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.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-British economist and political philosopher who made contributions to economics, political philosophy, psychology, intellectual history, 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.
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
Israel Meir Kirzner is a British-born American economist closely identified with the Austrian School.
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.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
Armen Albert Alchian was an American economist. He spent almost his entire career at the University of California, Los Angeles (UCLA). A major microeconomic theorist, he is known as one of the founders of new institutional economics and widely acknowledged for his work on property rights.
Donald Charles Lavoie was an American economist of the Austrian School. He was influenced by Friedrich Hayek, Hans-Georg Gadamer, Michael Polanyi and Ludwig Lachmann. He wrote two books on the problem of economic calculation. His first book on this subject was Rivalry and Central Planning. This book stressed the importance of the process of competitive rivalry in markets. His second book was National Economic Planning: What Is Left?. This book dealt with the problem of non-comprehensive planning.
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics. These include institutional, evolutionary, feminist, social, post-Keynesian, ecological, Austrian, complexity, Marxian, socialist, and anarchist economics.
Jesús Huerta de Soto Ballester is a Spanish economist of the Austrian School. He is a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Mises Institute.
Peter Joseph Boettke is an American economist of the Austrian School. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at GMU.
Criticism of Marxism has come from various political ideologies and academic disciplines. This includes general intellectual criticism about dogmatism, a lack of internal consistency, criticism related to materialism, arguments that Marxism is a type of historical determinism or that it necessitates a suppression of individual rights, issues with the implementation of communism and economic issues such as the distortion or absence of price signals and reduced incentives. In addition, empirical and epistemological problems are frequently identified.
Mark Andrew Skousen is an American economist and writer. He currently teaches at Chapman University, where he is a Presidential Fellow at The George L. Argyros School of Business and Economics. He has previously taught at Columbia Business School, Mercy College, Barnard College, and Rollins College.
Whither Socialism? is a book on economics by Joseph Stiglitz, first published in 1994 by MIT Press.
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.
Thierry Aimar is a French specialist of the Austrian School of Economics and History of Economic Thought.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics. Instead, constitutional economics takes into account the impacts of political economic decisions as opposed to limiting its analysis to economic relationships as functions of the dynamics of distribution of marketable goods and services.
The Denationalisation of Money is a 1976 book by Friedrich Hayek, in which the author advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled Denationalisation of Money: The Argument Refined, where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes.
Karl Marx and the Close of His System is an 1896 book critical of the economic writings of Karl Marx by the Austrian economist Eugen von Böhm-Bawerk, in the critique he exposes some of the many flaws of the writings of Karl Marx. The text offered an early analysis of the contradictions of Marxist theory, a process of critical analysis of "Marxist Theory", that would go on to expose the many of the errors and systemic falsifications of "Marxism", see Criticism of Marxism.
Mario J. Rizzo is an American economist of the Austrian School. He serves as an Associate Professor of Economics at New York University.
