late 19th and early 20th century Vienna, Austria.[5] It is referred to as Austrian economics, because the primary economists were Austrian although its followers are from all over the world today.
Followers of the Austrian school criticize central planning, government price controls and other state regulations. They say that it is impossible for government institutions to make comparatively better decisions about production or the prices of goods and services because they do not have the knowledge or flexibility that millions of individual consumers have. Followers of the Austrian school also criticize government inflation of the money supply.
Important economists of the Austrian School of Economics
Austrian School Media
Jean-Baptiste Say. The French liberal school of political economy is an intellectual ancestor of Austrian school of economics.
Campus of Mises Institute, in Auburn, Alabama
Ludwig von Mises
- wieser
Picture of F.A. Hayek to replace fair use images that are used in some articles. Released by the Mises Institute.
Israel Kirzner, Austrian School economist.
References
- ↑ Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp Archived 2014-09-14 at the Wayback Machine
- ↑ "Austrian School of Economics". Concise Encyclopedia of Economics (2nd). (2008). Ed. David R. Henderson. Library of Economics and Liberty].
- ↑ Methodological individualism at the Stanford Encyclopedia of Philosophy
- ↑ Ludwig von Mises. Human Action, p. 11, 'Purposeful action and animal reaction'.
- ↑ Joseph A. Schumpeter 1996. History of economic analysis, Oxford University Press. ISBN 978-0195105599.