Professor John Hall
Journal of Economic Literature Classification Codes
B130, B310, P120, P220
Austrian School, capitalism, Friedrich Hayek, Friedrich von Wieser, Ludwig von Mises
The Austrian school of economic thought has offered many ideas throughout its more than century old history. Beginning with Carl Menger’s Principles of Economics, the focus of this school dealt with individuals acting in a society for the benefit of everyone. With liberalism at their core, thinkers such as Friedrich von Wieser, Ludwig von Mises, and Friedrich Hayek saw economics as a practical approach to living. This inquiry seeks to establish that the Austrian school of economics advanced basic tenets. Building off of, and often creating their own ideas, Austrian economists gave rise to the principles of marginalism, significance of private property within a market economy, and how prices reflect information. Through their practical approaches, general theory—not mathematical calculations—are offered. Systems of control are also criticized according to their ability to allow for public prosperity. The link between capitalism and Austrian thought is also represented. In the same vein as the originator, Carl Menger, each of these three reflected on the world’s innate truths to uncover economic applications of liberalism
© Vladislav Yurlov
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Yurlov, Vladislav. "Basic Tenets of the Austrian School of Economics, Working Paper No. 26", Portland State University Economics Working Papers. 26. (15 June 2019) i + 15 pages.