CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Austrian school of economics - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"232cd582-5e40-4caa-bf1f-3600b0889624","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Austrian_school_of_economics","wgTitle":"Austrian school of economics","wgCurRevisionId":1254183256,"wgRevisionId":1254183256,"wgArticleId":1030,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["Articles with short description","Short description is different from Wikidata","Articles with excerpts","All articles with vague or ambiguous time","Vague or ambiguous time from September 2024","Inconsistent articles","Wikipedia articles needing page number citations from August 2011","Articles containing German-language text","Webarchive template wayback links","Commons category link is on Wikidata","Austrian School","Schools of economic thought", "Libertarian theory"],"wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Austrian_school_of_economics","wgRelevantArticleId":1030,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":60000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true, "wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q203411","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","mediawiki.page.media","ext.scribunto.logs","site", "mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/1200px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="1200"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/800px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="800"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/640px-Supply-demand-equilibrium.svg.png"> <meta property="og:image:width" content="640"> <meta property="og:image:height" content="640"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Austrian school of economics - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Austrian_school_of_economics"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Austrian_school_of_economics&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Austrian_school_of_economics"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Austrian_school_of_economics rootpage-Austrian_school_of_economics skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Austrian+school+of+economics" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Austrian+school+of+economics" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Austrian+school+of+economics" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Austrian+school+of+economics" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Etymology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Etymology"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Etymology</span> </div> </a> <ul id="toc-Etymology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-School_of_Salamanca" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#School_of_Salamanca"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>School of Salamanca</span> </div> </a> <ul id="toc-School_of_Salamanca-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-First_wave" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#First_wave"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>First wave</span> </div> </a> <ul id="toc-First_wave-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Early_20th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_20th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Early 20th century</span> </div> </a> <ul id="toc-Early_20th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Later_20th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Later_20th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Later 20th century</span> </div> </a> <ul id="toc-Later_20th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Split_among_contemporary_Austrians" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Split_among_contemporary_Austrians"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>Split among contemporary Austrians</span> </div> </a> <ul id="toc-Split_among_contemporary_Austrians-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Influence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Influence"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span>Influence</span> </div> </a> <ul id="toc-Influence-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Theory" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Theory</span> </div> </a> <button aria-controls="toc-Theory-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Theory subsection</span> </button> <ul id="toc-Theory-sublist" class="vector-toc-list"> <li id="toc-Fundamental_tenets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fundamental_tenets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Fundamental tenets</span> </div> </a> <ul id="toc-Fundamental_tenets-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Contributions_to_economic_thought" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Contributions_to_economic_thought"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Contributions to economic thought</span> </div> </a> <button aria-controls="toc-Contributions_to_economic_thought-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Contributions to economic thought subsection</span> </button> <ul id="toc-Contributions_to_economic_thought-sublist" class="vector-toc-list"> <li id="toc-Opportunity_cost" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Opportunity_cost"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Opportunity cost</span> </div> </a> <ul id="toc-Opportunity_cost-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Capital_and_interest" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Capital_and_interest"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Capital and interest</span> </div> </a> <ul id="toc-Capital_and_interest-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Inflation</span> </div> </a> <ul id="toc-Inflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_calculation_problem" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_calculation_problem"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Economic calculation problem</span> </div> </a> <ul id="toc-Economic_calculation_problem-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Business_cycles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Business_cycles"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Business cycles</span> </div> </a> <ul id="toc-Business_cycles-sublist" class="vector-toc-list"> <li id="toc-Central_banks" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5.1</span> <span>Central banks</span> </div> </a> <ul id="toc-Central_banks-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes_and_references" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes_and_references"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notes and references</span> </div> </a> <ul id="toc-Notes_and_references-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Austrian school of economics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 57 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-57" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">57 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D9%85%D8%AF%D8%B1%D8%B3%D8%A9_%D8%A7%D9%84%D9%86%D9%85%D8%B3%D8%A7%D9%88%D9%8A%D8%A9" title="المدرسة النمساوية – Arabic" lang="ar" hreflang="ar" data-title="المدرسة النمساوية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Escuela_austriaca" title="Escuela austriaca – Asturian" lang="ast" hreflang="ast" data-title="Escuela austriaca" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Avstriya_m%C9%99kt%C9%99bi" title="Avstriya məktəbi – Azerbaijani" lang="az" hreflang="az" data-title="Avstriya məktəbi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%A7%D9%88%D8%AA%D8%B1%DB%8C%D8%B4_%D9%85%DA%A9%D8%AA%D8%A8%DB%8C" title="اوتریش مکتبی – South Azerbaijani" lang="azb" hreflang="azb" data-title="اوتریش مکتبی" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%B8%E0%A7%8D%E0%A6%9F%E0%A7%8D%E0%A6%B0%E0%A6%BF%E0%A6%AF%E0%A6%BC%E0%A6%BE%E0%A6%A8_%E0%A6%B8%E0%A7%8D%E0%A6%95%E0%A7%81%E0%A6%B2_%E0%A6%85%E0%A6%AB_%E0%A6%87%E0%A6%95%E0%A7%8B%E0%A6%A8%E0%A6%AE%E0%A6%BF%E0%A6%95%E0%A7%8D%E0%A6%B8" title="অস্ট্রিয়ান স্কুল অফ ইকোনমিক্স – Bangla" lang="bn" hreflang="bn" data-title="অস্ট্রিয়ান স্কুল অফ ইকোনমিক্স" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/%C3%92-t%C4%93-l%C4%AB_Ha%CC%8Dk-ph%C3%A0i" title="Ò-tē-lī Ha̍k-phài – Minnan" lang="nan" hreflang="nan" data-title="Ò-tē-lī Ha̍k-phài" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%90%D1%9E%D1%81%D1%82%D1%80%D1%8B%D0%B9%D1%81%D0%BA%D0%B0%D1%8F_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Аўстрыйская школа – Belarusian" lang="be" hreflang="be" data-title="Аўстрыйская школа" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%90%D1%9E%D1%81%D1%82%D1%80%D1%8B%D0%B9%D1%81%D0%BA%D0%B0%D1%8F_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Аўстрыйская школа – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Аўстрыйская школа" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%90%D0%B2%D1%81%D1%82%D1%80%D0%B8%D0%B9%D1%81%D0%BA%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B0_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Австрийска икономическа школа – Bulgarian" lang="bg" hreflang="bg" data-title="Австрийска икономическа школа" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Austrijska_%C5%A1kola_(ekonomija)" title="Austrijska škola (ekonomija) – Bosnian" lang="bs" hreflang="bs" data-title="Austrijska škola (ekonomija)" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Escola_Austr%C3%ADaca" title="Escola Austríaca – Catalan" lang="ca" hreflang="ca" data-title="Escola Austríaca" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Rakousk%C3%A1_%C5%A1kola" title="Rakouská škola – Czech" lang="cs" hreflang="cs" data-title="Rakouská škola" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Den_%C3%B8strigske_skole" title="Den østrigske skole – Danish" lang="da" hreflang="da" data-title="Den østrigske skole" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://de.wikipedia.org/wiki/%C3%96sterreichische_Schule" title="Österreichische Schule – German" lang="de" hreflang="de" data-title="Österreichische Schule" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Austria_koolkond" title="Austria koolkond – Estonian" lang="et" hreflang="et" data-title="Austria koolkond" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%85%CF%83%CF%84%CF%81%CE%B9%CE%B1%CE%BA%CE%AE_%CE%A3%CF%87%CE%BF%CE%BB%CE%AE_%CE%9F%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE%CF%82_%CE%A3%CE%BA%CE%AD%CF%88%CE%B7%CF%82" title="Αυστριακή Σχολή Οικονομικής Σκέψης – Greek" lang="el" hreflang="el" data-title="Αυστριακή Σχολή Οικονομικής Σκέψης" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Escuela_austriaca" title="Escuela austriaca – Spanish" lang="es" hreflang="es" data-title="Escuela austriaca" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/A%C5%ADstria_skolo_de_ekonomiko" title="Aŭstria skolo de ekonomiko – Esperanto" lang="eo" hreflang="eo" data-title="Aŭstria skolo de ekonomiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Austriar_eskola" title="Austriar eskola – Basque" lang="eu" hreflang="eu" data-title="Austriar eskola" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%DA%A9%D8%AA%D8%A8_%D8%A7%D8%AA%D8%B1%DB%8C%D8%B4" title="مکتب اتریش – Persian" lang="fa" hreflang="fa" data-title="مکتب اتریش" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fo mw-list-item"><a href="https://fo.wikipedia.org/wiki/Eysturr%C3%ADkis_flokkurin" title="Eysturríkis flokkurin – Faroese" lang="fo" hreflang="fo" data-title="Eysturríkis flokkurin" data-language-autonym="Føroyskt" data-language-local-name="Faroese" class="interlanguage-link-target"><span>Føroyskt</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89cole_autrichienne_(%C3%A9conomie)" title="École autrichienne (économie) – French" lang="fr" hreflang="fr" data-title="École autrichienne (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Escola_Austr%C3%ADaca_de_Econom%C3%ADa" title="Escola Austríaca de Economía – Galician" lang="gl" hreflang="gl" data-title="Escola Austríaca de Economía" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%98%A4%EC%8A%A4%ED%8A%B8%EB%A6%AC%EC%95%84_%ED%95%99%ED%8C%8C" title="오스트리아 학파 – Korean" lang="ko" hreflang="ko" data-title="오스트리아 학파" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D5%BE%D5%BD%D5%BF%D6%80%D5%AB%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A4%D5%BA%D6%80%D5%B8%D6%81" title="Ավստրիական դպրոց – Armenian" lang="hy" hreflang="hy" data-title="Ավստրիական դպրոց" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Austrijska_%C5%A1kola" title="Austrijska škola – Croatian" lang="hr" hreflang="hr" data-title="Austrijska škola" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Mazhab_Austria" title="Mazhab Austria – Indonesian" lang="id" hreflang="id" data-title="Mazhab Austria" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Austurr%C3%ADsku_hagfr%C3%A6%C3%B0ingarnir" title="Austurrísku hagfræðingarnir – Icelandic" lang="is" hreflang="is" data-title="Austurrísku hagfræðingarnir" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Scuola_austriaca" title="Scuola austriaca – Italian" lang="it" hreflang="it" data-title="Scuola austriaca" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%90%D7%A1%D7%9B%D7%95%D7%9C%D7%94_%D7%94%D7%90%D7%95%D7%A1%D7%98%D7%A8%D7%99%D7%AA" title="האסכולה האוסטרית – Hebrew" lang="he" hreflang="he" data-title="האסכולה האוסטרית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%90%E1%83%95%E1%83%A1%E1%83%A2%E1%83%A0%E1%83%98%E1%83%A3%E1%83%9A%E1%83%98_%E1%83%A1%E1%83%99%E1%83%9D%E1%83%9A%E1%83%90" title="ავსტრიული სკოლა – Georgian" lang="ka" hreflang="ka" data-title="ავსტრიული სკოლა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Shule_ya_Austria" title="Shule ya Austria – Swahili" lang="sw" hreflang="sw" data-title="Shule ya Austria" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target"><span>Kiswahili</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%90%D0%B2%D1%81%D1%82%D1%80%D0%B8%D1%8F%D0%BB%D1%8B%D0%BA_%D0%BC%D0%B5%D0%BA%D1%82%D0%B5%D0%BF" title="Австриялык мектеп – Kyrgyz" lang="ky" hreflang="ky" data-title="Австриялык мектеп" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Austr%C5%B3_ekonomikos_mokykla" title="Austrų ekonomikos mokykla – Lithuanian" lang="lt" hreflang="lt" data-title="Austrų ekonomikos mokykla" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Scoeula_austriega" title="Scoeula austriega – Lombard" lang="lmo" hreflang="lmo" data-title="Scoeula austriega" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Osztr%C3%A1k_k%C3%B6zgazdas%C3%A1gtani_iskola" title="Osztrák közgazdaságtani iskola – Hungarian" lang="hu" hreflang="hu" data-title="Osztrák közgazdaságtani iskola" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Oostenrijkse_school" title="Oostenrijkse school – Dutch" lang="nl" hreflang="nl" data-title="Oostenrijkse school" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%AA%E3%83%BC%E3%82%B9%E3%83%88%E3%83%AA%E3%82%A2%E5%AD%A6%E6%B4%BE" title="オーストリア学派 – Japanese" lang="ja" hreflang="ja" data-title="オーストリア学派" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_%C3%B8sterrikske_skole" title="Den østerrikske skole – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den østerrikske skole" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Avstriya_maktabi" title="Avstriya maktabi – Uzbek" lang="uz" hreflang="uz" data-title="Avstriya maktabi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A7%D8%AA%D8%B1%DB%8C%D8%B4%D9%8A_%D9%85%DA%A9%D8%AA%D8%A8" title="اتریشي مکتب – Pashto" lang="ps" hreflang="ps" data-title="اتریشي مکتب" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Szko%C5%82a_austriacka" title="Szkoła austriacka – Polish" lang="pl" hreflang="pl" data-title="Szkoła austriacka" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Escola_Austr%C3%ADaca" title="Escola Austríaca – Portuguese" lang="pt" hreflang="pt" data-title="Escola Austríaca" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/%C8%98coala_austriac%C4%83_de_economie" title="Școala austriacă de economie – Romanian" lang="ro" hreflang="ro" data-title="Școala austriacă de economie" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%90%D0%B2%D1%81%D1%82%D1%80%D0%B8%D0%B9%D1%81%D0%BA%D0%B0%D1%8F_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Австрийская школа – Russian" lang="ru" hreflang="ru" data-title="Австрийская школа" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Shkolla_Austriake" title="Shkolla Austriake – Albanian" lang="sq" hreflang="sq" data-title="Shkolla Austriake" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Austrian_School" title="Austrian School – Simple English" lang="en-simple" hreflang="en-simple" data-title="Austrian School" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Rak%C3%BAska_ekonomick%C3%A1_%C5%A1kola" title="Rakúska ekonomická škola – Slovak" lang="sk" hreflang="sk" data-title="Rakúska ekonomická škola" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D9%82%D9%88%D8%AA%D8%A7%D8%A8%D8%AE%D8%A7%D9%86%DB%95%DB%8C_%D9%86%DB%95%D9%85%D8%B3%D8%A7%DB%8C%DB%8C" title="قوتابخانەی نەمسایی – Central Kurdish" lang="ckb" hreflang="ckb" data-title="قوتابخانەی نەمسایی" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%90%D1%83%D1%81%D1%82%D1%80%D0%B8%D1%98%D1%81%D0%BA%D0%B0_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Аустријска школа – Serbian" lang="sr" hreflang="sr" data-title="Аустријска школа" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/It%C3%A4valtalainen_taloustiede" title="Itävaltalainen taloustiede – Finnish" lang="fi" hreflang="fi" data-title="Itävaltalainen taloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/%C3%96sterrikiska_skolan" title="Österrikiska skolan – Swedish" lang="sv" hreflang="sv" data-title="Österrikiska skolan" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Austriyanong_pag-aaral_ng_ekonomika" title="Austriyanong pag-aaral ng ekonomika – Tagalog" lang="tl" hreflang="tl" data-title="Austriyanong pag-aaral ng ekonomika" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Avusturya_Okulu" title="Avusturya Okulu – Turkish" lang="tr" hreflang="tr" data-title="Avusturya Okulu" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%90%D0%B2%D1%81%D1%82%D1%80%D1%96%D0%B9%D1%81%D1%8C%D0%BA%D0%B0_%D1%88%D0%BA%D0%BE%D0%BB%D0%B0" title="Австрійська школа – Ukrainian" lang="uk" hreflang="uk" data-title="Австрійська школа" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Tr%C6%B0%E1%BB%9Dng_ph%C3%A1i_kinh_t%E1%BA%BF_h%E1%BB%8Dc_%C3%81o" title="Trường phái kinh tế học Áo – Vietnamese" lang="vi" hreflang="vi" data-title="Trường phái kinh tế học Áo" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%A5%A7%E5%9C%B0%E5%88%A9%E5%AD%B8%E6%B4%BE" title="奧地利學派 – Chinese" lang="zh" hreflang="zh" data-title="奧地利學派" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q203411#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Austrian_school_of_economics" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Austrian_school_of_economics" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Austrian_school_of_economics"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Austrian_school_of_economics"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Austrian_school_of_economics" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Austrian_school_of_economics" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&oldid=1254183256" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Austrian_school_of_economics&id=1254183256&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FAustrian_school_of_economics"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FAustrian_school_of_economics"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Austrian_school_of_economics&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Austrian_school_of_economics&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Austrian_School" hreflang="en"><span>Wikimedia Commons</span></a></li><li class="wb-otherproject-link wb-otherproject-wikiquote mw-list-item"><a href="https://en.wikiquote.org/wiki/Austrian_School" hreflang="en"><span>Wikiquote</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q203411" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">School of economic thought</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Economy_of_Austria" title="Economy of Austria">Economy of Austria</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">"Austrian school" redirects here. For the education system in Austria, see <a href="/wiki/Education_in_Austria" title="Education in Austria">Education in Austria</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><style data-mw-deduplicate="TemplateStyles:r1246091330">.mw-parser-output .sidebar{width:22em;float:right;clear:right;margin:0.5em 0 1em 1em;background:var(--background-color-neutral-subtle,#f8f9fa);border:1px solid var(--border-color-base,#a2a9b1);padding:0.2em;text-align:center;line-height:1.4em;font-size:88%;border-collapse:collapse;display:table}body.skin-minerva .mw-parser-output .sidebar{display:table!important;float:right!important;margin:0.5em 0 1em 1em!important}.mw-parser-output .sidebar-subgroup{width:100%;margin:0;border-spacing:0}.mw-parser-output .sidebar-left{float:left;clear:left;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-none{float:none;clear:both;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-outer-title{padding:0 0.4em 0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Austrian_School" title="Category:Austrian School">a series on</a> the</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Austrian_school" class="mw-redirect" title="Austrian school">Austrian school</a></th></tr><tr><td class="sidebar-image" style="padding: 0.4em 0 0.4em;"><span typeof="mw:File"><a href="/wiki/Austrian_school" title="Austrian school"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/100px-An_Austrian_School_crest_-_Grey.png" decoding="async" width="100" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/150px-An_Austrian_School_crest_-_Grey.