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> Friedrich Hayek put the Austrian in Austrian Economics No he didn't. The concept of 'Austrian Economics' was applied to Carl Menger a central part of the mar

by nickik 6y ago

> Friedrich Hayek put the Austrian in Austrian Economics No he didn't. The concept of 'Austrian Economics' was applied to Carl Menger a central part of the marginal revolution of the late 1800s. His books 1871 – 'Principles of Economics' and 'Investigations into the Method of the Social Sciences with Special Reference to Economics'. Are the foundation stone of Austrian economics.

SllX 6y ago
Hmm, if that’s the case then my understanding here was shallower than I thought and I have some reading of Menger to do.
- nickik 6y ago
  If you want some more detail, the term Austrian specifically was defined by the German Historical School. It was over a debate of method. See here: https://en.wikipedia.org/wiki/Methodenstreit https://en.wikipedia.org/wiki/Methodenstreit The most important Austrians you might want to study are: - Carl Menger (Microeconomics, Methodology) - Eugen von Böhm-Bawerk (Capital Theory, Famous for Marxist critics) - Friedrich von Wieser (Oppertunity cost) - Ludwig von Mises (Methodology, Buissess Cycle Theory, Political Philosophy) - F.A. Hayek (Buissess Cycle Theory, Information Economics, Political Philosophy) - Joseph Schumpeter (Austrian educated but went his own way in many ways) - Fritz Machlup (Buissess Cycle Theory, Trade) - Israel Kirzner, not actual Austrian (Entrepreneurship) - Murry Rothbard, also not Austrian (Political Philosophy) Of these Hayek, Schumpeter, Machlup and Mises all eventually tought in the US and Kirzner and Murry are US studends of them. There are books on the topic: - The Austrian School of Economics: A History of Its Ideas, Ambassadors, & Institutions Today there is split between those influence by Murray Rothbard, who has a perticular interpretation of Mises and very extrem views in many ways. The 'Ludwig von Mises Institute' is pushing this view, they are partly a lobby organisation. I don't think much of them. They tend to dislike Hayek. There is the more traditional more academic branch, tody mostly represented by George Mason University.

by nickik 6y ago

SllX 6y ago

Hmm, if that’s the case then my understanding here was shallower than I thought and I have some reading of Menger to do.

nickik 6y ago
If you want some more detail, the term Austrian specifically was defined by the German Historical School. It was over a debate of method. See here: https://en.wikipedia.org/wiki/Methodenstreit https://en.wikipedia.org/wiki/Methodenstreit The most important Austrians you might want to study are: - Carl Menger (Microeconomics, Methodology) - Eugen von Böhm-Bawerk (Capital Theory, Famous for Marxist critics) - Friedrich von Wieser (Oppertunity cost) - Ludwig von Mises (Methodology, Buissess Cycle Theory, Political Philosophy) - F.A. Hayek (Buissess Cycle Theory, Information Economics, Political Philosophy) - Joseph Schumpeter (Austrian educated but went his own way in many ways) - Fritz Machlup (Buissess Cycle Theory, Trade) - Israel Kirzner, not actual Austrian (Entrepreneurship) - Murry Rothbard, also not Austrian (Political Philosophy) Of these Hayek, Schumpeter, Machlup and Mises all eventually tought in the US and Kirzner and Murry are US studends of them. There are books on the topic: - The Austrian School of Economics: A History of Its Ideas, Ambassadors, & Institutions Today there is split between those influence by Murray Rothbard, who has a perticular interpretation of Mises and very extrem views in many ways. The 'Ludwig von Mises Institute' is pushing this view, they are partly a lobby organisation. I don't think much of them. They tend to dislike Hayek. There is the more traditional more academic branch, tody mostly represented by George Mason University.