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Topic: Austrian economics

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  Austrian School - Wikipedia, the free encyclopedia
Austrian economists developed a sense of themselves as a school distinct from neoclassical economics during the economic calculation debate, with Ludwig von Mises and Friedrich von Hayek representing the Austrian position, where they contended that without monetary prices or private property, meaningful economic calculation was impossible.
Austrian economics was ill-thought of by most economists after World War II due to its rejection of observational methods.
The Austrian Economists by Eugen von Böhm-Bawerk 1891
en.wikipedia.org /wiki/Austrian_economics   (2119 words)

 What is Austrian Economics
As professor of economics at the University of Vienna, and then tutor to the young but ill-fated Crown Prince Rudolf of the House of Habsburg, Menger restored economics as the science of human action based on deductive logic, and prepared the way for later theorists to counter the influence of socialist thought.
The debate between the Austrians and the socialists continued for the next decade and beyond, and, until the collapse of world socialism in 1989, academics had long thought that the debate was resolved in favor of the socialists.
It is economics made whole." The appearance of this work was the hinge of the whole history of the Austrian School, and it remains the economic treatise that defines the School.
www.mises.org /etexts/austrian.asp   (2808 words)

 Austrian Economics, by Deborah L. Walker: The Concise Encyclopedia of Economics: Library of Economics and Liberty   (Site not responding. Last check: 2007-10-04)
Austrian analysis fell out of favor with the economics profession during the fifties and sixties, but the awarding of the Nobel Prize in economics to Hayek in 1974, coupled with the spread of Mises's ideas by his students and followers, led to a revival of the Austrian school.
Economics, to an Austrian economist, is the study of purposeful human action in its broadest sense.
Although Austrian economists are not alone in their methodological individualism, they do not stress the maximizing behavior of individuals in the same way as mainstream neoclassical economists.
www.econlib.org /library/Enc/AustrianEconomics.html   (2196 words)

 Heterodox Economics: Peter Wynarczyk, "Austrian Economics and the Post-Autistic Economics Challenge", ...
The post-autistic challenge to orthodox economics echoes criticisms that have been made by non-mainstream economists ever since entrenched conventional wisdoms were established within the discipline.
The Austrian research tradition has been engaged in a persistent and sustained assault on the methodological, ontological, conceptual, and theoretical limitations and shortcomings of mainstream economics ever since its inception.
Orthodox economics is beset with behavioural and institutional deficiencies largely caused by its failure to embrace the temporal and non-price dimensions of human activity.
www.paecon.net /PAEReview/heterodoxeconomics/Wynarczyk18.htm   (2562 words)

 History of Economic Thought: The Austrian School
The Austrian Critique of Marx from Bohm-Bawerk to Mises.
Austrian economics, by most observers of economic science, is viewed as closely associated with classical liberalism politics.
Austrian economists, however, are insistent that their approach to economics is "value free" and not ideological.
www.ceu.hu /crc/Syllabi/west-syllabi/documents/Economics/boettke.html   (3045 words)

Academic economics, as it has been practiced for nearly 100 years, has adopted several very dubious assumptions among its main premises, the most important of which is the view that economics, in order to be "scientific," must be quantifiable, which in practice means, statistical and mathematical.
There is only one school of economics that avoids most of the errors of mathematical and statistical economics: this is the Austrian school of economics, whose most prominent exponents have been Ludwig von Mises and Friedrich Hayek.
Austrian economics is often criticized for its adulation of free enterprise and laissez-faire.
www.jrnyquist.com /economics1.htm   (3209 words)

The "First" Generation of the Austrian School was composed of a pair Austrian professors who, although not directly students of Menger, were nonetheless heavily influenced by him: Friedrich von Wieser and Eugen von Böhm-Bawerk.
The Austrian School's traditional duel with the Marxians took on a new dimension when several prominent Paretians rode into the assistance of the Marxians by concurring with the possibility of an efficient socialist organization of economic society, what became known as the "Socialist Calculation" debate.
The Austrian theory of capital was maintained almost singlehandedly since the 1940s by Ludwig Lachmann, but was given an invigorating shot in the arm by the formidable effort of John Hicks (1973).
cepa.newschool.edu /het/schools/austrian.htm   (2417 words)

 RECONCILING AUSTRIAN ECONOMICS AND OBJECTIVISM   (Site not responding. Last check: 2007-10-04)
Austrians proclaim the central human element in economic life and search for universal laws that can be expressed in a natural language rather than in mathematical equations and formulas.
Austrians are contemptuous of, and attack, mainstream economists for their pretensions as scientists and for their development of mathematical models that disregard a great deal of human nature and the uncertainty of expectations.
Austrian Economics is an excellent alternative way of looking at economics with respect to the appraisal of means but not of ends.
www.quebecoislibre.org /05/051215-11.htm   (1125 words)