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/An_Austrian_School_crest_-_Grey.png/200px-An_Austrian_School_crest_-_Grey.png 2x" data-file-width="595" data-file-height="595" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Principal works</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><i><a href="/wiki/Capital_and_Interest" title="Capital and Interest">Capital and Interest</a></i></li> <li><i><a href="/wiki/Human_Action" title="Human Action">Human Action</a></i></li> <li><i><a href="/wiki/Individualism_and_Economic_Order" title="Individualism and Economic Order">Individualism and Economic Order</a></i></li> <li><i><a href="/wiki/Man,_Economy,_and_State" title="Man, Economy, and State">Man, Economy, and State</a></i></li> <li><i><a href="/wiki/Principles_of_Economics_(Menger)" class="mw-redirect" title="Principles of Economics (Menger)">Principles of Economics</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal school</a></li> <li><a href="/wiki/School_of_Brentano" title="School of Brentano">School of Brentano</a></li> <li><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Theories and ideologies</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle</a></li> <li><a href="/wiki/Catallactics" title="Catallactics">Catallactics</a></li> <li><a href="/wiki/Creative_destruction" title="Creative destruction">Creative destruction</a></li> <li><a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">Economic calculation problem</a></li> <li><a href="/wiki/Austrian_school#Inflation" class="mw-redirect" title="Austrian school">View of inflation</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a> <ul><li><a href="/wiki/Libertarianism_in_the_United_States" title="Libertarianism in the United States">Libertarianism in the United States</a></li></ul></li> <li><a href="/wiki/Malinvestment" title="Malinvestment">Malinvestment</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Methodological_individualism" title="Methodological individualism">Methodological individualism</a></li> <li><a href="/wiki/Praxeology#Austrian_economics" title="Praxeology">Praxeology</a></li> <li><a href="/wiki/Roundaboutness" title="Roundaboutness">Roundaboutness</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Subjective_theory_of_value" title="Subjective theory of value">Subjective theory of value</a></li> <li><a href="/wiki/Time_preference#Austrian_economics" title="Time preference">Theory of interest</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Organizations, universities, and think tanks</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a></li> <li><a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a></li> <li><a href="/wiki/George_Mason_University" title="George Mason University">George Mason University</a></li> <li><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></li> <li><a href="/wiki/The_Independent_Institute" class="mw-redirect" title="The Independent Institute">The Independent Institute</a></li> <li><a href="/wiki/Liberty_Fund" title="Liberty Fund">Liberty Fund</a></li> <li><a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a></li> <li><a href="/wiki/Mercatus_Center" title="Mercatus Center">Mercatus Center</a></li> <li><a href="/wiki/Property_and_Freedom_Society" title="Property and Freedom Society">Property and Freedom Society</a></li> <li><a href="/wiki/Reason_Foundation" title="Reason Foundation">Reason Foundation</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)"><a href="/wiki/List_of_Austrian-school_economists" title="List of Austrian-school economists">People</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Böhm-Bawerk</a></li> <li><a href="/wiki/Walter_Block" title="Walter Block">Block</a></li> <li><a href="/wiki/Peter_Boettke" title="Peter Boettke">Boettke</a></li> <li><a href="/wiki/Thomas_DiLorenzo" title="Thomas DiLorenzo">DiLorenzo</a></li> <li><a href="/wiki/Frank_Fetter" title="Frank Fetter">Fetter</a></li> <li><a href="/wiki/Roger_Garrison" title="Roger Garrison">Garrison</a></li> <li><a href="/wiki/Gottfried_Haberler" title="Gottfried Haberler">Haberler</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Hazlitt</a></li> <li><a href="/wiki/Adam_Heydel" title="Adam Heydel">Heydel</a></li> <li><a href="/wiki/Robert_Higgs" title="Robert Higgs">Higgs</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Steven_Horwitz" title="Steven Horwitz">Horwitz</a></li> <li><a href="/wiki/J%C3%B6rg_Guido_H%C3%BClsmann" title="Jörg Guido Hülsmann">Hülsmann</a></li> <li><a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Huerta de Soto</a></li> <li><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Kirzner</a></li> <li><a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Lachmann</a></li> <li><a href="/wiki/Don_Lavoie" title="Don Lavoie">Lavoie</a></li> <li><a href="/wiki/Peter_Leeson" title="Peter Leeson">Leeson</a></li> <li><a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Machlup</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Mises</a></li> <li><a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Morgenstern</a></li> <li><a href="/wiki/Robert_P._Murphy" title="Robert P. Murphy">Murphy</a></li> <li><a href="/wiki/William_H._Peterson" title="William H. Peterson">Peterson</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Joseph_T._Salerno" title="Joseph T. Salerno">Salerno</a></li> <li><a href="/wiki/Mark_Skousen" title="Mark Skousen">Skousen</a></li> <li><a href="/wiki/Richard_Ritter_von_Strigl" title="Richard Ritter von Strigl">Strigl</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Wieser</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#e6e6ff;text-align:center;;color: var(--color-base)">Variants and related topics</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho-capitalism</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below" style="font-weight:bold;"> <span class="nowrap"><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></span></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Austrian_School_sidebar" title="Template:Austrian School sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Austrian_School_sidebar" title="Template talk:Austrian School sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Austrian_School_sidebar" title="Special:EditPage/Template:Austrian School sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>Austrian school</b> is a <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox</a><sup id="cite_ref-Boettke_and_Leeson_1-0" class="reference"><a href="#cite_note-Boettke_and_Leeson-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">school of economic thought</a> that advocates strict adherence to <a href="/wiki/Methodological_individualism" title="Methodological individualism">methodological individualism</a>, the concept that social phenomena result primarily from the motivations and actions of individuals along with their <a href="/wiki/Self_interest" class="mw-redirect" title="Self interest">self interest</a>. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Mises_Action_6-0" class="reference"><a href="#cite_note-Mises_Action-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The Austrian school originated<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="apparent internal inconsistency in main text (September 2024)">when?</span></a></i>]</sup> in <a href="/wiki/Vienna" title="Vienna">Vienna</a> with the work of <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a>, <a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Eugen von Böhm-Bawerk</a>, <a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a>, and others.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> It was methodologically opposed to the <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school</a>, in a dispute known as <i><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></i>, or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the <a href="/wiki/Subjective_theory_of_value" title="Subjective theory of value">subjective theory of value</a>, <a href="/wiki/Marginalism" title="Marginalism">marginalism</a> in <a href="/wiki/Microeconomics" title="Microeconomics">price theory</a> and the formulation of the <a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">economic calculation problem</a><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In the 1970s, the Austrian school attracted some renewed interest after <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> shared the 1974 <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Memorial Prize in Economic Sciences</a> with <a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a>.<sup id="cite_ref-GMeijer_9-0" class="reference"><a href="#cite_note-GMeijer-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Jean-baptiste_Say.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Jean-baptiste_Say.jpg/150px-Jean-baptiste_Say.jpg" decoding="async" width="150" height="161" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Jean-baptiste_Say.jpg/225px-Jean-baptiste_Say.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/2/2e/Jean-baptiste_Say.jpg 2x" data-file-width="230" data-file-height="247" /></a><figcaption><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Jean-Baptiste Say</a>. The <a href="/wiki/French_liberal_school" title="French liberal school">French liberal school</a> of political economy is an intellectual ancestor of Austrian school of economics.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Etymology">Etymology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=2" title="Edit section: Etymology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Austrian school owes its name to members of the German <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">historical school of economics</a>, who argued against the Austrians during the late 19th-century <i><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></i> ("methodology struggle"), in which the Austrians defended the role of theory in economics as distinct from the study or compilation of historical circumstance. In 1883, Menger published <i>Investigations into the Method of the Social Sciences with Special Reference to Economics</i>, which attacked the methods of the historical school. <a href="/wiki/Gustav_von_Schmoller" title="Gustav von Schmoller">Gustav von Schmoller</a>, a leader of the historical school, responded with an unfavorable review, coining the term "Austrian school" in an attempt to characterize the school as outcast and provincial.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The label endured and was adopted by the adherents themselves.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="School_of_Salamanca">School of Salamanca</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=3" title="Edit section: School of Salamanca"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/School_of_Salamanca" title="School of Salamanca">Salamanca School of economic thought</a>, emerging in 16th-century Spain, is often regarded as an early precursor to the Austrian School of Economics due to its development of the subjective theory of value and its advocacy for <a href="/wiki/Free_market" title="Free market">free-market</a> principles. Scholars from the <a href="/wiki/University_of_Salamanca" title="University of Salamanca">University of Salamanca</a>, such as <a href="/wiki/Francisco_de_Vitoria" title="Francisco de Vitoria">Francisco de Vitoria</a> and <a href="/wiki/Luis_de_Molina" title="Luis de Molina">Luis de Molina</a>, argued that the value of goods was determined by individual preferences rather than intrinsic factors, foreshadowing later Austrian ideas. They also emphasized the importance of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> in setting prices and maintaining <a href="/wiki/Hard_currency" title="Hard currency">sound money</a>, laying the groundwork for modern economic concepts that the Austrian School would later refine and expand upon.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="First_wave">First wave</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=4" title="Edit section: First wave"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Carl_Menger.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a3/Carl_Menger.jpg/150px-Carl_Menger.jpg" decoding="async" width="150" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a3/Carl_Menger.jpg/225px-Carl_Menger.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/a/a3/Carl_Menger.jpg 2x" data-file-width="239" data-file-height="300" /></a><figcaption><a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a></figcaption></figure> <p>The school originated in <a href="/wiki/Vienna" title="Vienna">Vienna</a> in the <a href="/wiki/Austrian_Empire" title="Austrian Empire">Austrian Empire</a>.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Cleanup" title="Wikipedia:Cleanup"><span title="i.e. before "Menger's 1871 book"? (September 2024)">inconsistent</span></a></i>]</sup> <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a>'s 1871 book <i><a href="/wiki/Principles_of_Economics_(Menger)" class="mw-redirect" title="Principles of Economics (Menger)">Principles of Economics</a></i> is generally considered the founding of the Austrian school. The book was one of the first modern treatises to advance the theory of <a href="/wiki/Marginal_utility" title="Marginal utility">marginal utility</a>. The Austrian school was one of three founding currents of the marginalist revolution of the 1870s, with its major contribution being the introduction of the subjectivist approach in economics.<sup id="cite_ref-keizer_14-0" class="reference"><a href="#cite_note-keizer-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (August 2011)">page needed</span></a></i>]</sup> </p><p>Despite such claim, <a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">John Stuart Mill</a> had used <i>value in use</i> in this sense in 1848 in <i><a href="/wiki/Principles_of_Political_Economy" title="Principles of Political Economy">Principles of Political Economy</a></i>,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> where he wrote: "Value in use, or as <a href="/wiki/Thomas_De_Quincey" title="Thomas De Quincey">Mr. De Quincey</a> calls it, <i><a href="/wiki/Teleology" title="Teleology">teleologic</a></i> value, is the extreme limit of value in exchange. The exchange value of a thing may fall short, to any amount, of its value in use; but that it can ever exceed the value in use, implies a contradiction; it supposes that persons will give, to possess a thing, more than the utmost value which they themselves put upon it as a means of gratifying their inclinations."<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>While marginalism was generally influential, there was also a more specific school that began to coalesce around Menger's work, which came to be known as the "psychological school", "Vienna school", or "Austrian school".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Menger's contributions to economic theory were closely followed by those of <a href="/wiki/Eugen_B%C3%B6hm_von_Bawerk" class="mw-redirect" title="Eugen Böhm von Bawerk">Eugen Böhm von Bawerk</a> and <a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a>. These three economists became what is known as the "first wave" of the Austrian school. Böhm-Bawerk wrote extensive critiques of <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> in the 1880s and 1890s and was part of the Austrians' participation in the late 19th-century <span title="German-language text"><i lang="de"><a href="/wiki/Methodenstreit" title="Methodenstreit">Methodenstreit</a></i></span>, during which they attacked the <a href="/wiki/Hegelianism" class="mw-redirect" title="Hegelianism">Hegelian</a> doctrines of the <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">historical school</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Early_20th_century">Early 20th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=5" title="Edit section: Early 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Frank_Albert_Fetter" class="mw-redirect" title="Frank Albert Fetter">Frank Albert Fetter</a> (1863–1949) was a leader in the United States of Austrian thought. He obtained his PhD in 1894 from the <a href="/wiki/University_of_Halle" class="mw-redirect" title="University of Halle">University of Halle</a> and then was made Professor of Political Economy and Finance at <a href="/wiki/Cornell_University" title="Cornell University">Cornell</a> University in 1901. Several important Austrian economists trained at the University of Vienna in the 1920s and later participated in private seminars held by <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a>. These included <a href="/wiki/Gottfried_Haberler" title="Gottfried Haberler">Gottfried Haberler</a>,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>, <a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a>,<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Karl_Menger" title="Karl Menger">Karl Menger</a> (son of Carl Menger),<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Oskar Morgenstern</a>,<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Paul Rosenstein-Rodan,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Abraham_Wald" title="Abraham Wald">Abraham Wald</a>,<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> and Michael A. Heilperin,<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> among others, as well as the sociologist <a href="/wiki/Alfred_Sch%C3%BCtz" title="Alfred Schütz">Alfred Schütz</a>.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Later_20th_century">Later 20th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=6" title="Edit section: Later 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Campus_of_Mises_Institute.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/Campus_of_Mises_Institute.jpg/330px-Campus_of_Mises_Institute.jpg" decoding="async" width="330" height="103" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/Campus_of_Mises_Institute.jpg/495px-Campus_of_Mises_Institute.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/29/Campus_of_Mises_Institute.jpg/660px-Campus_of_Mises_Institute.jpg 2x" data-file-width="2651" data-file-height="827" /></a><figcaption>Campus of <a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a>, in <a href="/wiki/Auburn,_Alabama" title="Auburn, Alabama">Auburn, Alabama</a></figcaption></figure> <p>By the mid-1930s, most economists had embraced what they considered the important contributions of the early Austrians.