Search results
Results from the WOW.Com Content Network
The Austrian school owes its name to members of the German historical school of economics, who argued against the Austrians during the late 19th-century Methodenstreit ("methodology struggle"), in which the Austrians defended the role of theory in economics as distinct from the study or compilation of historical circumstance.
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. [1]
Later, Mises made groundbreaking contributions to economic theory, [4] particularly in advancing the Austrian School of Economics by developing his own transformative ideas, including praxeology—a systematic framework for understanding human action [44] —and the economic calculation problem, [45] which challenged the feasibility of ...
The Lausanne School of economics is an extension of the neoclassical school of economic thought, named after the University of Lausanne in Switzerland. The school is primarily associated with Léon Walras and Vilfredo Pareto , both of whom held successive professorships in political economy at the university, in the latter half of the 19th ...
Austrian: Jagiellonian University: Founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo. Eugen von Böhm-Bawerk: 1851: 1914: Austro-Hungarian
The Austrian School of Economics was made up of Austrian economists Carl Menger, Eugen von Böhm-Bawerk, and Friedrich von Wieser, who developed the theory of capital and tried to explain economic crises. It was founded with the 1871 publication of Menger's Principles of Economics.
Schumpeter was educated at the Theresianum and began his career studying law at the University of Vienna under Eugen von Böhm-Bawerk, an economic theorist of the Austrian School. In 1906, he received his doctoral degree from the University of Vienna's faculty of law, with a specialisation in economics. [ 12 ]
Franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen von Böhm-Bawerk, one of the founders of the Austrian School of Economics. [40] Hayek's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium (secondary school) in Vienna. He wrote works in the field of ...