 Economics 333 Syllabus Spring 1999
The Austrians flourished early in the 20th century, and were known for their critiques of equilibrium theory and econometrics as well as their opposition to Keynesianism and economic planning.
One of the distinct characteristics of the Austrian school is its methodological and philosophical approach to economics.
During the 1930s and 40s, the Austrians were involved in two of the most famous and most important debates in the history of economics: the debate over the possibility of economic calculation under socialism and the debate between Hayek and Keynes over macroeconomics.
it.stlawu.edu /shor/Teaching/s99333.htm   (2303 words)

 Austrian Enginomics
Austrian economic theory has a rich history dating back over 100 years.
Austrians believe that significant economic booms and busts are caused by central bank monetary policy.
Austrians use terms including malinvestment and misallocation of resources to describe such businesses and their activities.
www.austrianenginomics.com   (475 words)

 Papers and Links, on Subjectivist Economics, Austrian Economics, L.V. Mises, Entrepreneurship, H. Davenport.
The private foundations and institutes that support Austrian economics are dominated by free-market liberals whose main interest is not economic theory but the promotion of liberal economic policies.
It is mistaken to think that one could learn Austrian economics by studying the papers and books of professional economists whose goal is to achieve recognition by their peers.
Austrian economics is not "what Austrian economists do." To know how to study Austrian economics, one must form an independent judgment based on the understanding of the subjective theory of value that he learns from Menger.
www.constitution.org /pd/gunning/welcmise.htm   (844 words)

 Econlog, Austrian Economics Archives: Library of Economics and Liberty
My version of what Samuelson described of Austrian capital theory is given as part of my essay on The Sect of Austrian Economics.
I believe that economic papers ought to be logical and scientific in spirit, with arguments expressed as precisely as possible.
Austrian economics was developed before what we think of as the Information Age.
econlog.econlib.org /archives/cat_austrian_economics.html   (4769 words)

 Axiomatic Theory of Economics
Victor Aguilar is a mathematician and he is offering a $1000 economics scholarship to any praxeology adherent who can defend capital-based macroeconomics (Hayekian Triangles) against his Critique of Austrian Economics.
Roger Garrison, Hans-Hermann Hoppe and Walter Block (representing Austrian economics for the Ludwig von Mises Institute) are afraid of criticism, but you can still try - that is, if you really believe in the deductive economics of Ludwig von Mises.
Critique of Austrian Economics From 1930 To 1990
www.axiomaticeconomics.com   (158 words)

Economic agents would react one way if a particular price change is attributable to monetary expansion, which is presumed to affect all islands equally, and another way if the change is attributable to underlying economic conditions, which is presumed to affect only the one island.
Cyclical fluctuations in economic activity is mimicked by the motion of a child's rocking horse.
Since the needed variation in the independent variables falls as the sample size increases, the prospects for identifying the economic structure increase with the length of the period that serves as the basis for the empirical research.
www.auburn.edu /~garriro/fnc1kyun.htm   (4242 words)

 Austrian Economics - Syllabus
First, students will be introduced to the Austrian Economic Theory through its history and its development among other schools of thought (Historicist, Marxist, Keynesian, and Chicagoan).We will show what are the difference and common points between Austrian School and these schools from the theoretical point of view.
Klamer, Arjo, "Formalism in twentieth-century economics," in The Elgar Companion to Austrian Economics, Peter Boettke, Ed., Aldershot, Hants, England and Brookfield, VT: Edward Elgar, 1994: 48-53.
Cowan, Robin, "Causation and genetic causation in economic theory," in The Elgar Companion to Austrian Economics, Peter Boettke, Ed., Aldershot, Hants, England and Brookfield, VT: Edward Elgar, 1994: 63-71.
www.alexpadilla.org /austrianeconomics403.htm   (2145 words)

 Society for the Development of Austrian Economics Home Page
The Society for the Development of Austrian Economics is please to announce the winners of the Don Lavoie Memorial Graduate Student Essay Competition.
The Society for the Development of Austrian Economics is please to announce that submissions for the Don Lavoie Memorial Graduate Student Essay Competition are now being accepted.
In addition, paid-up members are eligible for the 2006 Smith and FEE Prize in Austrian Economics, as well as priority for places on SDAE-sponsored panels at the 2006 SDAE meetings in New Orleans.
it.stlawu.edu /sdae   (957 words)

 The Future of Freedom Foundation
Austrian economics is a branch of economic thought that emphasizes and analyzes market forces from a libertarian perspective.
Two of the major Austrian economists in the 20th century have been Friedrich A. Hayek, who won the Nobel Prize in Economics, and Ludwig von Mises.
Sandye Gloria-Palermo, The Evolution of Austrian Economics: From Menger to Lachmann (London/New York: Routledge, 1999).
www.fff.org /aboutUs/reading.asp   (3030 words)

 Austrian School Economists
Precisely because he was an economist by training, Röpke understood the indivisibility of personal, political, and economic freedom in a way that many other critics of socialism in its various forms could never articulate.
The foundations of the Austrian School of Economics were laid, and the blueprint for its future development drawn, with the publication in 1871 of Menger's Grundsätze der Volkswirthschaftslehre (English translation, Principles of Economics).
Austrian analysis provides a superior basis for correctly informing the general population about why capitalist societies are the best societies.
www.angelfire.com /pa/sergeman/issues/austrian/main.html   (2535 words)