<sup id="cite_ref-Boettke_and_Leeson_1-1" class="reference"><a href="#cite_note-Boettke_and_Leeson-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Fritz Machlup quoted Hayek's statement that "the greatest success of a school is that it stops existing because its fundamental teachings have become parts of the general body of commonly accepted thought".<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Sometime during the middle of the 20th century, Austrian economics became disregarded or derided by mainstream economists because it rejected <a href="/wiki/Economic_model" title="Economic model">model</a> building and mathematical and statistical methods in the study of economics.<sup id="cite_ref-Backhouse_27-0" class="reference"><a href="#cite_note-Backhouse-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Mises' student <a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a> recalled that in 1954, when Kirzner was pursuing his PhD, there was no separate Austrian school as such. When Kirzner was deciding which graduate school to attend, Mises had advised him to accept an offer of admission at Johns Hopkins because it was a prestigious university and <a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a> taught there.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>After the 1940s, Austrian economics can be divided into two schools of economic thought and the school split to some degree in the late 20th century. One camp of Austrians, exemplified by Mises, regards <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> methodology to be irredeemably flawed; the other camp, exemplified by <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>, accepts a large part of neoclassical methodology and is more accepting of government intervention in the economy.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a> wrote economics columns and editorials for a number of publications and wrote many books on the topic of Austrian economics from the 1930s to the 1980s. Hazlitt's thinking was influenced by Mises.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> His book <i><a href="/wiki/Economics_in_One_Lesson" title="Economics in One Lesson">Economics in One Lesson</a></i> (1946) sold over a million copies and he is also known for <i><a href="/wiki/The_Failure_of_the_New_Economics" title="The Failure of the New Economics">The Failure of the "New Economics"</a></i> (1959), a line-by-line critique of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>'s <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">General Theory</a></i>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>The reputation of the Austrian school rose in the late 20th century due in part to the work of Israel Kirzner and <a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Ludwig Lachmann</a> at <a href="/wiki/New_York_University" title="New York University">New York University</a> and to renewed public awareness of the work of Hayek after he won the 1974 Nobel Memorial Prize in Economic Sciences.<sup id="cite_ref-Meijer_1995_32-0" class="reference"><a href="#cite_note-Meijer_1995-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Hayek's work was influential in the revival of <i>laissez-faire</i> thought in the 20th century.<sup id="cite_ref-raico_33-0" class="reference"><a href="#cite_note-raico-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Split_among_contemporary_Austrians">Split among contemporary Austrians</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=7" title="Edit section: Split among contemporary Austrians"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economist <a href="/wiki/Leland_Yeager" class="mw-redirect" title="Leland Yeager">Leland Yeager</a> discussed the late 20th-century rift and referred to a discussion written by <a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a>, <a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a>, <a href="/wiki/Joseph_Salerno_(economist)" class="mw-redirect" title="Joseph Salerno (economist)">Joseph Salerno</a> and others in which they attack and disparage Hayek. Yeager stated: "To try to drive a wedge between Mises and Hayek on [the role of knowledge in economic calculation], especially to the disparagement of Hayek, is unfair to these two great men, unfaithful to the history of economic thought". He went on to call the rift subversive to economic analysis and the historical understanding of the fall of Eastern European communism.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>In a 1999 book published by the <a href="/wiki/Mises_Institute" title="Mises Institute">Ludwig von Mises Institute</a>,<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Hoppe asserted that Rothbard was the leader of the "mainstream within Austrian Economics" and contrasted Rothbard with Nobel Laureate Friedrich Hayek, whom he identified as a <a href="/wiki/British_empiricism" class="mw-redirect" title="British empiricism">British empiricist</a> and an opponent of the thought of Mises and Rothbard. Hoppe acknowledged that Hayek was the most prominent Austrian economist within academia, but stated that Hayek was an opponent of the Austrian tradition which led from Carl Menger and Böhm-Bawerk through Mises to Rothbard. Austrian economist <a href="/wiki/Walter_Block" title="Walter Block">Walter Block</a> 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 <a href="/wiki/Libertarianism_in_the_United_States" title="Libertarianism in the United States">libertarian</a> political theory which Block sees as an integral part of the Austrian school.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Both criticism from Hoppe and Block to Hayek apply to Carl Menger, the founder of the Austrian school. Hoppe emphasizes that Hayek, which for him is from the English empirical tradition, is an opponent of the supposed rationalist tradition of the Austrian school; Menger made strong critiques to rationalism in his works in similar vein as Hayek's.<sup id="cite_ref-:0_38-0" class="reference"><a href="#cite_note-:0-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> He emphasized the idea that there are several institutions which were not deliberately created, have a kind of "superior wisdom" and serve important functions to society.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:0_38-1" class="reference"><a href="#cite_note-:0-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> He also talked about <a href="/wiki/Edmund_Burke" title="Edmund Burke">Edmund Burke</a> and the English tradition to sustain these positions.<sup id="cite_ref-:0_38-2" class="reference"><a href="#cite_note-:0-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p><p>When saying that the libertarian political theory is an integral part of the Austrian school and supposing Hayek is not a libertarian, Block excludes Menger from the Austrian school, too, since Menger seems to defend broader state activity than Hayek—for example, progressive taxation and extensive labour legislation.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Economists of the Hayekian view are affiliated with the <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>, <a href="/wiki/George_Mason_University" title="George Mason University">George Mason University</a> (GMU) and New York University, among other institutions. They include <a href="/wiki/Peter_Boettke" title="Peter Boettke">Peter Boettke</a>, <a href="/wiki/Roger_Garrison" title="Roger Garrison">Roger Garrison</a>, <a href="/wiki/Steven_Horwitz" title="Steven Horwitz">Steven Horwitz</a>, <a href="/wiki/Peter_Leeson" title="Peter Leeson">Peter Leeson</a> and <a href="/wiki/George_Reisman" title="George Reisman">George Reisman</a>. Economists of the Mises–Rothbard view include <a href="/wiki/Walter_Block" title="Walter Block">Walter Block</a>, <a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a>, <a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Jesús Huerta de Soto</a> and <a href="/wiki/Robert_P._Murphy" title="Robert P. Murphy">Robert P. Murphy</a>, each of whom is associated with the <a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a><sup id="cite_ref-faculty_42-0" class="reference"><a href="#cite_note-faculty-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> and some of them also with academic institutions.<sup id="cite_ref-faculty_42-1" class="reference"><a href="#cite_note-faculty-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> According to Murphy, a "truce between (for lack of better terms) the GMU Austro-libertarians and the Auburn Austro-libertarians" was signed around 2011.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Yaeger_Truth_and_Beauty_44-0" class="reference"><a href="#cite_note-Yaeger_Truth_and_Beauty-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Influence">Influence</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=8" title="Edit section: Influence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many theories developed by "first wave" Austrian economists have long been absorbed into <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> These include Carl Menger's theories on marginal utility, Friedrich von Wieser's theories on <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> and Eugen Böhm von Bawerk's theories on time preference, as well as Menger and Böhm-Bawerk's criticisms of <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a>.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>Former <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">American Federal Reserve</a> Chairman <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> said that the founders of the Austrian school "reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in this country".<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> In 1987, Nobel Laureate <a href="/wiki/James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a> told an interviewer: "I have no objections to being called an Austrian. Hayek and Mises might consider me an Austrian but, surely some of the others would not".<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p>Currently, universities with a significant Austrian presence are <a href="/wiki/George_Mason_University" title="George Mason University">George Mason University</a>,<sup id="cite_ref-fee_49-0" class="reference"><a href="#cite_note-fee-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> <a href="/wiki/New_York_University" title="New York University">New York University</a>, <a href="/wiki/Grove_City_College" title="Grove City College">Grove City College</a>, <a href="/wiki/Loyola_University_New_Orleans" title="Loyola University New Orleans">Loyola University New Orleans</a>, <a href="/wiki/Monmouth_College" title="Monmouth College">Monmouth College</a>, and <a href="/wiki/Auburn_University" title="Auburn University">Auburn University</a> in the United States; <a href="/wiki/King_Juan_Carlos_University" title="King Juan Carlos University">King Juan Carlos University</a> in Spain;<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Universidad_Francisco_Marroqu%C3%ADn" title="Universidad Francisco Marroquín">Universidad Francisco Marroquín</a> in Guatemala.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Austrian economic ideas are also promoted by privately funded organizations such as the <a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Theory">Theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=9" title="Edit section: Theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The Austrian school theorizes that the subjective choices of individuals including individual knowledge, time, expectation and other subjective factors cause all economic phenomena. Austrians seek to understand the economy by examining the social ramifications of individual choice, an approach called <a href="/wiki/Methodological_individualism" title="Methodological individualism">methodological individualism</a>. It differs from other schools of economic thought, which have focused on aggregate variables, equilibrium analysis, and societal groups rather than individuals.<sup id="cite_ref-White_Methodology_55-0" class="reference"><a href="#cite_note-White_Methodology-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Ludwig_von_Mises.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Ludwig_von_Mises.jpg/150px-Ludwig_von_Mises.jpg" decoding="async" width="150" height="205" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Ludwig_von_Mises.jpg/225px-Ludwig_von_Mises.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Ludwig_von_Mises.jpg/300px-Ludwig_von_Mises.jpg 2x" data-file-width="2181" data-file-height="2979" /></a><figcaption><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></figcaption></figure> <p>In the 20th and 21st centuries, economists with a methodological lineage to the early Austrian school developed many diverse approaches and theoretical orientations. <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> organized his version of the subjectivist approach, which he called "<a href="/wiki/Praxeology" title="Praxeology">praxeology</a>", in a book published in English as <i><a href="/wiki/Human_Action" title="Human Action">Human Action</a></i> in 1949.<sup id="cite_ref-Ludwigvon_56-0" class="reference"><a href="#cite_note-Ludwigvon-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 3">: 3 </span></sup> In it, Mises stated that praxeology could be used to deduce <i>a priori</i> theoretical economic truths and that deductive economic <a href="/wiki/Thought_experiment" title="Thought experiment">thought experiments</a> could yield conclusions which follow irrefutably from the underlying assumptions. He wrote that conclusions could not be inferred from empirical observation or statistical analysis and argued against the use of probabilities in economic models.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p><p>Since Mises' time, some Austrian thinkers have accepted his praxeological approach while others have adopted alternative methodologies.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> For example, <a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a>, <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> and others did not take Mises' strong <i>a priori</i> approach to economics.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Ludwig Lachmann</a>, a radical subjectivist, also largely rejected Mises' formulation of Praxeology in favor of the <i>verstehende Methode</i> ("interpretive method") articulated by <a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a>.<sup id="cite_ref-White_Methodology_55-1" class="reference"><a href="#cite_note-White_Methodology-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Ludwig_60-0" class="reference"><a href="#cite_note-Ludwig-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>In the 20th century, various Austrians incorporated models and mathematics into their analysis. Austrian economist <a href="/wiki/Steven_Horwitz" title="Steven Horwitz">Steven Horwitz</a> argued in 2000 that Austrian methodology is consistent with <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a> and that Austrian macroeconomics can be expressed in terms of <a href="/wiki/Microeconomics" title="Microeconomics">microeconomic</a> foundations.<sup id="cite_ref-Horwitz,_Steven_2000_61-0" class="reference"><a href="#cite_note-Horwitz,_Steven_2000-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> Austrian economist Roger Garrison writes that Austrian macroeconomic theory can be correctly expressed in terms of <a href="/wiki/Diagram" title="Diagram">diagrammatic models</a>.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> In 1944, Austrian economist Oskar Morgenstern presented a rigorous schematization of an ordinal utility function (the <a href="/wiki/Von_Neumann%E2%80%93Morgenstern_utility_theorem" title="Von Neumann–Morgenstern utility theorem">Von Neumann–Morgenstern utility theorem</a>) in <i><a href="/wiki/Theory_of_Games_and_Economic_Behavior" title="Theory of Games and Economic Behavior">Theory of Games and Economic Behavior</a></i>.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Fundamental_tenets">Fundamental tenets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=10" title="Edit section: Fundamental tenets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1981, <a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a> listed the typical views of Austrian economic thinking as such:<sup id="cite_ref-Machlup_Mises_64-0" class="reference"><a href="#cite_note-Machlup_Mises-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p> <ul><li><b><a href="/wiki/Methodological_individualism" title="Methodological individualism">Methodological individualism</a></b>: in the explanation of economic phenomena, we have to go back to the actions (or inaction) of individuals; groups or "collectives" cannot act except through the actions of individual members. Groups do not think; people think.</li> <li><b>Methodological subjectivism</b>: the judgments and choices made by individuals on the basis of whatever knowledge they have or believe to have, and whatever expectations they have regarding external developments and the consequences of their actions.</li> <li><b>Tastes and preferences</b>: subjective valuations of goods and services determine the demand for them so that their prices are influenced by consumers.</li> <li><b><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity costs</a></b>: the costs of the alternative opportunities that must be foregone; as productive services are employed for one purpose, all alternative uses have to be sacrificed.</li> <li><b><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></b>: in all economic designs, the values, costs, revenues, productivity and so on are determined by the significance of the last unit added to or subtracted from the total.</li> <li><b>Time structure of production and consumption</b>: decisions to save reflect "time preferences" regarding consumption in the immediate, distant, or indefinite future and investments are made in view of larger outputs expected to be obtained if more time-taking production processes are undertaken.</li></ul> <p>He included two additional tenets held by the Mises branch of Austrian economics: </p> <ul><li><b><a href="/wiki/Consumer_sovereignty" title="Consumer sovereignty">Consumer sovereignty</a></b>: the influence consumers have on the effective demand for goods and services and through the prices which result in free competitive markets, on the production plans of producers and investors, is not merely a hard fact but also an important objective, attainable only by complete avoidance of governmental interference with the markets and of restrictions on the freedom of sellers and buyers to follow their own judgment regarding quantities, qualities and prices of products and services.</li> <li><b><a href="/wiki/Individualism" title="Individualism">Political individualism</a></b>: only when individuals are given full economic freedom will it be possible to secure political and moral freedom. Restrictions on economic freedom lead, sooner or later, to an extension of the coercive activities of the state into the political domain, undermining and eventually destroying the essential individual liberties which the capitalistic societies were able to attain in the 19th century.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Contributions_to_economic_thought">Contributions to economic thought</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=11" title="Edit section: Contributions to economic thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Opportunity_cost">Opportunity cost</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=12" title="Edit section: Opportunity cost"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity cost</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1wieser.