The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-born British academic who contributed to political economy, political philosophy and intellectual history. 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. He was a major contributor to the Austrian school of economics.
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output/GDP and national income, unemployment, price indices and inflation, consumption, saving, investment, energy, international trade, and international finance.
Rüdiger Dornbusch was a German economist who worked in the United States for most of his career.
Ludwig Maurits Lachmann was a German economist, economic theorist and important contributor to the Austrian School of Economics. Lachmann, Israel Kirzner, and Murray Rothbard were the three primary catalysts of the Austrian 'revival', beginning in 1974. He wrote on economic theory, history, and methodology, as well as on the application of Hermeneutics to economic thought, in order to interpret economic phenomena.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.
Finn Erling Kydland is a Norwegian economist known for his contributions to business cycle theory. He is the Henley Professor of Economics at the University of California, Santa Barbara. He also holds the Richard P. Simmons Distinguished Professorship at the Tepper School of Business of Carnegie Mellon University, where he earned his PhD, and a part-time position at the Norwegian School of Economics (NHH). Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics, with Edward C. Prescott, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."
Richard M. Ebeling is an American libertarian author who was the president of the Foundation for Economic Education (FEE) from 2003 to 2008. Ebeling is currently the BB&T Distinguished Professor of Ethics and Free Enterprise Leadership at The Citadel in Charleston, South Carolina.
Ronald MacDonald OBE was born in the West End of Glasgow in 1955, to Duncan and Effie MacDonald and spent his formative years in Glasgow, Fort William and Falkirk. He attended Tinto Road Primary School, Glasgow, Corpach Primary School, Fort William, Comely Bank Primary School, Falkirk, and Falkirk High School, with a gap year in Portree primary and High School, before progressing to his university education. He is a Scottish economist with interests in a wide range of topics in International Finance and Macroeconomics and a considerable amount of his research focuses on the economics of exchange rates and currency regime choice. He is currently Research Professor of Macroeconomics and International Finance at the Adam Smith Business School in the University of Glasgow.
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics seeking to explain how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in Economics in 1974 in part for his work on this theory.
David Vanhoose, is an economics professor at the Hankamer School of Business at Baylor University. He currently holds the Herman W. Lay Professor of Private Enterprise title. He has written numerous text books and papers which are widely used in the field of economics. His areas of focus are international economics, monetary economics, macroeconomics, and banking. He did his graduate studies at the University of North Carolina at Chapel Hill, with a dissertation in Bank Market Structure and Monetary Policy.
Axel Leijonhufvud was a Swedish economist and professor emeritus at the University of California, Los Angeles (UCLA), and professor at the University of Trento, Italy. Leijonhufvud focused his studies on macroeconomic monetary theory. In his defining book On Keynesian Economics and the Economics of Keynes (1968) he focuses on a critique of the interpretation of Keynesian economic theory by Keynesian economists. He goes on to call the standard neoclassical synthesis interpretation of the Keynes' General Theory as having misunderstood and misinterpreted Keynes. In one of his papers, "Life Among the Econ" (1973), he takes a comical yet critical look at the inherent clannish nature of economists; the paper was considered a devastating takedown of economics and economists.
The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with Goethe University Frankfurt, and is sponsored by Deutsche Bank Donation Fund. The award carried an endowment of €50,000, which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
Steven G. Horwitz was an American economist of the Austrian School. Horwitz was the Distinguished Professor of Free Enterprise in the department of economics in the Miller College of Business at Ball State University in Muncie, Indiana. In 2017, he retired as the Dana Professor of Economics Emeritus at St. Lawrence University.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
Randall D. Wright is a Canadian academic macroeconomist who advanced the fields of monetary economics and labor economics through his role in the development of matching theory.
Robert Wayne Clower was an American economist. He is credited with having largely created the field of stock-flow analysis in economics and with seminal works on the micro-foundations of monetary theory and macroeconomics.
Thomas Mayer was an Austrian-born American economist who was professor of economics at the University of California, Davis. He previously taught at West Virginia University, the University of Notre Dame, Michigan State University, and the University of California, Berkeley.
Charles Wyplosz is a French economist. He is an editor of the International Centre for Economic Policy Research's VoxEU and is currently the director of the International Centre for Monetary and Banking Studies (ICMB) and Professor of International Economics at the Graduate Institute in Geneva, Switzerland. He was a founding managing editor of Economic Policy.
David I. Meiselman was an American economist. Among his contributions to the field of economics are his work on the term structure of interest rates, the foundation today of the implementation of monetary policy by major central banks, and his work with Milton Friedman on the impact of monetary policy on the performance of the economy and inflation.