 The Austrian Economists
He started out by simply pointing out the sheer magnitude of the problem, and then he sought to explain how we have tried to study and address the problem, and then discussed the new avenues of research that are currently being explored.
There is, in short, nothing in hard headed economics that would cut against an agenda to help the least advanatged in society to rise from their unfortunate situation to one that is more favorable.
But understanding the "mechanism" by which that occurs requires adopting the economic way of thinking and understanding the dynamic power of the market economy to generate generalized prosperity and deliver the benefits of material progress to even the poorest of the poor.
austrianeconomists.typepad.com   (5152 words)

 Student Seminars | Foundation for Economic Education
The rich tradition of the Austrian School of Economics originated in Vienna, Austria, in the late 19th century with writings of Carl Menger and Eugen von Boehm-Bawerk.
The Austrian emphasis on entrepreneurship and the market process has gained growing recognition and relevance with the failure of socialist central planning and government intervention.
This seminar is intended for undergraduate and graduate students who are interested in broadening and deepening their knowledge about the unique and distinct contributions of the Austrian School.
www.fee.org /seminars/austrian   (482 words)

 Austrian economics explains why privatisation works
Although it has been many years since the Austrian school of economics explained the nature and benefits of free markets the lesson has yet to sink in with socialists, despite the determined efforts of supporters of Austrian economics.
Hayek, a leading member of the Austrian school of economics, pointed out that the market is also a discovery process, the costs of which are spread among thousands of firms and thus the economy.
The accounting approach on which state industries are basically forced to rely on as a substitute for entrepreneurship is based on calculating the monetary value of inputs and outputs and comparative rates of returns.
www.brookesnews.com /041005_austrian_economics.html   (840 words)

 NYU > Economics > Program on the Foundations of the Market Economy
Located in one of the nation’s premier economics departments, the Program continues the work of several generations of NYU economists to develop a comprehensive understanding of markets.
Students in the Program are trained not only in the most advanced current economic techniques, as part of the standard NYU economics curriculum, but also to appreciate the broader legal, ethical and cultural framework without which market processes would be ineffective in producing a prosperous society.
The role of the human language faculty in economic decisionmaking and the economic aspects of linguistic consciousness in supporting contract formation and trade.
www.econ.nyu.edu /dept/austrian   (684 words)

 Austrian Economics
They also cover the recent work of the leading authorities in Austrian economics, and will be an indispensible tool for all those interested in the implications of Austrian approach on economics.
Peter Boettke, Deputy Director of the James M. Buchanan Center for Political Economy - a wonderful thinker and teacher of Austrian economics.
Eugen von Böhm-Bawerk, Austrian School economist and teacher of Ludwig von Mises.
www.austrianschoolofeconomics.com   (241 words)

 Austrian Economics
Huben and Kangas claim that Austrian Econimics is "crank science" and that everyone that believes in it does so for ideological reasons.
The argument that people believe in Austrian Economics because of ideology depends upon a restrictive definition that equates Austrian Economics with a distorted and selective version of Rothbardian Economics created by Huben and Kangas.
Lets see, Austrian are responsible for defining the subject matter of economics; defining economics itself; developing the correct concepts of opportunity cost, subjective marginal price theory, marginal distribution theory, and ordinally measurable utility.
www.kean.edu /~dmackenz/ausecon.htm   (1178 words)

 EconLog, Austrian Economics Archives: Library of Economics and Liberty
I recently mentioned that if you're feeling lonely, you should criticize Austrian economics, and you'll never again lack for human......
Austrian economists have a stock answer: it's because of time preference.
In a wide-ranging essay, I question the dominance of math in advanced economics.
econlog.econlib.org /archives/austrian_economics/index.html   (579 words)

 Critiques Of Libertarianism: Austrian Economics.
Austrian Economics is a fringe academic view which is greatly preferred by many libertarians on ideological grounds.
An Austrian Economics perspective on Dickens, so Panglossian and full of stacked assumptions that it is howlingly funny.
While Hayek is widely claimed as a libertarian and an Austrian economist, he's not pure enough for these libertarians (who find him a coercive socialist.) Oh, and of course von Mises is the one, true, infallible Austrian economist too.
world.std.com /~mhuben/austrian.html   (368 words)

 Mises Economics Blog: Austrian Economics and Libertarian Political Theory
This would not be possible with the present level of population with the existing state of economic development 1,000 years ago.
The most amazing economic sophism that was advanced by eminent financiers, politicians, and economists endeavored to show that there was neither monetary nor credit inflation in Germany.
But one man’s economic activity cannot hurt his peers, as long as he does not invoke in favor of his own activity and against theirs, help of another sort.
blog.mises.org /blog   (5153 words)

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