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/5/54/1wieser.jpg" decoding="async" width="130" height="164" class="mw-file-element" data-file-width="130" data-file-height="164" /></a><figcaption><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a></figcaption></figure> <p>The opportunity cost doctrine was first explicitly formulated by the Austrian economist <a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a> in the late 19th century.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several <a href="/wiki/Mutually_exclusive" class="mw-redirect" title="Mutually exclusive">mutually exclusive</a> choices.<sup id="cite_ref-investopedia_66-0" class="reference"><a href="#cite_note-investopedia-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Although a more ephemeral scarcity, expectations of the future must also be considered. Quantified as <a href="/wiki/Time_preference" title="Time preference">time preference</a>, opportunity cost must also be valued with respect to one's preference for present versus future investments.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>Opportunity cost is a key concept in mainstream <a href="/wiki/Economics" title="Economics">economics</a> and has been described as expressing "the basic relationship between <a href="/wiki/Scarcity" title="Scarcity">scarcity</a> and <a href="/wiki/Utility" title="Utility">choice</a>".<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> The notion of opportunity cost plays a crucial part in ensuring that resources are used efficiently.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Capital_and_interest">Capital and interest</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=13" title="Edit section: Capital and interest"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Capital_and_Interest" title="Capital and Interest">Capital and Interest</a>, <a href="/wiki/Marginalism" title="Marginalism">Marginalism</a>, <a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a>, and <a href="/wiki/Time_preference" title="Time preference">Time preference</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1Bawerk.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/1Bawerk.png/150px-1Bawerk.png" decoding="async" width="150" height="184" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/1Bawerk.png/225px-1Bawerk.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b3/1Bawerk.png/300px-1Bawerk.png 2x" data-file-width="305" data-file-height="374" /></a><figcaption><a href="/wiki/Eugen_B%C3%B6hm_von_Bawerk" class="mw-redirect" title="Eugen Böhm von Bawerk">Eugen Böhm von Bawerk</a></figcaption></figure> <p>The Austrian theory of capital and interest was first developed by <a href="/wiki/Eugen_B%C3%B6hm_von_Bawerk" class="mw-redirect" title="Eugen Böhm von Bawerk">Eugen Böhm von Bawerk</a>. He stated that interest rates and profits are determined by two factors, namely <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> in the market for final goods and time preference.<sup id="cite_ref-BohmBawerkEugen_70-0" class="reference"><a href="#cite_note-BohmBawerkEugen-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p><p>Böhm-Bawerk's theory equates <a href="/wiki/Capital_intensity" title="Capital intensity">capital intensity</a> with the degree of <a href="/wiki/Roundaboutness" title="Roundaboutness">roundaboutness</a> of production processes. Böhm-Bawerk also argued that the law of <a href="/wiki/Marginal_utility" title="Marginal utility">marginal utility</a> necessarily implies the classical law of costs. However, many Austrian economists such as <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a>,<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a>,<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Ludwig Lachmann</a>,<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Jesús Huerta de Soto</a><sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> entirely reject a productivity explanation for interest rates, viewing the average period of production as an unfortunate remnant of damaged classical economic thought on Böhm-Bawerk. </p> <div class="mw-heading mw-heading3"><h3 id="Inflation">Inflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=14" title="Edit section: Inflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Monetary_inflation" title="Monetary inflation">Monetary inflation</a></div><p> In Mises's definition, inflation is an increase in the supply of money:<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style></p><blockquote class="templatequote"><p>In theoretical investigation there is only one meaning that can rationally be attached to the expression Inflation: an increase in the quantity of money (in the broader sense of the term, so as to include fiduciary media as well), that is not offset by a corresponding increase in the need for money (again in the broader sense of the term), so that a fall in the objective exchange-value of money must occur.<sup id="cite_ref-TheTheory_76-0" class="reference"><a href="#cite_note-TheTheory-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup></p></blockquote><p> Hayek claimed that inflationary stimulation exploits the lag between an increase in money supply and the consequent increase in the prices of goods and services: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"></p><blockquote class="templatequote"><p>And since any inflation, however modest at first, can help employment only so long as it accelerates, adopted as a means of reducing unemployment, it will do so for any length of time only while it accelerates. "Mild" steady inflation cannot help—it can lead only to outright inflation. That inflation at a constant rate soon ceases to have any stimulating effect, and in the end merely leaves us with a backlog of delayed adaptations, is the conclusive argument against the "mild" inflation represented as beneficial even in standard economics textbooks.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Even prominent Austrian economists have been confused since Austrians define inflation as 'increase in money supply' while most people including most economists define inflation as 'rising prices'.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Economic_calculation_problem">Economic calculation problem</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=15" title="Edit section: Economic calculation problem"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_calculation_problem" title="Economic calculation problem">Economic calculation problem</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Friedrich_Hayek_portrait.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Friedrich_Hayek_portrait.jpg/150px-Friedrich_Hayek_portrait.jpg" decoding="async" width="150" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Friedrich_Hayek_portrait.jpg/225px-Friedrich_Hayek_portrait.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Friedrich_Hayek_portrait.jpg/300px-Friedrich_Hayek_portrait.jpg 2x" data-file-width="576" data-file-height="720" /></a><figcaption><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Israel_Kirzner.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Israel_Kirzner.jpg/150px-Israel_Kirzner.jpg" decoding="async" width="150" height="205" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/d/d4/Israel_Kirzner.jpg 1.5x" data-file-width="155" data-file-height="212" /></a><figcaption><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a></figcaption></figure> <p>The economic calculation problem refers to a criticism of <a href="/wiki/Planned_economy" title="Planned economy">planned economies</a> which was first stated by <a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a> in 1920. Mises subsequently discussed Weber's idea with his student Friedrich Hayek, who developed it in various works including <i><a href="/wiki/The_Road_to_Serfdom" title="The Road to Serfdom">The Road to Serfdom</a></i>.<sup id="cite_ref-autogenerated5_79-0" class="reference"><a href="#cite_note-autogenerated5-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> What the calculation problem essentially states is that without price signals, the <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a> cannot be allocated in the most efficient way possible, rendering planned economies inefficacious. </p><p>Austrian theory emphasizes the <a href="/wiki/Spontaneous_order" title="Spontaneous order">organizing power</a> of markets. Hayek stated that market prices reflect information, the totality of which is not known to any single individual, which determines the allocation of resources in an economy. Because socialist systems lack the individual incentives and <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a> processes by which individuals act on their personal information, Hayek argued that socialist economic planners lack all of the knowledge required to make optimal decisions. Those who agree with this criticism view it as a refutation of socialism, showing that socialism is not a viable or sustainable form of economic organization. The debate rose to prominence in the 1920s and 1930s and that specific period of the debate has come to be known by historians of economic thought as the <a href="/wiki/Socialist_calculation_debate" title="Socialist calculation debate">socialist calculation debate</a>.<sup id="cite_ref-School_81-0" class="reference"><a href="#cite_note-School-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>Mises argued in a 1920 essay "<a href="/wiki/Economic_Calculation_in_the_Socialist_Commonwealth" title="Economic Calculation in the Socialist Commonwealth">Economic Calculation in the Socialist Commonwealth</a>" that the pricing systems in socialist economies were necessarily deficient because if the government owned the <a href="/wiki/Means_of_production" title="Means of production">means of production</a>, then no prices could be obtained for <a href="/wiki/Capital_good" class="mw-redirect" title="Capital good">capital goods</a> as they were merely internal transfers of goods in a socialist system and not "objects of exchange", unlike final goods. Therefore, they were unpriced and hence the system would be necessarily inefficient since the central planners would not know how to allocate the available resources efficiently.<sup id="cite_ref-School_81-1" class="reference"><a href="#cite_note-School-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> This led him to write "that rational economic activity is impossible in a socialist commonwealth".<sup id="cite_ref-Mises_82-0" class="reference"><a href="#cite_note-Mises-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Business_cycles">Business cycles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=16" title="Edit section: Business cycles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle theory</a></div> <p>The Austrian theory of the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a> (ABCT) focuses on banks' issuance of credit as the cause of economic fluctuations.<sup id="cite_ref-ReferenceA_83-0" class="reference"><a href="#cite_note-ReferenceA-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> Although later elaborated by Hayek and others, the theory was first set forth by Mises, who posited that fractional reserve banks extend credit at artificially low interest rates, causing businesses to invest in relatively <a href="/wiki/Roundaboutness" title="Roundaboutness">roundabout</a> production processes which leads to an artificial "boom". Mises stated that this artificial "boom" then led to a misallocation of resources which he called "<a href="/wiki/Malinvestment" title="Malinvestment">malinvestment</a>" – which eventually must end in a "bust".<sup id="cite_ref-ReferenceA_83-1" class="reference"><a href="#cite_note-ReferenceA-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>Mises surmised that government manipulation of money and credit in the banking system throws savings and investment out of balance, resulting in misdirected investment projects that are eventually found to be unsustainable, at which point the economy has to rebalance itself through a period of corrective recession.<sup id="cite_ref-:1_84-0" class="reference"><a href="#cite_note-:1-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> Austrian economist Fritz Machlup summarized the Austrian view by stating, "monetary factors cause the cycle but real phenomena constitute it."<sup id="cite_ref-:2_85-0" class="reference"><a href="#cite_note-:2-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> This may be unrealistic since successful entrepreneurs will realise that interest rates are artificially low and will adjust their investment decisions based on projected long term interest rates.<sup id="cite_ref-Caplan_86-0" class="reference"><a href="#cite_note-Caplan-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> For Austrians, the only prudent strategy for government is to leave money and the financial system to the free market's competitive forces to eradicate the business cycle's inflationary booms and recessionary busts, allowing markets to keep people's saving and investment decisions in place for well-coordinated economic stability and growth.<sup id="cite_ref-:1_84-1" class="reference"><a href="#cite_note-:1-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> would suggest government intervention during a recession to inject spending into the economy when people will not. However, the heart of Austrian macroeconomic theory assumes the government "fine tuning" through expansions and contractions in the money supply orchestrated by the government are actually the cause of business cycles because of the differing impact of the resulting interest rate changes on different stages in the structure of production.<sup id="cite_ref-:2_85-1" class="reference"><a href="#cite_note-:2-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> Austrian economist Thomas Woods further supports this view by arguing it is not consumption, but rather production that should be emphasized. A country cannot become rich by consuming, and therefore, by using up all their resources. Instead, production is what enables consumption as a possibility in the first place, since a producer would be working for nothing, if not for the desire to consume.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Central_banks">Central banks</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=17" title="Edit section: Central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a>, <a href="/wiki/Central_bank" title="Central bank">central banks</a> enable the <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> to fund loans at artificially low interest rates, thereby inducing an unsustainable expansion of bank credit and impeding any subsequent contraction and argued for a <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> to constrain growth in fiduciary media.<sup id="cite_ref-ReferenceA_83-2" class="reference"><a href="#cite_note-ReferenceA-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> took a different perspective not focusing on gold but focusing on regulation of the banking sector via strong <a href="/wiki/Central_banking" class="mw-redirect" title="Central banking">central banking</a>.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>Some economists argue money is <a href="/wiki/Endogenous_money" title="Endogenous money">endogenous</a>, and argue that this refutes the <a href="/wiki/Austrian_Business_Cycle_Theory" class="mw-redirect" title="Austrian Business Cycle Theory">Austrian Business Cycle Theory</a>. However, this would simply shift the brunt of the blame from central banks to private banks when it comes to credit expansion; the fundamental underlying issue would be the same, and a free-market full-reserve system would still be the fix. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=18" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 14em;"> <ul><li><a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a><sup id="cite_ref-Paul2009_89-0" class="reference"><a href="#cite_note-Paul2009-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Eugen von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a></li> <li><a href="/wiki/Hard_money_(policy)" title="Hard money (policy)">Hard money (policy)</a></li> <li><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a></li> <li><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a></li> <li><a href="/wiki/List_of_Austrian_intellectual_traditions" title="List of Austrian intellectual traditions">List of Austrian intellectual traditions</a></li> <li><a href="/wiki/List_of_Austrian_school_economists" class="mw-redirect" title="List of Austrian school economists">List of Austrian school economists</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economics</a></li> <li><a href="/wiki/Perspectives_on_capitalism_by_school_of_thought" title="Perspectives on capitalism by school of thought">Perspectives on capitalism by school of thought</a></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes_and_references">Notes and references</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=19" title="Edit section: Notes and references"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-Boettke_and_Leeson-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Boettke_and_Leeson_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Boettke_and_Leeson_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBoettkeLeeson2003" class="citation book cs1">Boettke, Peter J.; <a href="/wiki/Peter_T._Leeson" class="mw-redirect" title="Peter T. Leeson">Leeson, Peter T.</a> (2003). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=3H8gBQv5MysC&pg=PA445">"28A: The Austrian School of Economics 1950–2000"</a>. In <a href="/wiki/Warren_Samuels" title="Warren Samuels">Samuels, Warren</a>; Biddle, Jeff E.; Davis, John B. (eds.). <i>A Companion to the History of Economic Thought</i>. Blackwell Publishing. pp. 446–452. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-631-22573-7" title="Special:BookSources/978-0-631-22573-7"><bdi>978-0-631-22573-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=28A%3A+The+Austrian+School+of+Economics+1950%E2%80%932000&rft.btitle=A+Companion+to+the+History+of+Economic+Thought&rft.pages=446-452&rft.pub=Blackwell+Publishing&rft.date=2003&rft.isbn=978-0-631-22573-7&rft.aulast=Boettke&rft.aufirst=Peter+J.&rft.au=Leeson%2C+Peter+T.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D3H8gBQv5MysC%26pg%3DPA445&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/node/21542174">"Heterodox economics: Marginal revolutionaries"</a>. <i>The Economist</i>. December 31, 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120222004727/http://www.economist.com/node/21542174">Archived</a> from the original on February 22, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">February 22,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Heterodox+economics%3A+Marginal+revolutionaries&rft.date=2011-12-31&rft_id=https%3A%2F%2Fwww.economist.com%2Fnode%2F21542174&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDenis2008" class="citation journal cs1">Denis, Andy (2008). <a rel="nofollow" class="external text" href="https://openaccess.city.ac.uk/id/eprint/3961/">"Dialectics and the Austrian School: A Surprising Commonality in the Methodology of Heterodox Economics?"</a>. <i>The Journal of Philosophical Economics</i>. <b>1</b> (2): 151–173<span class="reference-accessdate">. Retrieved <span class="nowrap">19 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Philosophical+Economics&rft.atitle=Dialectics+and+the+Austrian+School%3A+A+Surprising+Commonality+in+the+Methodology+of+Heterodox+Economics%3F&rft.volume=1&rft.issue=2&rft.pages=151-173&rft.date=2008&rft.aulast=Denis&rft.aufirst=Andy&rft_id=https%3A%2F%2Fopenaccess.city.ac.uk%2Fid%2Feprint%2F3961%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMenger2007" class="citation book cs1">Menger, Carl (2007) [1871]. <a rel="nofollow" class="external text" href="https://cdn.mises.org/principles_of_economics.pdf"><i>Principles of Economics</i></a> <span class="cs1-format">(PDF)</span>. Translated by Dingwall, James; Hoselitz, Bert F. Auburn, Alabama: Ludwig von Mises Institute.