The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Carl Menger von Wolfensgrün was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility, which rejected cost-of-production theory of value, such as developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-British intellectual who made contributions to economics, political science, psychology, intellectual history, philosophy and other fields. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize.
Sir Karl Raimund Popper was an Austrian-British philosopher, academic and social commentator. One of the 20th century's most influential philosophers of science, Popper is known for his rejection of the classical inductivist views on the scientific method in favour of empirical falsification. According to Popper, a theory in the empirical sciences can never be proven, but it can be falsified, meaning that it can be scrutinised with decisive experiments. Popper was opposed to the classical justificationist account of knowledge, which he replaced with critical rationalism, namely "the first non-justificational philosophy of criticism in the history of philosophy".
Logical positivism, later called logical empiricism, and both of which together are also known as neopositivism, is a movement whose central thesis was the verification principle. This theory of knowledge asserted that only statements verifiable through direct observation or logical proof are meaningful in terms of conveying truth value, information or factual content. Starting in the late 1920s, groups of philosophers, scientists, and mathematicians formed the Berlin Circle and the Vienna Circle, which, in these two cities, would propound the ideas of logical positivism.
The University of Vienna is a public research university located in Vienna, Austria. Founded by Duke Rudolph IV in 1365, it is the oldest university in the German-speaking world and among the largest institutions of higher learning in Europe. The university is associated with 16 Nobel prize winners and has been the home to many scholars of historical and academic importance.
Karl Menger was an Austrian-American mathematician, the son of the economist Carl Menger. In mathematics, Menger studied the theory of algebras and the dimension theory of low-regularity ("rough") curves and regions; in graph theory, he is credited with Menger's theorem. Outside of mathematics, Menger has substantial contributions to game theory and social sciences.
Eugen Ritter von Böhm-Bawerk was an Austrian economist who made important contributions to the development of the Austrian School of Economics and neoclassical economics. He served intermittently as the Austrian Minister of Finance between 1895 and 1904. He also wrote extensive criticisms of Marxism.
Methodenstreit, in intellectual history beyond German-language discourse, was an economics controversy commenced in the 1880s and persisting for more than a decade, between that field's Austrian School and the (German) Historical School. The debate concerned the place of general theory in social science and the use of history in explaining the dynamics of human action. It also touched on policy and political issues, including the roles of the individual and state. Nevertheless, methodological concerns were uppermost and some early members of the Austrian School also defended a form of welfare state, as prominently advocated by the Historical School.
Friedrich Freiherr von Wieser was an early economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory. Wieser held posts at the universities of Vienna and Prague until succeeding Menger in Vienna in 1903, where along with his brother-in-law Eugen von Böhm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 20th century. He was the Austrian Minister of Commerce from August 30, 1917, to November 11, 1918.
The Vienna Circle of Logical Empiricism was a group of elite philosophers and scientists drawn from the natural and social sciences, logic and mathematics who met regularly from 1924 to 1936 at the University of Vienna, chaired by Moritz Schlick. The Vienna Circle had a profound influence on 20th-century philosophy, especially philosophy of science and analytic philosophy.
Postpositivism or postempiricism is a metatheoretical stance that critiques and amends positivism and has impacted theories and practices across philosophy, social sciences, and various models of scientific inquiry. While positivists emphasize independence between the researcher and the researched person, postpositivists argue that theories, hypotheses, background knowledge and values of the researcher can influence what is observed. Postpositivists pursue objectivity by recognizing the possible effects of biases. While positivists emphasize quantitative methods, postpositivists consider both quantitative and qualitative methods to be valid approaches.
Hans Albert is a German philosopher. Born in Cologne, he lives in Heidelberg.
William Warren Bartley III, known as W. W. Bartley III, was an American philosopher specializing in 20th century philosophy, language and logic, and the Vienna Circle.
Emil Lederer was a Bohemian-born German economist and sociologist. Purged from his position at Humboldt University of Berlin in 1933 for being Jewish, Lederer fled into exile. He helped establish the "University in Exile" at the New School in New York City.
Carl Grünberg was a German Marxist philosopher of law and history.
Dimitris Dimitrakos is a Greek philosopher, currently Professor Emeritus of Political Philosophy in the Philosophy of Science Department of the University of Athens.
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained or lost by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will lead to the decrease of overall utility level, while the positive marginal utility indicates that every unit of goods or services consumed will increase the overall utility level.
Rudolf Hilferding was an Austrian-born Marxist economist, socialist theorist, politician and the chief theoretician for the Social Democratic Party of Germany (SPD) during the Weimar Republic, being almost universally recognized as the SPD's foremost theoretician of this century. He was also a physician.
