Austrian School

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Walter Williams Home Page. Murray Rothbard. Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an American economist , historian , and political theorist . His work, which refers extensively to Austrian School economist Ludwig von Mises , has profoundly influenced the American libertarian movement by formulating a body of thought Rothbard called " anarcho-capitalism " or free-market anarchism . [ 2 ] [ 3 ] [ 4 ] [ 5 ] Rothbard wrote more than twenty books and is considered a central figure in the American libertarian movement. [ 6 ] Rothbard asserted that all services provided by monopoly governments could be provided more efficiently by the private sector.

He viewed many regulations and laws ostensibly promulgated for the " public interest " as self-interested power grabs by scheming government bureaucrats engaging in dangerously unfettered self-aggrandizement, as they were not subject to market disciplines . Henry Hazlitt. Henry Stuart Hazlitt (November 28, 1894 – July 9, 1993) was an American journalist who wrote about business and economics for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times.

Henry Hazlitt

He is widely cited in both libertarian and conservative circles.[1] Biography[edit] Henry Hazlitt was born in Philadelphia, Pennsylvania and raised in Brooklyn, New York. He was a collateral descendant of the British essayist William Hazlitt,[2] but grew up in relative poverty, his father having died when Hazlitt was an infant. His early heroes were Herbert Spencer and William James, and his first ambition was for an academic career in psychology and philosophy. Hazlitt started his career at The Wall Street Journal as secretary to the managing editor when he was still a teenager, and his interest in the field of economics began while working there.

Hazlitt died at the age of 98. Austrian School. The Austrian School is a school of economic thought that is based on the analysis of the purposeful actions of individuals (see methodological individualism).[1][2][3][4] It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others.[5] Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.

Austrian School

Carl Menger. Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was the founder of the Austrian School of economics. Menger contributed to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo. Biography[edit] During the course of his newspaper work he noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed.

Eugen von Böhm-Bawerk. Eugen Böhm Ritter von Bawerk (German: [bøːm ˈbaːvɛʁk]; born Eugen Böhm; February 12, 1851 – August 27, 1914) was an Austrian economist who made important contributions to the development of the Austrian School of economics. He was the Austrian Minister of Finance intermittently from 1895–1904, and also wrote a series of extensive critiques of Marxism. Biography[edit] While studying to be a lawyer at the University of Vienna, he read Carl Menger's Principles of Economics. Though he never studied under Menger, he quickly became an adherent of his theories. Joseph Schumpeter said that Böhm-Bawerk "was so completely the enthusiastic disciple of Menger that it is hardly necessary to look for other influences. " Ludwig von Mises Institute. Home to freedom and prosperity, and free-market education for over 50 years. Foundations of Economics.

Ludwig von Mises. This article is about the Austrian economist.

Ludwig von Mises

It is not to be confused with his brother, statistician Richard von Mises. Ludwig Heinrich Edler von Mises (German: [ˈluːtvɪç fɔn ˈmiːzəs]; 29 September 1881 – 10 October 1973) was a philosopher, Austrian School economist, sociologist, and classical liberal. He became a prominent figure in the Austrian School of economic thought and is best known for his work on praxeology, a study of human choice and action. Fearing a Nazi takeover of Switzerland, where he was living at the time, Mises emigrated to the United States in 1940. Mises' thought has exerted significant influence on the libertarian movement in the United States in the mid-20th century. Friedrich Hayek. Friedrich August von Hayek CH (German: [ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪ̯ɛk]; 8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently known as F.

Friedrich Hayek

A. Hayek, was an Austrian, later British,[1] economist[2] and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".[3] Hayek was a major political thinker of the twentieth century,[4] and his account of how changing prices communicate information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics.[5] Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war led him to his career.