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+Economics&rft.place=Auburn%2C+Alabama&rft.pub=Ludwig+von+Mises+Institute&rft.date=2007&rft.aulast=Menger&rft.aufirst=Carl&rft_id=https%3A%2F%2Fcdn.mises.org%2Fprinciples_of_economics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeath2018" class="citation book cs1">Heath, Joseph (1 May 2018). Zalta, Edward N. (ed.). <a rel="nofollow" class="external text" href="https://plato.stanford.edu/archives/spr2015/entries/methodological-individualism/"><i>The Stanford Encyclopedia of Philosophy</i></a>. Metaphysics Research Lab, Stanford University<span class="reference-accessdate">. Retrieved <span class="nowrap">1 May</span> 2018</span> – via Stanford Encyclopedia of Philosophy.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Stanford+Encyclopedia+of+Philosophy&rft.pub=Metaphysics+Research+Lab%2C+Stanford+University&rft.date=2018-05-01&rft.aulast=Heath&rft.aufirst=Joseph&rft_id=https%3A%2F%2Fplato.stanford.edu%2Farchives%2Fspr2015%2Fentries%2Fmethodological-individualism%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Mises_Action-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-Mises_Action_6-0">^</a></b></span> <span class="reference-text">Ludwig von Mises. <a href="/wiki/Human_Action" title="Human Action">Human Action</a>, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Joseph A. Schumpeter, History of economic analysis, Oxford University Press 1996, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0195105599" title="Special:BookSources/978-0195105599">978-0195105599</a>.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBirnervan_Zijp1994" class="citation book cs1">Birner, Jack; van Zijp, Rudy (1994). <a rel="nofollow" class="external text" href="https://archive.org/details/hayekcoordinatio0000unse"><i>Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas</i></a>. London, New York: <a href="/wiki/Routledge" title="Routledge">Routledge</a>. p. <a rel="nofollow" class="external text" href="https://archive.org/details/hayekcoordinatio0000unse/page/94">94</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-09397-2" title="Special:BookSources/978-0-415-09397-2"><bdi>978-0-415-09397-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hayek%2C+Co-ordination+and+Evolution%3A+His+Legacy+in+Philosophy%2C+Politics%2C+Economics+and+the+History+of+Ideas&rft.place=London%2C+New+York&rft.pages=94&rft.pub=Routledge&rft.date=1994&rft.isbn=978-0-415-09397-2&rft.aulast=Birner&rft.aufirst=Jack&rft.au=van+Zijp%2C+Rudy&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhayekcoordinatio0000unse&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-GMeijer-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-GMeijer_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeijer1995" class="citation book cs1">Meijer, G. (1995). <i>New Perspectives on Austrian Economics</i>. New York: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-12283-2" title="Special:BookSources/978-0-415-12283-2"><bdi>978-0-415-12283-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=New+Perspectives+on+Austrian+Economics&rft.place=New+York&rft.pub=Routledge&rft.date=1995&rft.isbn=978-0-415-12283-2&rft.aulast=Meijer&rft.aufirst=G.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">"Menger's approach – haughtily dismissed by the leader of the German Historical School, Gustav Schmoller, as merely 'Austrian', the origin of that label – led to a renaissance of theoretical economics in Europe and, later, in the United States." <a href="/wiki/Peter_G._Klein" title="Peter G. Klein">Peter G. Klein</a>, in "Forward" to <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMenger2007" class="citation book cs1">Menger, Carl (2007) [1871]. <a rel="nofollow" class="external text" href="https://cdn.mises.org/principles_of_economics.pdf"><i>Principles of Economics</i></a> <span class="cs1-format">(PDF)</span>. Translated by Dingwall, James; Hoselitz, Bert F. Auburn, Alabama: Ludwig von Mises Institute. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-933550-12-1" title="Special:BookSources/978-1-933550-12-1"><bdi>978-1-933550-12-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+Economics&rft.place=Auburn%2C+Alabama&rft.pub=Ludwig+von+Mises+Institute&rft.date=2007&rft.isbn=978-1-933550-12-1&rft.aulast=Menger&rft.aufirst=Carl&rft_id=https%3A%2F%2Fcdn.mises.org%2Fprinciples_of_economics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvon_Mises1984" class="citation book cs1">von Mises, Ludwig (1984) [1969]. <a rel="nofollow" class="external text" href="https://mises.org/etexts/histsetting.pdf"><i>The Historical Setting of the Austrian School of Economics</i></a> <span class="cs1-format">(PDF)</span>. Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140624182138/http://www.mises.org/etexts/histsetting.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2014-06-24.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Historical+Setting+of+the+Austrian+School+of+Economics&rft.pub=Ludwig+von+Mises+Institute.&rft.date=1984&rft.aulast=von+Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Fetexts%2Fhistsetting.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrice-Hutchinson1952" class="citation book cs1">Grice-Hutchinson, Marjorie (1952). <a rel="nofollow" class="external text" href="https://cdn.mises.org/The%20School%20of%20Salamanca_3.pdf"><i>The School of Salamanca</i></a> <span class="cs1-format">(PDF)</span>. Oxford at the Clarendon Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+School+of+Salamanca&rft.pub=Oxford+at+the+Clarendon+Press&rft.date=1952&rft.aulast=Grice-Hutchinson&rft.aufirst=Marjorie&rft_id=https%3A%2F%2Fcdn.mises.org%2FThe%2520School%2520of%2520Salamanca_3.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/mises-daily/new-light-prehistory-austrian-school">"New Light on the Prehistory of the Austrian School | Mises Institute"</a>. <i>mises.org</i>. 2006-11-10<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-09-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=mises.org&rft.atitle=New+Light+on+the+Prehistory+of+the+Austrian+School+%7C+Mises+Institute&rft.date=2006-11-10&rft_id=https%3A%2F%2Fmises.org%2Fmises-daily%2Fnew-light-prehistory-austrian-school&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-keizer-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-keizer_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKeizer1997" class="citation book cs1">Keizer, Willem (1997). <i>Austrian Economics in Debate</i>. New York: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-14054-6" title="Special:BookSources/978-0-415-14054-6"><bdi>978-0-415-14054-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Austrian+Economics+in+Debate&rft.place=New+York&rft.pub=Routledge&rft.date=1997&rft.isbn=978-0-415-14054-6&rft.aulast=Keizer&rft.aufirst=Willem&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Ahiakpor, J. C. W. (2003): <i>Classical Macroeconomics. Some Modern Variations and Distortions</i>, Routledge, p. 21.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Mill, J. S. (1848). <i>Principles of Political Economy.</i></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKirzner1987" class="citation journal cs1">Kirzner, Israel M. (1987). "Austrian School of Economics". <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>. <b>1</b>: 145–151.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Palgrave%3A+A+Dictionary+of+Economics&rft.atitle=Austrian+School+of+Economics&rft.volume=1&rft.pages=145-151&rft.date=1987&rft.aulast=Kirzner&rft.aufirst=Israel+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSalerno2007" class="citation web cs1">Salerno, Joseph T. (1 August 2007). <a rel="nofollow" class="external text" href="https://mises.org/page/1452/Biography-of-Gottfried-Haberler-19011995">"Biography of Gottfried Haberler (1901–1995)"</a>. <i>Mises Institute</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140914003239/https://mises.org/page/1452/Biography-of-Gottfried-Haberler-19011995">Archived</a> from the original on 2014-09-14.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mises+Institute&rft.atitle=Biography+of+Gottfried+Haberler+%281901%E2%80%931995%29&rft.date=2007-08-01&rft.aulast=Salerno&rft.aufirst=Joseph+T.&rft_id=https%3A%2F%2Fmises.org%2Fpage%2F1452%2FBiography-of-Gottfried-Haberler-19011995&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/page/1457/Biography-of-Fritz-Machlup-19021983">"Biography of Fritz Machlup"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130705121450/http://mises.org/page/1457/Biography-of-Fritz-Machlup-19021983">Archived</a> from the original on 5 July 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">16 June</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Biography+of+Fritz+Machlup&rft_id=https%3A%2F%2Fmises.org%2Fpage%2F1457%2FBiography-of-Fritz-Machlup-19021983&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.iit.edu/csl/am/about/menger/about.shtml">"About Karl Menger – Department of Applied Mathematics – IIT College of Science – Illinois Institute of Technology"</a>. <i>www.iit.edu</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131029202644/http://www.iit.edu/csl/am/about/menger/about.shtml">Archived</a> from the original on 29 October 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">1 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.iit.edu&rft.atitle=About+Karl+Menger+%E2%80%93+Department+of+Applied+Mathematics+%E2%80%93+IIT+College+of+Science+%E2%80%93+Illinois+Institute+of+Technology&rft_id=http%3A%2F%2Fwww.iit.edu%2Fcsl%2Fam%2Fabout%2Fmenger%2Fabout.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://library.duke.edu/rubenstein/findingaids/morgenst/">"Guide to the Oskar Morgenstern Papers, 1866–1992 and undated"</a>. <i>Rubenstein Library</i>. Duke University. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121017075648/http://library.duke.edu/rubenstein/findingaids/morgenst/">Archived</a> from the original on 2012-10-17.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Rubenstein+Library&rft.atitle=Guide+to+the+Oskar+Morgenstern+Papers%2C+1866%E2%80%931992+and+undated&rft_id=http%3A%2F%2Flibrary.duke.edu%2Frubenstein%2Ffindingaids%2Fmorgenst%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://archives.lse.ac.uk/Record.aspx?src=CalmView.Catalog&id=COLL+MISC+0324">"Rodan; Paul Rosenstein (1902–1985); political economist"</a>. Archive at London School of Economics.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Rodan%3B+Paul+Rosenstein+%281902%E2%80%931985%29%3B+political+economist&rft.pub=Archive+at+London+School+of+Economics&rft_id=http%3A%2F%2Farchives.lse.ac.uk%2FRecord.aspx%3Fsrc%3DCalmView.Catalog%26id%3DCOLL%2BMISC%2B0324&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMorgenstern1951" class="citation journal cs1">Morgenstern, Oskar (October 1951). "Abraham Wald, 1902–1950". <i>Econometrica</i>. <b>19</b> (4). The Econometric Society: 361–367. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1907462">10.2307/1907462</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1907462">1907462</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econometrica&rft.atitle=Abraham+Wald%2C+1902%E2%80%931950&rft.volume=19&rft.issue=4&rft.pages=361-367&rft.date=1951-10&rft_id=info%3Adoi%2F10.2307%2F1907462&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1907462%23id-name%3DJSTOR&rft.aulast=Morgenstern&rft.aufirst=Oskar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/library/studies-economic-nationalism">"Studies in Economic Nationalism"</a>. 18 August 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Studies+in+Economic+Nationalism&rft.date=2014-08-18&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fstudies-economic-nationalism&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist" style="display:inline-flex;--size:100%; max-width:max(15em, calc(var(--size) - 3.2em));"><ul style="display:inline-block"><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKurrild-Klitgaard2003" class="citation journal cs1"><a href="/wiki/Peter_Kurrild-Klitgaard" title="Peter Kurrild-Klitgaard">Kurrild-Klitgaard, Peter</a> (Summer 2003). <a rel="nofollow" class="external text" href="http://mises.org/journals/qjae/pdf/qjae6_2_2.pdf">"The Viennese Connection: Alfred Schutz and the Austrian School"</a> <span class="cs1-format">(PDF)</span>. <i>Quarterly Journal of Austrian Economics</i>. <b>6</b> (2): 35–67. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs12113-003-1018-y">10.1007/s12113-003-1018-y</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154202208">154202208</a>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/http://mises.org/journals/qjae/pdf/qjae6_2_2.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2022-10-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2022-08-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quarterly+Journal+of+Austrian+Economics&rft.atitle=The+Viennese+Connection%3A+Alfred+Schutz+and+the+Austrian+School&rft.ssn=summer&rft.volume=6&rft.issue=2&rft.pages=35-67&rft.date=2003&rft_id=info%3Adoi%2F10.1007%2Fs12113-003-1018-y&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154202208%23id-name%3DS2CID&rft.aulast=Kurrild-Klitgaard&rft.aufirst=Peter&rft_id=http%3A%2F%2Fmises.org%2Fjournals%2Fqjae%2Fpdf%2Fqjae6_2_2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKurrild-Klitgaard2001" class="citation journal cs1"><a href="/wiki/Peter_Kurrild-Klitgaard" title="Peter Kurrild-Klitgaard">Kurrild-Klitgaard, Peter</a> (2001). "On Rationality, Ideal Types and Economics: Alfred Schütz and the Austrian School". <i>The Review of Austrian Economics</i>. <b>14</b> (2/3): 119–143. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1023%2FA%3A1011199831428">10.1023/A:1011199831428</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:33060092">33060092</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Review+of+Austrian+Economics&rft.atitle=On+Rationality%2C+Ideal+Types+and+Economics%3A+Alfred+Sch%C3%BCtz+and+the+Austrian+School&rft.volume=14&rft.issue=2%2F3&rft.pages=119-143&rft.date=2001&rft_id=info%3Adoi%2F10.1023%2FA%3A1011199831428&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A33060092%23id-name%3DS2CID&rft.aulast=Kurrild-Klitgaard&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li></ul></div></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/daily/1700/Ludwig-von-Mises-A-Scholar-Who-Would-Not-Compromise">"Ludwig von Mises: A Scholar Who Would Not Compromise"</a>. 15 December 2004. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140914002324/https://mises.org/daily/1700/Ludwig-von-Mises-A-Scholar-Who-Would-Not-Compromise">Archived</a> from the original on 2014-09-14<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-09-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Ludwig+von+Mises%3A+A+Scholar+Who+Would+Not+Compromise&rft.date=2004-12-15&rft_id=https%3A%2F%2Fmises.org%2Fdaily%2F1700%2FLudwig-von-Mises-A-Scholar-Who-Would-Not-Compromise&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span> Homage to Mises by Fritz Machlup 1981.</span> </li> <li id="cite_note-Backhouse-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Backhouse_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBackhouse2000" class="citation journal cs1">Backhouse, Roger E (January 2000). <a rel="nofollow" class="external text" href="https://mises.org/library/austrian-economics-and-mainstream-view-boundary">"Austrian economics and the mainstream: View from the boundary"</a>. <i>The Quarterly Journal of Austrian Economics</i>. <b>3</b> (2): 31–43. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs12113-000-1002-8">10.1007/s12113-000-1002-8</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154604886">154604886</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170210110045/https://mises.org/library/austrian-economics-and-mainstream-view-boundary">Archived</a> from the original on 2017-02-10<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-01-24</span></span>. <q>Hayek did not fall out of favor because he was not Keynesian (neither are Friedman or Lucas) but because he was perceived to be doing neither rigorous theory nor empirical work</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Quarterly+Journal+of+Austrian+Economics&rft.atitle=Austrian+economics+and+the+mainstream%3A+View+from+the+boundary&rft.volume=3&rft.issue=2&rft.pages=31-43&rft.date=2000-01&rft_id=info%3Adoi%2F10.1007%2Fs12113-000-1002-8&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154604886%23id-name%3DS2CID&rft.aulast=Backhouse&rft.aufirst=Roger+E&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Faustrian-economics-and-mainstream-view-boundary&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKirzner" class="citation web cs1">Kirzner, Israel. <a rel="nofollow" class="external text" href="https://www.mises.org/journals/aen/aen17_1_1.asp">"Interview of Israel Kirzner"</a>. Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130909160322/http://mises.org/journals/aen/aen17_1_1.asp">Archived</a> from the original on 9 September 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">17 June</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Interview+of+Israel+Kirzner&rft.pub=Ludwig+von+Mises+Institute&rft.aulast=Kirzner&rft.aufirst=Israel&rft_id=https%3A%2F%2Fwww.mises.org%2Fjournals%2Faen%2Faen17_1_1.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKanopiadmin2014" class="citation web cs1">Kanopiadmin (30 July 2014). <a rel="nofollow" class="external text" href="https://mises.org/journals/qjae/pdf/qjae7_1_3.pdf">"The Hayek and Mises Controversy: Bridging Differences – Odd J. Stalebrink"</a> <span class="cs1-format">(PDF)</span>. <i>mises.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121114044020/http://mises.org/journals/qjae/pdf/qjae7_1_3.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 14 November 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">1 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=mises.org&rft.atitle=The+Hayek+and+Mises+Controversy%3A+Bridging+Differences+%E2%80%93+Odd+J.+Stalebrink&rft.date=2014-07-30&rft.au=Kanopiadmin&rft_id=https%3A%2F%2Fmises.org%2Fjournals%2Fqjae%2Fpdf%2Fqjae7_1_3.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20130113132434/http://www.thefreemanonline.org/featured/remembering-henry-hazlitt/">"Remembering Henry Hazlitt"</a>. <a href="/wiki/The_Freeman" title="The Freeman">The Freeman</a>. Archived from <a rel="nofollow" class="external text" href="http://www.thefreemanonline.org/featured/remembering-henry-hazlitt/">the original</a> on 2013-01-13<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-03-11</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Remembering+Henry+Hazlitt&rft.pub=The+Freeman&rft_id=http%3A%2F%2Fwww.thefreemanonline.org%2Ffeatured%2Fremembering-henry-hazlitt%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/about/3233">"Biography of Henry Hazlitt"</a>. Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120128182613/https://www.mises.org/about/3233">Archived</a> from the original on 2012-01-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-03-11</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Biography+of+Henry+Hazlitt&rft.pub=Ludwig+von+Mises+Institute&rft_id=https%3A%2F%2Fmises.org%2Fabout%2F3233&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Meijer_1995-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-Meijer_1995_32-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeijer,_Gerrit1995" class="citation book cs1">Meijer, Gerrit, ed. (1995). <i>New Perspectives on Austrian Economics</i>. New York: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-12283-2" title="Special:BookSources/978-0-415-12283-2"><bdi>978-0-415-12283-2</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/70769328">70769328</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=New+Perspectives+on+Austrian+Economics&rft.place=New+York&rft.pub=Routledge&rft.date=1995&rft_id=info%3Aoclcnum%2F70769328&rft.isbn=978-0-415-12283-2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-raico-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-raico_33-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaico2011" class="citation web cs1">Raico, Ralph (2011). <a rel="nofollow" class="external text" href="https://mises.org/etexts/austrianliberalism.asp">"Austrian Economics and Classical Liberalism"</a>. <i>mises.org</i>. Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110519183648/http://mises.org/etexts/austrianliberalism.asp">Archived</a> from the original on 19 May 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">27 July</span> 2011</span>. <q>despite the particular policy views of its founders ... Austrianism was perceived as the economics of the free market</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=mises.org&rft.atitle=Austrian+Economics+and+Classical+Liberalism&rft.date=2011&rft.aulast=Raico&rft.aufirst=Ralph&rft_id=https%3A%2F%2Fmises.org%2Fetexts%2Faustrianliberalism.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKasper2002" class="citation book cs1">Kasper, Sherryl Davis (2002). <i>The Revival of Laissez-faire in American Macroeconomic Theory</i>. Edward Elgar Publishing. p. 66. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84064-606-1" title="Special:BookSources/978-1-84064-606-1"><bdi>978-1-84064-606-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Revival+of+Laissez-faire+in+American+Macroeconomic+Theory&rft.pages=66&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=978-1-84064-606-1&rft.aulast=Kasper&rft.aufirst=Sherryl+Davis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYaeger2011" class="citation book cs1">Yaeger, Leland (2011). <i>Is the Market a Test of Truth and Beauty?: Essays in Political Economy</i>. Ludwig von Mises Institute. pp. 93 ff.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Is+the+Market+a+Test+of+Truth+and+Beauty%3F%3A+Essays+in+Political+Economy&rft.pages=93+ff&rft.pub=Ludwig+von+Mises+Institute&rft.date=2011&rft.aulast=Yaeger&rft.aufirst=Leland&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHoppe1999" class="citation book cs1">Hoppe, Hans-Hermann (1999). <a rel="nofollow" class="external text" href="https://mises.org/books/15great.pdf"><i>15 Great Austrian Economists – Murray Rothbard</i></a> <span class="cs1-format">(PDF)</span>. Alabama: Ludwig von Mises Institute. pp. 223 ff. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141007115806/http://mises.org/books/15great.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2014-10-07.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=15+Great+Austrian+Economists+%E2%80%93+Murray+Rothbard&rft.place=Alabama&rft.pages=223+ff&rft.pub=Ludwig+von+Mises+Institute&rft.date=1999&rft.aulast=Hoppe&rft.aufirst=Hans-Hermann&rft_id=https%3A%2F%2Fmises.org%2Fbooks%2F15great.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.youtube.com/watch?v=LiX7dzyHkK4">"Dr. Walter Block: Austrian vs Chicago Schools"</a>. Mises Canada: Rothbard School 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150518134054/https://www.youtube.com/watch?v=LiX7dzyHkK4">Archived</a> from the original on 18 May 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">3 December</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Dr.+Walter+Block%3A+Austrian+vs+Chicago+Schools&rft.pub=Mises+Canada%3A+Rothbard+School+2014&rft_id=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DLiX7dzyHkK4&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-:0-38"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_38-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_38-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_38-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMenger" class="citation book cs1">Menger, Carl. <a rel="nofollow" class="external text" href="https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document"><i>Investigations into the Methods of the Social Sciences</i></a> <span class="cs1-format">(PDF)</span>. pp. 173–175. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170211155554/https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2017-02-11.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investigations+into+the+Methods+of+the+Social+Sciences&rft.pages=173-175&rft.aulast=Menger&rft.aufirst=Carl&rft_id=https%3A%2F%2Fmises.org%2Fsystem%2Ftdf%2FInvestigations%2520into%2520the%2520Method%2520of%2520the%2520Social%2520Sciences_5.pdf%3Ffile%3D1%26type%3Ddocument&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMenger" class="citation book cs1">Menger, Carl. <a rel="nofollow" class="external text" href="https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document"><i>Investigations into the Methods of the Social Sciences</i></a> <span class="cs1-format">(PDF)</span>. pp. 146–147. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170211155554/https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2017-02-11.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investigations+into+the+Methods+of+the+Social+Sciences&rft.pages=146-147&rft.aulast=Menger&rft.aufirst=Carl&rft_id=https%3A%2F%2Fmises.org%2Fsystem%2Ftdf%2FInvestigations%2520into%2520the%2520Method%2520of%2520the%2520Social%2520Sciences_5.pdf%3Ffile%3D1%26type%3Ddocument&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMenger" class="citation book cs1">Menger, Carl. <a rel="nofollow" class="external text" href="https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document"><i>Investigations into the Methods of the Social Sciences</i></a> <span class="cs1-format">(PDF)</span>. p. 91. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170211155554/https://mises.org/system/tdf/Investigations%20into%20the%20Method%20of%20the%20Social%20Sciences_5.pdf?file=1&type=document">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2017-02-11.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investigations+into+the+Methods+of+the+Social+Sciences&rft.pages=91&rft.aulast=Menger&rft.aufirst=Carl&rft_id=https%3A%2F%2Fmises.org%2Fsystem%2Ftdf%2FInvestigations%2520into%2520the%2520Method%2520of%2520the%2520Social%2520Sciences_5.pdf%3Ffile%3D1%26type%3Ddocument&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIkeda" class="citation book cs1">Ikeda, Yukihiro. <a rel="nofollow" class="external text" href="https://www.hetsa.org.au/hetsa2009/conference_papers/7.%20Yukihiro%20Ikeda%20Carl%20Menger's%20Liberalism%20Revisited.pdf"><i>Carl Menger's Liberalism Revisited</i></a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170216010338/http://hetsa.org.au/hetsa2009/conference_papers/7.%20Yukihiro%20Ikeda%20Carl%20Menger's%20Liberalism%20Revisited.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2017-02-16.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Carl+Menger%27s+Liberalism+Revisited&rft.aulast=Ikeda&rft.aufirst=Yukihiro&rft_id=https%3A%2F%2Fwww.hetsa.org.au%2Fhetsa2009%2Fconference_papers%2F7.%2520Yukihiro%2520Ikeda%2520Carl%2520Menger%27s%2520Liberalism%2520Revisited.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-faculty-42"><span class="mw-cite-backlink">^ <a href="#cite_ref-faculty_42-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-faculty_42-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/Faculty">"Senior Fellows, Faculty Members, and Staff"</a>. Mises.org. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130728094916/http://mises.org/Faculty">Archived</a> from the original on July 28, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">July 21,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Senior+Fellows%2C+Faculty+Members%2C+and+Staff&rft.pub=Mises.org&rft_id=https%3A%2F%2Fmises.org%2FFaculty&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://consultingbyrpm.com/blog/2011/12/in-defense-of-the-mises-institute.html">"In Defense of the Mises Institute"</a>. <i>consultingbyrpm.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170826112157/http://consultingbyrpm.com/blog/2011/12/in-defense-of-the-mises-institute.html">Archived</a> from the original on 26 August 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">1 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=consultingbyrpm.com&rft.atitle=In+Defense+of+the+Mises+Institute&rft_id=http%3A%2F%2Fconsultingbyrpm.com%2Fblog%2F2011%2F12%2Fin-defense-of-the-mises-institute.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Yaeger_Truth_and_Beauty-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-Yaeger_Truth_and_Beauty_44-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYeager2011" class="citation book cs1">Yeager, Leland (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-z7Q4rsgdhAC"><i>Is the Market a Test of Truth and Beauty?</i></a>. Ludwig von Mises Institute. p. 103. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781610164214" title="Special:BookSources/9781610164214"><bdi>9781610164214</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Is+the+Market+a+Test+of+Truth+and+Beauty%3F&rft.pages=103&rft.pub=Ludwig+von+Mises+Institute&rft.date=2011&rft.isbn=9781610164214&rft.aulast=Yeager&rft.aufirst=Leland&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-z7Q4rsgdhAC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">It has also influenced related disciplines such as Law and Economics, see. K. Grechenig, M. Litschka, "Law by Human Intent or Evolution? Some Remarks on the Austrian School of Economics' Role in the Development of Law and Economics", <i>European Journal of Law and Economics</i> 2010, vol. 29, no. 1, pp. 57–79.</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFkanopiadmin2011" class="citation web cs1">kanopiadmin (2011-03-14). <a rel="nofollow" class="external text" href="https://mises.org/library/austrian-schools-critique-marxism">"The Austrian School's Critique of Marxism"</a>. <i>Mises Institute</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2019-02-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mises+Institute&rft.atitle=The+Austrian+School%27s+Critique+of+Marxism&rft.date=2011-03-14&rft.au=kanopiadmin&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Faustrian-schools-critique-marxism&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text">Greenspan, Alan. "Hearings before the U.S. House of Representatives' Committee on Financial Services". U.S. House of Representatives' Committee on Financial Services. Washington, D.C.. 25 July 2000.</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="https://mises.org/journals/aen/aen9_1_1.asp">"An Interview with Laureate James Buchanan"</a>. <i>Austrian Economics Newsletter</i>. <b>9</b> (1). Fall 1987. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140914022018/https://mises.org/journals/aen/aen9_1_1.asp">Archived</a> from the original on 2014-09-14<span class="reference-accessdate">. Retrieved <span class="nowrap">2022-08-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Austrian+Economics+Newsletter&rft.atitle=An+Interview+with+Laureate+James+Buchanan&rft.ssn=fall&rft.volume=9&rft.issue=1&rft.date=1987&rft_id=https%3A%2F%2Fmises.org%2Fjournals%2Faen%2Faen9_1_1.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-fee-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-fee_49-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoettkeCoyne2015" class="citation book cs1">Boettke, Peter J.; Coyne, Christopher J. (2015). <i>The Oxford handbook of Austrian economics</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. p. 500. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199811762" title="Special:BookSources/9780199811762"><bdi>9780199811762</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/905518129">905518129</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Oxford+handbook+of+Austrian+economics&rft.pages=500&rft.pub=Oxford+University+Press&rft.date=2015&rft_id=info%3Aoclcnum%2F905518129&rft.isbn=9780199811762&rft.aulast=Boettke&rft.aufirst=Peter+J.&rft.au=Coyne%2C+Christopher+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMatarán_López2021" class="citation journal cs1">Matarán López, Cristóbal (2021-01-26). <a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs11138-021-00541-0">"The Austrian school of Madrid"</a>. <i>The Review of Austrian Economics</i>. <b>36</b>: 61–79. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs11138-021-00541-0">10.1007/s11138-021-00541-0</a></span>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:234027221">234027221</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Review+of+Austrian+Economics&rft.atitle=The+Austrian+school+of+Madrid&rft.volume=36&rft.pages=61-79&rft.date=2021-01-26&rft_id=info%3Adoi%2F10.1007%2Fs11138-021-00541-0&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A234027221%23id-name%3DS2CID&rft.aulast=Matar%C3%A1n+L%C3%B3pez&rft.aufirst=Crist%C3%B3bal&rft_id=https%3A%2F%2Fdoi.org%2F10.1007%252Fs11138-021-00541-0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ecaef.org/austrian-school-of-economics/generations-of-the-austrian-school/">"Generations of the Austrian School"</a>. European Center of Austrian Economics Foundation.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Generations+of+the+Austrian+School&rft.pub=European+Center+of+Austrian+Economics+Foundation&rft_id=https%3A%2F%2Fecaef.org%2Faustrian-school-of-economics%2Fgenerations-of-the-austrian-school%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDeist2017" class="citation web cs1">Deist, Jeff (2017-11-24). <a rel="nofollow" class="external text" href="https://mises.org/library/gabriel-calzada-free-market-education-latin-america">"Gabriel Calzada on Free-Market Education in Latin America"</a>. <a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gabriel+Calzada+on+Free-Market+Education+in+Latin+America&rft.pub=Mises+Institute&rft.date=2017-11-24&rft.aulast=Deist&rft.aufirst=Jeff&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fgabriel-calzada-free-market-education-latin-america&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/page/1448/About-The-Mises-Institute">"About the Mises Institute"</a>. Mises.org. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130728042035/http://mises.org/page/1448/About-The-Mises-Institute">Archived</a> from the original on July 28, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">July 21,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=About+the+Mises+Institute&rft.pub=Mises.org&rft_id=https%3A%2F%2Fmises.org%2Fpage%2F1448%2FAbout-The-Mises-Institute&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cato.org/books/austrian-economics">"Austrian Economics | Cato Institute"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Austrian+Economics+%7C+Cato+Institute&rft_id=https%3A%2F%2Fwww.cato.org%2Fbooks%2Faustrian-economics&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-White_Methodology-55"><span class="mw-cite-backlink">^ <a href="#cite_ref-White_Methodology_55-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-White_Methodology_55-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhite2003" class="citation book cs1">White, Lawrence H. (2003). <a rel="nofollow" class="external text" href="https://mises.org/mofase.asp"><i>The Methodology of the Austrian School Economists</i></a> (revised ed.). Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140223214514/https://mises.org/mofase.asp">Archived</a> from the original on 2014-02-23.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Methodology+of+the+Austrian+School+Economists&rft.edition=revised&rft.pub=Ludwig+von+Mises+Institute&rft.date=2003&rft.aulast=White&rft.aufirst=Lawrence+H.&rft_id=https%3A%2F%2Fmises.org%2Fmofase.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Ludwigvon-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ludwigvon_56-0">^</a></b></span> <span class="reference-text">Ludwig von Mises, Nationalökonomie (Geneva, Switzerland: Union, 1940); Human Action (Auburn, Alabama: Ludwig von Mises Institute, [1949] 1998).</span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://mises.org/books/ufofes/">"The Ultimate Foundation of Economic Science by Ludwig von Mises"</a>. Mises.org. 20 July 1962. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121029234432/http://www.mises.org/books/ufofes/">Archived</a> from the original on 2012-10-29<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-08-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Ultimate+Foundation+of+Economic+Science+by+Ludwig+von+Mises&rft.pub=Mises.org&rft.date=1962-07-20&rft_id=https%3A%2F%2Fmises.org%2Fbooks%2Fufofes%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCaldwell1984" class="citation journal cs1">Caldwell, Bruce J. (1984). <a rel="nofollow" class="external text" href="http://public.econ.duke.edu/~bjc18/docs/Praxeology%20and%20Its%20Critics.pdf">"Praxeology and its Critics: an Appraisal"</a> <span class="cs1-format">(PDF)</span>. <i>History of Political Economy</i>. <b>16</b> (3): 363–379. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1215%2F00182702-16-3-363">10.1215/00182702-16-3-363</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=History+of+Political+Economy&rft.atitle=Praxeology+and+its+Critics%3A+an+Appraisal&rft.volume=16&rft.issue=3&rft.pages=363-379&rft.date=1984&rft_id=info%3Adoi%2F10.1215%2F00182702-16-3-363&rft.aulast=Caldwell&rft.aufirst=Bruce+J.&rft_id=http%3A%2F%2Fpublic.econ.duke.edu%2F~bjc18%2Fdocs%2FPraxeology%2520and%2520Its%2520Critics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLanglois1985" class="citation journal cs1">Langlois, Richard N. (1985). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131005013809/http://web.uconn.edu/ciom/Machlup%20Knowledge%20(1985).pdf">"From the Knowledge of Economics to the Economics of Knowledge: Fritz Machlup on Methodology and on the "Knowledge Society"<span class="cs1-kern-right"></span>"</a> <span class="cs1-format">(PDF)</span>. <i>Research in the History of Economic Thought and Methodology</i>. <b>3</b>: 225–235. Archived from <a rel="nofollow" class="external text" href="http://web.uconn.edu/ciom/Machlup%20Knowledge%20(1985).pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2013-10-05<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-12-06</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Research+in+the+History+of+Economic+Thought+and+Methodology&rft.atitle=From+the+Knowledge+of+Economics+to+the+Economics+of+Knowledge%3A+Fritz+Machlup+on+Methodology+and+on+the+%22Knowledge+Society%22&rft.volume=3&rft.pages=225-235&rft.date=1985&rft.aulast=Langlois&rft.aufirst=Richard+N.&rft_id=http%3A%2F%2Fweb.uconn.edu%2Fciom%2FMachlup%2520Knowledge%2520%281985%29.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Ludwig-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ludwig_60-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLachmann1973" class="citation book cs1">Lachmann, Ludwig (1973). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141216191641/http://library.freecapitalists.org/books/Ludwig%20M%20Lachmann/Macro-economic%20thinking%20and%20the%20Market%20Economy.pdf"><i>Macroeconomic Thinking and the Market Economy</i></a> <span class="cs1-format">(PDF)</span>. Institute of Economic Affairs. Archived from <a rel="nofollow" class="external text" href="http://library.freecapitalists.org/books/Ludwig%20M%20Lachmann/Macro-economic%20thinking%20and%20the%20Market%20Economy.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2014-12-16<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-12-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomic+Thinking+and+the+Market+Economy&rft.pub=Institute+of+Economic+Affairs&rft.date=1973&rft.aulast=Lachmann&rft.aufirst=Ludwig&rft_id=http%3A%2F%2Flibrary.freecapitalists.org%2Fbooks%2FLudwig%2520M%2520Lachmann%2FMacro-economic%2520thinking%2520and%2520the%2520Market%2520Economy.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Horwitz,_Steven_2000-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-Horwitz,_Steven_2000_61-0">^</a></b></span> <span class="reference-text">Horwitz, Steven: <i>Microfoundations and Macroeconomics: An Austrian Perspective</i> (2000). Routledge.</span> </li> <li id="cite_note-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-62">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGarrison1978" class="citation web cs1">Garrison, Roger (1978). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141216183224/http://library.freecapitalists.org/books/Roger%20W%20Garrison/Austrian%20Macroeconomics%20A%20Diagrammatical%20Exposition.pdf">"Austrian Macroeconomics: A Diagrammatical Exposition"</a> <span class="cs1-format">(PDF)</span>. Institute for Humane Studies. Archived from <a rel="nofollow" class="external text" href="http://library.freecapitalists.org/books/Roger%20W%20Garrison/Austrian%20Macroeconomics%20A%20Diagrammatical%20Exposition.