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Austrian economist Walter Block says that the Austrian school can be distinguished from other schools of economic thought through two categories—economic theory and political theory. According to Block, while Hayek can be considered an Austrian economist, his views on political theory clash with the libertarian political theory which Block ...
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]
Image Name Year of birth Year of death Nationality Alma mater (postgraduate) Notes Carl Menger: 1840: 1921: 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.
Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economics. Some more recent developments in economic thought such as feminist economics and ecological economics adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.
The modern definition of the word was first given by Alfred V. Espinas (1844–1922), [6] the French philosopher and sociologist; he was the forerunner of the Polish school of the science of efficient action. [2] The Austrian school of economics was based on a philosophical science of the same kind. [2]
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.
The Ludwig von Mises Institute holds a lecture named after Hayek every year at its Austrian Scholars Conference and invites notable academics to speak about subjects relating to Hayek's contributions to the Austrian School. George Mason University has an economics essay award named in honour of Hayek. [293]
Germany has historically been the main trading partner of Austria, making the Austrian economy vulnerable to rapid changes in the German economy. [23] However, since Austria became a member state of the European Union, it has gained closer ties to other European Union economies. This development reduced its economic dependence on Germany.