Joseph Alois Schumpeter was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship.
Otto Karl Wilhelm Neurath was an Austrian-born philosopher of science, sociologist, and political economist. He was also the inventor of the ISOTYPE method of pictorial statistics and an innovator in museum practice. Before he fled his native country in 1934, Neurath was one of the leading figures of the Vienna Circle.
Creative destruction is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations.
Late capitalism is a concept first used in print by German economist Werner Sombart at the start of the 20th century. In the late 2010s, the term began to be used in the United States and Canada to refer to corporate capitalism.
Karl Renner was an Austrian politician and jurist of the Social Democratic Workers' Party of Austria. He is often referred to as the "Father of the Republics" because he led the first government of the Republic of German-Austria and the First Austrian Republic in 1919 and 1920, and was once again decisive in establishing the present Second Republic after the fall of Nazi Germany in 1945, becoming its first President after World War II.
Criticism of socialism is any critique of socialist economics and socialist models of organization and their feasibility, as well as the political and social implications of adopting such a system. Some critiques are not necessarily directed toward socialism as a system but rather toward the socialist movement, parties, or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many types of socialism, most critiques are focused on a specific type of socialism, that of the command economy and the experience of Soviet-type economies that may not apply to all forms of socialism as different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be achieved. Critics of specific models of socialism might be advocates of a different type of socialism.
Max Adler was an Austrian jurist, politician and social philosopher; his theories were of central importance to Austromarxism. He was a brother of Oskar Adler.
Elmar Altvater was professor of political science at the Otto-Suhr-Institut of the Free University of Berlin, before retiring on 30 September 2004. He continued to work at the institute, and published articles and books.
Ludwig Heinrich Edler von Mises was an Austrian-American economist, logician, sociologist and philosopher of economics of the Austrian school. Mises wrote and lectured extensively on the societal contributions of classical liberalism and the power of consumers. He is best known for his work in praxeology, particularly for studies comparing communism and capitalism, as well as for being a defender of classical liberalism in the face of rising illiberalism and authoritarianism throughout much of Europe during the 20th century.
Hyman Philip Minsky was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets.
Emil Sax was an Austrian economist from Javorník, Austrian Silesia.
Emil Lederer was a Bohemian-born German economist and sociologist.
Social democracy is a social, economic, and political philosophy within socialism that supports political and economic democracy and a gradualist, reformist and democratic approach toward achieving limited socialism. In modern practice, social democracy has taken the form of predominantly capitalist economies, with the state regulating the economy in the form of welfare capitalism, economic interventionism, partial public ownership, a robust welfare state, policies promoting social equality, and a more equitable distribution of income.
Capitalism, Socialism, and Democracy is a book on economics, sociology, and history by Joseph Schumpeter, arguably his most famous, controversial, and important work. It's also one of the most famous, controversial, and important books on social theory, social sciences, and economics—in which Schumpeter deals with capitalism, socialism, and creative destruction.
Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought.
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 the twentieth century. He was also a physician.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is associated with Marxian critique of political economy, and was further popularised through Marxist economics.
Hardy (Gerhard) Hanappi, son of Gerhard Hanappi, is a European political economist. He is ad personam Jean Monnet Chair for Political Economy of European Integration and professor at the Institute of Statistics and Mathematical Methods in Economics of the TU Wien.
Growth imperative is a term in economic theory regarding a possible necessity of economic growth. On the micro level, it describes mechanisms that force firms or consumers (households) to increase revenues or consumption to not endanger their income. On the macro level, a political growth imperative exists if economic growth is necessary to avoid economic and social instability or to retain democratic legitimacy, so that other political goals such as climate change mitigation or a reduction of inequality are subordinated to growth policies.
Fiscal sociology is the sociology of public finance, particularly tax policy. As a field, it seeks to explore the relationship that taxation constitutes between citizens and the state, including the cultural and historical factors that determine compliance with taxation. Joseph Schumpeter's 1918 work "The Crisis of the Tax State" is a founding text of fiscal sociology, though Schumpeter himself borrowed the term from the Austrian sociologist Rudolf Goldscheid's 1917 Staatssozialismus oder Staatskapitalismus. Since the 1990s, "new fiscal sociology" has analysed the foundational role of taxation as a cause, and not just an effect, of the emergence of modernity.