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 16 December 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">5 October</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Austrian+Macroeconomics%3A+A+Diagrammatical+Exposition&rft.pub=Institute+for+Humane+Studies&rft.date=1978&rft.aulast=Garrison&rft.aufirst=Roger&rft_id=http%3A%2F%2Flibrary.freecapitalists.org%2Fbooks%2FRoger%2520W%2520Garrison%2FAustrian%2520Macroeconomics%2520A%2520Diagrammatical%2520Exposition.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text">Von Neumann, John and Morgenstern, Oskar (1944). <i>Theory of Games and Economic Behavior</i>. Princeton, New Jersey: Princeton University Press.</span> </li> <li id="cite_note-Machlup_Mises-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-Machlup_Mises_64-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMachlup1981" class="citation web cs1"><a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Machlup, Fritz</a> (1981). <a rel="nofollow" class="external text" href="https://www.mises.org/daily/1700">"Homage to Mises"</a>. Hillsdale College. pp. 19–27. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131030222126/http://mises.org/daily/1700/">Archived</a> from the original on 30 October 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">8 August</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Homage+to+Mises&rft.pages=19-27&rft.pub=Hillsdale+College&rft.date=1981&rft.aulast=Machlup&rft.aufirst=Fritz&rft_id=https%3A%2F%2Fwww.mises.org%2Fdaily%2F1700&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKirznerLachman1986" class="citation book cs1">Kirzner, Israel M.; Lachman, Ludwig M. (1986). <i>Subjectivism, intelligibility and economic understanding: essays in honor of Ludwig M. Lachmann on his eightieth birthday</i> (Illustrated ed.). Macmillan. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-41788-1" title="Special:BookSources/978-0-333-41788-1"><bdi>978-0-333-41788-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Subjectivism%2C+intelligibility+and+economic+understanding%3A+essays+in+honor+of+Ludwig+M.+Lachmann+on+his+eightieth+birthday&rft.edition=Illustrated&rft.pub=Macmillan&rft.date=1986&rft.isbn=978-0-333-41788-1&rft.aulast=Kirzner&rft.aufirst=Israel+M.&rft.au=Lachman%2C+Ludwig+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-investopedia-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-investopedia_66-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/o/opportunitycost.asp">"Opportunity Cost"</a>. <i>Investopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100914214221/http://www.investopedia.com/terms/o/opportunitycost.asp">Archived</a> from the original on 14 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-09-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Opportunity+Cost&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fo%2Fopportunitycost.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-67"><span class="mw-cite-backlink"><b><a href="#cite_ref-67">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAmmous2021" class="citation book cs1">Ammous, Saifedean (2021). <i>The Fiat Standard: The Debt Slavery Alternative to Human Civilization</i> (Printed ed.). Saif House. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1544526478" title="Special:BookSources/978-1544526478"><bdi>978-1544526478</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fiat+Standard%3A+The+Debt+Slavery+Alternative+to+Human+Civilization&rft.edition=Printed&rft.pub=Saif+House&rft.date=2021&rft.isbn=978-1544526478&rft.aulast=Ammous&rft.aufirst=Saifedean&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBuchanan2008" class="citation encyclopaedia cs1"><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan, James M.</a> (2008). <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/search_results?q=opportunity+cost&edition=current&button_search=GO">"Opportunity cost"</a>. <i>The New Palgrave Dictionary of Economics Online</i> (Second ed.). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120118213136/http://www.dictionaryofeconomics.com/search_results?q=opportunity+cost&edition=current&button_search=GO">Archived</a> from the original on 2012-01-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-09-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Opportunity+cost&rft.btitle=The+New+Palgrave+Dictionary+of+Economics+Online&rft.edition=Second&rft.date=2008&rft.aulast=Buchanan&rft.aufirst=James+M.&rft_id=http%3A%2F%2Fwww.dictionaryofeconomics.com%2Fsearch_results%3Fq%3Dopportunity%2Bcost%26edition%3Dcurrent%26button_search%3DGO&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-69"><span class="mw-cite-backlink"><b><a href="#cite_ref-69">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/research/Economics/alphabetic.cfm?letter=O#opportunitycost">"Opportunity Cost"</a>. <i>Economics A–Z</i>. The Economist. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101009122334/http://www.economist.com/research/Economics/alphabetic.cfm?letter=O">Archived</a> from the original on 9 October 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-09-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economics+A%E2%80%93Z&rft.atitle=Opportunity+Cost&rft_id=https%3A%2F%2Fwww.economist.com%2Fresearch%2FEconomics%2Falphabetic.cfm%3Fletter%3DO%23opportunitycost&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-BohmBawerkEugen-70"><span class="mw-cite-backlink"><b><a href="#cite_ref-BohmBawerkEugen_70-0">^</a></b></span> <span class="reference-text">Böhm-Bawerk, Eugen Ritter von; <i>Kapital Und Kapitalizns. Zweite Abteilung: Positive Theorie des Kapitales</i> (1889). Translated as <i>Capital and Interest. II: Positive Theory of Capital</i> with appendices rendered as <i>Further Essays on Capital and Interest</i>.</span> </li> <li id="cite_note-71"><span class="mw-cite-backlink"><b><a href="#cite_ref-71">^</a></b></span> <span class="reference-text">Mises (1949)</span> </li> <li id="cite_note-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-72">^</a></b></span> <span class="reference-text">Kirzner (1996)</span> </li> <li id="cite_note-73"><span class="mw-cite-backlink"><b><a href="#cite_ref-73">^</a></b></span> <span class="reference-text">Lachmann (1976)</span> </li> <li id="cite_note-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-74">^</a></b></span> <span class="reference-text">Huerta De Soto (2006)</span> </li> <li id="cite_note-75"><span class="mw-cite-backlink"><b><a href="#cite_ref-75">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvon_Mises1980" class="citation book cs1">von Mises, Ludwig (1980). <a rel="nofollow" class="external text" href="https://mises.org/efandi/ch20.asp">"Economic Freedom and Interventionism"</a>. In Greaves, Bettina B. (ed.). <i>Economics of Mobilization</i>. Sulphur Springs, West Virginia: The Commercial and Financial Chronicle. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140914001611/https://mises.org/efandi/ch20.asp">Archived</a> from the original on 2014-09-14. <q>Inflation, as this term was always used everywhere and especially in this country, means increasing the quantity of money and bank notes in circulation and the quantity of bank deposits subject to check. But people today use the term "inflation" to refer to the phenomenon that is an inevitable consequence of inflation, that is the tendency of all prices and wage rates to rise. The result of this deplorable confusion is that there is no term left to signify the cause of this rise in prices and wages. There is no longer any word available to signify the phenomenon that has been, up to now, called inflation [...] As you cannot talk about something that has no name, you cannot fight it. Those who pretend to fight inflation are in fact only fighting what is the inevitable consequence of inflation, rising prices. Their ventures are doomed to failure because they do not attack the root of the evil. They try to keep prices low while firmly committed to a policy of increasing the quantity of money that must necessarily make them soar. As long as this terminological confusion is not entirely wiped out, there cannot be any question of stopping inflation.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Economic+Freedom+and+Interventionism&rft.btitle=Economics+of+Mobilization&rft.place=Sulphur+Springs%2C+West+Virginia&rft.pub=The+Commercial+and+Financial+Chronicle&rft.date=1980&rft.aulast=von+Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Fefandi%2Fch20.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-TheTheory-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-TheTheory_76-0">^</a></b></span> <span class="reference-text">The Theory of Money and Credit, Mises (1912, [1981], p. 272)</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHayek1984" class="citation book cs1">Hayek, Friedrich August (1984). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zZu3AAAAIAAJ&q=%22only+while+it+accelerates%22"><i>1980s Unemployment and the Unions: Essays on the Impotent Price Structure of Britain and Monopoly in the Labour Market</i></a>. <a href="/wiki/Institute_of_Economic_Affairs" title="Institute of Economic Affairs">Institute of Economic Affairs</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780255361736" title="Special:BookSources/9780255361736"><bdi>9780255361736</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=1980s+Unemployment+and+the+Unions%3A+Essays+on+the+Impotent+Price+Structure+of+Britain+and+Monopoly+in+the+Labour+Market&rft.pub=Institute+of+Economic+Affairs&rft.date=1984&rft.isbn=9780255361736&rft.aulast=Hayek&rft.aufirst=Friedrich+August&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzZu3AAAAIAAJ%26q%3D%2522only%2Bwhile%2Bit%2Baccelerates%2522&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2012/11/29/krugman-isnt-quite-right-about-austrian-economics.html">Krugman Isn’t (Quite) Right About Austrian Economics</a></span> </li> <li id="cite_note-autogenerated5-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-autogenerated5_79-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVon_Mises1990" class="citation book cs1"><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Von Mises, Ludwig</a> (1990). <a rel="nofollow" class="external text" href="https://mises.org/pdf/econcalc.pdf"><i>Economic calculation in the Socialist Commonwealth</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Ludwig_von_Mises_Institute" class="mw-redirect" title="Ludwig von Mises Institute">Ludwig von Mises Institute</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-945466-07-2" title="Special:BookSources/0-945466-07-2"><bdi>0-945466-07-2</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080923191714/https://mises.org/pdf/econcalc.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 23 September 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">2008-09-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+calculation+in+the+Socialist+Commonwealth&rft.pub=Ludwig+von+Mises+Institute&rft.date=1990&rft.isbn=0-945466-07-2&rft.aulast=Von+Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Fpdf%2Feconcalc.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text">F. A. Hayek (1935), "The Nature and History of the Problem" and "The Present State of the Debate," om in F. A. Hayek, ed. <i>Collectivist Economic Planning</i>, pp. 1–40, 201–243.</span> </li> <li id="cite_note-School-81"><span class="mw-cite-backlink">^ <a href="#cite_ref-School_81-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-School_81-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090218142504/http://cepa.newschool.edu/het/essays/paretian/social.htm">"The socialist calculation debate"</a>. Archived from <a rel="nofollow" class="external text" href="http://cepa.newschool.edu/het/essays/paretian/social.htm">the original</a> on February 18, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">May 20,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+socialist+calculation+debate&rft_id=http%3A%2F%2Fcepa.newschool.edu%2Fhet%2Fessays%2Fparetian%2Fsocial.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Mises-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-Mises_82-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvon_Mises" class="citation web cs1">von Mises, Ludwig. <a rel="nofollow" class="external text" href="https://mises.org/humanaction/chap2sec4.asp">"The Principle of Methodological Individualism"</a>. <i>Human Action</i>. Ludwig von Mises Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090422004804/https://mises.org/humanaction/chap2sec4.asp">Archived</a> from the original on 22 April 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-24</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Human+Action&rft.atitle=The+Principle+of+Methodological+Individualism&rft.aulast=von+Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Fhumanaction%2Fchap2sec4.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-ReferenceA-83"><span class="mw-cite-backlink">^ <a href="#cite_ref-ReferenceA_83-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ReferenceA_83-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-ReferenceA_83-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a>, <i><a href="/wiki/America%27s_Great_Depression" title="America's Great Depression">America's Great Depression</a>.</i></span> </li> <li id="cite_note-:1-84"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_84-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_84-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEbeling2016" class="citation book cs1">Ebeling, Richard (2016). <i>Austrian Economics and Public Policy: Restoring Freedom and Prosperity</i>. Fairfax, Virginia: The Future of Freedom Foundation. p. 217.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Austrian+Economics+and+Public+Policy%3A+Restoring+Freedom+and+Prosperity&rft.place=Fairfax%2C+Virginia&rft.pages=217&rft.pub=The+Future+of+Freedom+Foundation&rft.date=2016&rft.aulast=Ebeling&rft.aufirst=Richard&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-:2-85"><span class="mw-cite-backlink">^ <a href="#cite_ref-:2_85-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:2_85-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHughes1997" class="citation journal cs1">Hughes, Arthur Middleton (March 1997). "The recession of 1990: An Austrian explanation". <i>The Review of Austrian Economics</i>. <b>10</b> (1): 107–123. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2FBF02538145">10.1007/BF02538145</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0889-3047">0889-3047</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154412906">154412906</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Review+of+Austrian+Economics&rft.atitle=The+recession+of+1990%3A+An+Austrian+explanation&rft.volume=10&rft.issue=1&rft.pages=107-123&rft.date=1997-03&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154412906%23id-name%3DS2CID&rft.issn=0889-3047&rft_id=info%3Adoi%2F10.1007%2FBF02538145&rft.aulast=Hughes&rft.aufirst=Arthur+Middleton&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Caplan-86"><span class="mw-cite-backlink"><b><a href="#cite_ref-Caplan_86-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://econfaculty.gmu.edu/bcaplan/whyaust.htm">Why I Am Not an Austrian Economist</a></span> </li> <li id="cite_note-87"><span class="mw-cite-backlink"><b><a href="#cite_ref-87">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWoods2018" class="citation book cs1">Woods, Thomas (2018). <i>Meltdown: The Classic Free-Market Analysis of the 2008 Financial Crisis</i>. Washington, D.C.: Regnery Publishing, Incorporated.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Meltdown%3A+The+Classic+Free-Market+Analysis+of+the+2008+Financial+Crisis&rft.place=Washington%2C+D.C.&rft.pub=Regnery+Publishing%2C+Incorporated&rft.date=2018&rft.aulast=Woods&rft.aufirst=Thomas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-88"><span class="mw-cite-backlink"><b><a href="#cite_ref-88">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhite1999" class="citation journal cs1">White, Lawrence H. (1999). <a rel="nofollow" class="external text" href="http://cameroneconomics.com/white-hayek-hope.pdf">"Why Didn't Hayek Favor Laissez Faire in Banking?"</a> <span class="cs1-format">(PDF)</span>. <i>History of Political Economy</i>. <b>31</b> (4): 753–769. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1215%2F00182702-31-4-753">10.1215/00182702-31-4-753</a>. <a rel="nofollow" class="external text" href="http://archive.wikiwix.com/cache/20130412141059/http://cameroneconomics.com/white-hayek-hope.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 12 April 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">11 April</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=History+of+Political+Economy&rft.atitle=Why+Didn%27t+Hayek+Favor+Laissez+Faire+in+Banking%3F&rft.volume=31&rft.issue=4&rft.pages=753-769&rft.date=1999&rft_id=info%3Adoi%2F10.1215%2F00182702-31-4-753&rft.aulast=White&rft.aufirst=Lawrence+H.&rft_id=http%3A%2F%2Fcameroneconomics.com%2Fwhite-hayek-hope.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> <li id="cite_note-Paul2009-89"><span class="mw-cite-backlink"><b><a href="#cite_ref-Paul2009_89-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRon_Paul2009" class="citation book cs1">Ron Paul (2009). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/endfed00paul"><i>End the Fed</i></a></span>. Grand Central Publishing.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=End+the+Fed&rft.pub=Grand+Central+Publishing&rft.date=2009&rft.au=Ron+Paul&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fendfed00paul&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">Agafonow, Alejandro (2012). <a rel="nofollow" class="external text" href="https://ideas.repec.org/a/taf/revpoe/v24y2012i2p273-287.html">"The Austrian Dehomogenization Debate, or the Possibility of a Hayekian Planner"</a>. <i>Review of Political Economy</i>. <b>24</b> (2): 273–287. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09538259.2012.664337">10.1080/09538259.2012.664337</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154692301">154692301</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Political+Economy&rft.atitle=The+Austrian+Dehomogenization+Debate%2C+or+the+Possibility+of+a+Hayekian+Planner&rft.volume=24&rft.issue=2&rft.pages=273-287&rft.date=2012&rft_id=info%3Adoi%2F10.1080%2F09538259.2012.664337&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154692301%23id-name%3DS2CID&rft.aulast=Agafonow&rft.aufirst=Alejandro&rft_id=https%3A%2F%2Fideas.repec.org%2Fa%2Ftaf%2Frevpoe%2Fv24y2012i2p273-287.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li>Boettke, Peter J.; Coyne, Christopher J. (2023). "<a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4366284">New Thinking in Austrian Economics</a>". <i>Annual Review of Economics</i> <b>15</b> (1).</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCampagnoloVivel2014" class="citation journal cs1">Campagnolo, Gilles; Vivel, Christel (2014). <a rel="nofollow" class="external text" href="https://doi.org/10.3917%2Frpec.151.0049">"The foundations of the theory of entrepreneurship in austrian economics – Menger and Böhm-Bawerk on the entrepreneur"</a>. <i>Revue de philosophie économique</i>. <b>15</b> (1): 49–97. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3917%2Frpec.151.0049">10.3917/rpec.151.0049</a></span>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9782711652105" title="Special:BookSources/9782711652105"><bdi>9782711652105</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Revue+de+philosophie+%C3%A9conomique&rft.atitle=The+foundations+of+the+theory+of+entrepreneurship+in+austrian+economics+%E2%80%93+Menger+and+B%C3%B6hm-Bawerk+on+the+entrepreneur&rft.volume=15&rft.issue=1&rft.pages=49-97&rft.date=2014&rft_id=info%3Adoi%2F10.3917%2Frpec.151.0049&rft.isbn=9782711652105&rft.aulast=Campagnolo&rft.aufirst=Gilles&rft.au=Vivel%2C+Christel&rft_id=https%3A%2F%2Fdoi.org%2F10.3917%252Frpec.151.0049&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?output=instlink&q=info:1jn_vDiNpwIJ:scholar.google.com/&hl=en&as_sdt=5,27&sciodt=1,27&scillfp=7051946006347519767&oi=lle">PDF</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210223041750/https://scholar.google.com/scholar?output=instlink&q=info%3A1jn_vDiNpwIJ%3Ascholar.google.com%2F&hl=en&as_sdt=5%2C27&sciodt=1%2C27&scillfp=7051946006347519767&oi=lle">Archived</a> 2021-02-23 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> <span class="languageicon">(in English)</span>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHagemannNishizawaIkeda2010" class="citation book cs1">Hagemann, Harald; Nishizawa, Tamotsu; Ikeda, Yukihiro, eds. (2010). <i>Austrian Economics in Transition: From Carl Menger to Friedrich Hayek</i>. Palgrave Macmillan.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Austrian+Economics+in+Transition%3A+From+Carl+Menger+to+Friedrich+Hayek&rft.pub=Palgrave+Macmillan&rft.date=2010&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHolcombe1999" class="citation book cs1">Holcombe, Randall (1999). <i>The Great Austrian Economists</i>. Ludwig von Mises Institute. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0945466048" title="Special:BookSources/0945466048"><bdi>0945466048</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Austrian+Economists&rft.pub=Ludwig+von+Mises+Institute&rft.date=1999&rft.isbn=0945466048&rft.aulast=Holcombe&rft.aufirst=Randall&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLittlechild1990" class="citation book cs1">Littlechild, Stephen, ed. (1990). <i>Austrian economics</i>. Edward Elgar. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85278-120-0" title="Special:BookSources/978-1-85278-120-0"><bdi>978-1-85278-120-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Austrian+economics&rft.pub=Edward+Elgar&rft.date=1990&rft.isbn=978-1-85278-120-0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPapaioannou2012" class="citation book cs1">Papaioannou, Theo (2012). <i>Reading Hayek in the 21st Century: a critical inquiry into his political thought</i>. Springer.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Reading+Hayek+in+the+21st+Century%3A+a+critical+inquiry+into+his+political+thought&rft.pub=Springer&rft.date=2012&rft.aulast=Papaioannou&rft.aufirst=Theo&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1">Schulak, Eugen-Maria; Unterköfler, Herbert (2011). <a rel="nofollow" class="external text" href="https://mises.org/library/austrian-school-economics-history-its-ideas-ambassadors-and-institutions"><i>The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions</i></a>. Ludwig von Mises Institute. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781610161343" title="Special:BookSources/9781610161343"><bdi>9781610161343</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Austrian+School+of+Economics%3A+A+History+of+Its+Ideas%2C+Ambassadors%2C+and+Institutions&rft.pub=Ludwig+von+Mises+Institute&rft.date=2011&rft.isbn=9781610161343&rft.aulast=Schulak&rft.aufirst=Eugen-Maria&rft.au=Unterk%C3%B6fler%2C+Herbert&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Faustrian-school-economics-history-its-ideas-ambassadors-and-institutions&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWasserman2019" class="citation book cs1">Wasserman, Janek (2019). <i>The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Marginal+Revolutionaries%3A+How+Austrian+Economists+Fought+the+War+of+Ideas&rft.date=2019&rft.aulast=Wasserman&rft.aufirst=Janek&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAustrian+school+of+economics" class="Z3988"></span> <a rel="nofollow" class="external text" href="https://www.amazon.com/Marginal-Revolutionaries-Austrian-Economists-Fought/dp/0300228228/">(Excerpt via Amazon)</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Austrian_school_of_economics&action=edit&section=21" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; font-style: italic;"><a href="https://commons.wikimedia.org/wiki/Category:Austrian_School" class="extiw" title="commons:Category:Austrian School">Austrian School</a></span>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://mises.org/library/understanding-austrian-economics">Understanding Austrian Economics</a> by <a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Austrian_school_economics" style="padding:3px"><table class="nowraplinks mw-collapsible expanded navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Austrian_School_economics" title="Template:Austrian School economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Austrian_School_economics" title="Template talk:Austrian School economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Austrian_School_economics" title="Special:EditPage/Template:Austrian School economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Austrian_school_economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Austrian_school" class="mw-redirect" title="Austrian school">Austrian school</a> economics</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Influences</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal school</a> <ul><li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Frédéric Bastiat</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Jean-Baptiste Say</a></li> <li><a href="/wiki/Gustave_de_Molinari" title="Gustave de Molinari">Gustave de Molinari</a></li></ul></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Founders</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">Eugen von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">Friedrich von Wieser</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other contributors</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bruce_L._Benson" title="Bruce L. Benson">Bruce L. Benson</a></li> <li><a href="/wiki/Walter_Block" title="Walter Block">Walter Block</a></li> <li><a href="/wiki/Peter_Boettke" title="Peter Boettke">Peter Boettke</a></li> <li><a href="/wiki/Thomas_DiLorenzo" title="Thomas DiLorenzo">Thomas DiLorenzo</a></li> <li><a href="/wiki/Frank_Fetter" title="Frank Fetter">Frank Fetter</a></li> <li><a href="/wiki/Roger_Garrison" title="Roger Garrison">Roger Garrison</a></li> <li><a href="/wiki/Gottfried_Haberler" title="Gottfried Haberler">Gottfried Haberler</a></li> <li><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a></li> <li><a href="/wiki/Robert_Higgs" title="Robert Higgs">Robert Higgs</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hans-Hermann Hoppe</a></li> <li><a href="/wiki/Steven_Horwitz" title="Steven Horwitz">Steven Horwitz</a></li> <li><a href="/wiki/Jes%C3%BAs_Huerta_de_Soto" title="Jesús Huerta de Soto">Jesús Huerta de Soto</a></li> <li><a href="/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a></li> <li><a href="/wiki/Ludwig_Lachmann" title="Ludwig Lachmann">Ludwig Lachmann</a></li> <li><a href="/wiki/Peter_Leeson" title="Peter Leeson">Peter Leeson</a></li> <li><a href="/wiki/Fritz_Machlup" title="Fritz Machlup">Fritz Machlup</a></li> <li><a href="/wiki/Robert_P._Murphy" title="Robert P. Murphy">Robert Murphy</a></li> <li><a href="/wiki/William_H._Peterson" title="William H. Peterson">William H. Peterson</a></li> <li><a href="/wiki/David_Prychitko" title="David Prychitko">David Prychitko</a></li> <li><a href="/wiki/Lawrence_Reed" title="Lawrence Reed">Larry Reed</a></li> <li><a href="/wiki/George_Reisman" title="George Reisman">George Reisman</a></li> <li><a href="/wiki/Richard_Ritter_von_Strigl" title="Richard Ritter von Strigl">Richard Ritter von Strigl</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a></li> <li><a href="/wiki/Joseph_T._Salerno" title="Joseph T. Salerno">Joseph Salerno</a></li> <li><a href="/wiki/Mark_Skousen" title="Mark Skousen">Mark Skousen</a></li> <li><a href="/wiki/Gerhard_Tintner" title="Gerhard Tintner">Gerhard Tintner</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_Austrian-school_economists" title="List of Austrian-school economists">List of Austrian-school economists</a></li> <li><a href="/wiki/The_Use_of_Knowledge_in_Society" title="The Use of Knowledge in Society">The Use of Knowledge in Society</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Schools_of_economic_thought" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Schools_of_economic_thought" title="Template:Schools of economic thought"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Schools_of_economic_thought" title="Template talk:Schools of economic thought"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Schools_of_economic_thought" title="Special:EditPage/Template:Schools of economic thought"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Schools_of_economic_thought" style="font-size:114%;margin:0 4em"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools of economic thought</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-modern</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient schools</a></li> <li><a href="/wiki/History_of_Islamic_economics" title="History of Islamic economics">Medieval Islamic</a></li> <li><a href="/wiki/Scholasticism" title="Scholasticism">Scholasticism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Modern era</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Early_modern_philosophy" title="Early modern philosophy">Early modern</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cameralism" title="Cameralism">Cameralism</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocrats</a></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Late_modern_philosophy" class="mw-redirect" title="Late modern philosophy">Late modern</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a> <ul><li><a href="/wiki/Ricardian_economics" title="Ricardian economics">Ricardian</a></li></ul></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German historical</a></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian</a></li> <li><a href="/wiki/Manchester_Liberalism" title="Manchester Liberalism">Manchester</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist economics</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Marxian critique of political economy</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Contemporary<br />(20th and<br />21st centuries)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Capability_approach" title="Capability approach">Capability approach</a></li> <li><a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">Modern Monetary Theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional</a></li> <li><a href="/wiki/Krak%C3%B3w_School_of_Economics" title="Kraków School of Economics">Cracovian</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Freiburg_school" title="Freiburg school">Freiburg</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> <ul><li><a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neoclassical–Keynesian synthesis</a></li></ul></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li> <li><a href="/wiki/Marxism_and_Keynesianism#Heterodoxy_and_Keynes–Marx_synthesis" class="mw-redirect" title="Marxism and Keynesianism">Keynes–Marx synthesis</a></li></ul></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a> <ul><li><a href="/wiki/Market_monetarism" title="Market monetarism">Market</a></li></ul></li> <li><a href="/wiki/Neo-Malthusianism" class="mw-redirect" title="Neo-Malthusianism">Neo-Malthusian</a></li> <li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-Marxian</a></li> <li><a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardian</a></li> <li><a href="/wiki/Neo-Schumpeterian_economics" title="Neo-Schumpeterian economics">Neo-Schumpeterian</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations theory</a></li> <li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater/freshwater</a></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Structuralist_economics" title="Structuralist economics">Structuralist</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Technocracy_movement" title="Technocracy movement">Technocracy movement</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Virginia_school_of_political_economy" title="Virginia school of political economy">Virginia</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">History of macroeconomic thought</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox economics</a></li> <li><a href="/wiki/Post-autistic_economics" title="Post-autistic economics">Post-autistic economics</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems theory</a></li> <li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li></ul> </div></td></tr></tbody></table></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 0;column-gap:1em;align-items:baseline;margin:0;list-style:none}.mw-parser-output .portal-bar-content-related{margin:0;list-style:none}.mw-parser-output .portal-bar-item{display:inline-block;margin:0.15em 0.2em;min-height:24px;line-height:24px}@media screen and (max-width:768px){.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;flex-flow:column wrap;align-items:baseline}.mw-parser-output .portal-bar-header{text-align:center;flex:0;padding-left:0.5em;margin:0 auto}.mw-parser-output .portal-bar-related{font-size:100%;align-items:flex-start}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;align-items:center;flex:0;column-gap:1em;border-top:1px solid #a2a9b1;margin:0 auto;list-style:none}.mw-parser-output .portal-bar-content-related{border-top:none;margin:0;list-style:none}}.mw-parser-output .navbox+link+.portal-bar,.mw-parser-output .navbox+style+.portal-bar,.mw-parser-output .navbox+link+.portal-bar-bordered,.mw-parser-output .navbox+style+.portal-bar-bordered,.mw-parser-output .sister-bar+link+.portal-bar,.mw-parser-output .sister-bar+style+.portal-bar,.mw-parser-output .portal-bar+.navbox-styles+.navbox,.mw-parser-output .portal-bar+.navbox-styles+.sister-bar{margin-top:-1px}</style><div class="portal-bar noprint metadata noviewer portal-bar-bordered" role="navigation" aria-label="Portals"><span class="portal-bar-header"><a href="/wiki/Wikipedia:Contents/Portals" title="Wikipedia:Contents/Portals">Portals</a>:</span><ul class="portal-bar-content"><li class="portal-bar-item"><span class="nowrap"><span typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/19px-Emblem-money.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/29px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/38px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business</a></li><li class="portal-bar-item"><span class="nowrap"><span class="mw-image-border" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/21px-Flag_of_Austria.svg.png" decoding="async" width="21" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/32px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/42px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Portal:Austria" title="Portal:Austria">Austria</a></li><li class="portal-bar-item"><span class="nowrap"><span typeof="mw:File"><span><img alt="diagram" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Libertarianism-groups-diagram.png/19px-Libertarianism-groups-diagram.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Libertarianism-groups-diagram.png/29px-Libertarianism-groups-diagram.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Libertarianism-groups-diagram.png/38px-Libertarianism-groups-diagram.png 2x" data-file-width="647" data-file-height="647" /></span></span> </span><a href="/wiki/Portal:Libertarianism" title="Portal:Libertarianism">Libertarianism</a></li></ul></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q203411#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4140691-6">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85009754">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb12182387g">France</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb12182387g">BnF data</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="rakouská ekonomická škola"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph416456&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007295745805171">Israel</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Austrian_school_of_economics&oldid=1254183256">https://en.wikipedia.org/w/index.php?title=Austrian_school_of_economics&oldid=1254183256</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Austrian_School" title="Category:Austrian School">Austrian School</a></li><li><a href="/wiki/Category:Schools_of_economic_thought" title="Category:Schools of economic thought">Schools of economic thought</a></li><li><a href="/wiki/Category:Libertarian_theory" title="Category:Libertarian theory">Libertarian theory</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Articles_with_excerpts" title="Category:Articles with excerpts">Articles with excerpts</a></li><li><a href="/wiki/Category:All_articles_with_vague_or_ambiguous_time" title="Category:All articles with vague or ambiguous time">All articles with vague or ambiguous time</a></li><li><a href="/wiki/Category:Vague_or_ambiguous_time_from_September_2024" title="Category:Vague or ambiguous time from September 2024">Vague or ambiguous time from September 2024</a></li><li><a href="/wiki/Category:Inconsistent_articles" title="Category:Inconsistent articles">Inconsistent articles</a></li><li><a href="/wiki/Category:Wikipedia_articles_needing_page_number_citations_from_August_2011" title="Category:Wikipedia articles needing page number citations from August 2011">Wikipedia articles needing page number citations from August 2011</a></li><li><a href="/wiki/Category:Articles_containing_German-language_text" title="Category:Articles containing German-language text">Articles containing German-language text</a></li><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Commons_category_link_is_on_Wikidata" title="Category:Commons category link is on Wikidata">Commons category link is on Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 29 October 2024, at 20:04<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Austrian_school_of_economics&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-rzfvc","wgBackendResponseTime":189,"wgPageParseReport":{"limitreport":{"cputime":"1.650","walltime":"2.007","ppvisitednodes":{"value":6545,"limit":1000000},"postexpandincludesize":{"value":295842,"limit":2097152},"templateargumentsize":{"value":6009,"limit":2097152},"expansiondepth":{"value":17,"limit":100},"expensivefunctioncount":{"value":21,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":354842,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 1674.762 1 -total"," 37.22% 623.368 1 Template:Reflist"," 18.02% 301.862 35 Template:Cite_book"," 14.22% 238.185 4 Template:Sidebar_with_collapsible_lists"," 9.04% 151.454 27 Template:Cite_web"," 8.40% 140.745 1 Template:Lang"," 8.05% 134.887 1 Template:Austrian_School_sidebar"," 5.37% 89.914 1 Template:Economics_sidebar"," 5.28% 88.385 1 Template:Short_description"," 4.68% 78.443 14 Template:Cite_journal"]},"scribunto":{"limitreport-timeusage":{"value":"1.008","limit":"10.000"},"limitreport-memusage":{"value":25716135,"limit":52428800},"limitreport-logs":"table#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\n","limitreport-profile":[["?","300","28.3"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::callParserFunction","140","13.2"],["recursiveClone \u003CmwInit.lua:45\u003E","80","7.5"],["\u003Cmw.lua:694\u003E","60","5.7"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::gsub","60","5.7"],["date","40","3.8"],["dataWrapper \u003Cmw.lua:672\u003E","40","3.8"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::find","40","3.8"],["citation0 \u003CModule:Citation/CS1:2614\u003E","40","3.8"],["makeMessage \u003Cmw.message.lua:76\u003E","40","3.8"],["[others]","220","20.8"]]},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-b5mnb","timestamp":"20241122140453","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Austrian school of economics","url":"https:\/\/en.wikipedia.org\/wiki\/Austrian_school_of_economics","sameAs":"http:\/\/www.wikidata.org\/entity\/Q203411","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q203411","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2001-10-10T01:44:59Z","dateModified":"2024-10-29T20:04:42Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/8\/8c\/Supply-demand-equilibrium.svg","headline":"school of economic thought that advocates strict adherence to methodological individualism rather than focusing on aggregate variables, equilibrium analysis and societal groups"}</script> </body> </html>