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. In 1872 Menger was enrolled into the law faculty at the University of Vienna and spent the next several years teaching finance and political economy both in seminars and lectures to a growing number of students. In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics. In the late 1880s Menger was appointed to head a commission to reform the Austrian monetary system. Works[edit]
Alan Greenspan: The Oracle Or The Master Of Disaster?
On June 10, 1999, at the height of his power, Alan Greenspan told members of Harvard's graduating class how, in the future, they should assess their lives: "The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake." At the time, Greenspan, 73, clearly thought he had lived up to his own standard. Four months earlier, on February 15, Time magazine had honored him with a cover story, presenting Greenspan as the de facto chair of the three-member "Committee To Save The World." The American economy Greenspan had overseen for 12 years from his perch as chairman of the Federal Reserve was, by his description, "in the grip of what . . . Joseph Schumpeter, many years ago called 'creative destruction'.... Greenspan's years of running the Federal Reserve, from August 1987 to January 2006, were a time of economic glory. Columbia economist Massimo Morelli, for example, contends that:
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. After completing his studies in 1872, he entered the Austrian ministry of finance. In 1889 he became councillor in the ministry of finance in Vienna, and represented the government in the lower house on all questions of taxation.[3] He drafted a proposal for direct-tax reform. He then became Austrian minister of finance in 1895. In 1897 he was ambassador to the German court. George Reisman has said that he is second most important "Austrian economist after Ludwig von Mises Published work[edit] See also[edit] Notes[edit] Works
Blogs to Riches - The Haves and Have-Nots of the Blogging Boom -
Two years ago, David Hauslaib was a junior at Syracuse University who was, as he confesses, “totally obsessed with who Paris Hilton was sleeping with.” So he did what any college student would do these days: He blogged about it. Hauslaib began scouring the Web for paparazzi photos of Hilton and news items about her, then posting them on his Website, Jossip.com. (Sample headline: PARIS HILTON SPREADS IT IN THE HAMPTONS.) Then one day Hauslaib took a good look at Gawker, a gossip site owned by the high-tech publisher Nick Denton. Not bad, considering the blog had no serious expenses other than its writers—first Spiers and now Jessica Coen and Jesse Oxfeld, all working for journalist wages—and Webhosting fees of maybe a few thousand bucks a year. “And I was like, I can do that,” he says, laughing. The only thing he didn’t have was Gawker’s audience. By all appearances, the blog boom is the most democratized revolution in media ever. In theory, sure.
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 . [ edit ] Life and work Rothbard with his wife, JoAnn Schumacher [ edit ] Economic writings [ edit ] Ethics
Jeremy Warner: Greenspan admits to 'flaw' in his free
Mr Greenspan has spent much of the last two years trying to justify what, with the benefit of hindsight, were plainly a series of mistakes, both in the exercise of interest rate policy and in the regulation of banks, for which the Fed is partly responsible in the US. Central banks shouldn't attempt to deflate asset bubbles, he has argued, but only deal with their aftermath, while banks are best left alone to regulate themselves in their own self interest. Yesterday, he admitted for the first time that at least some of this thinking was flawed. Unfortunately, it may already have been too late by that stage, and in any case, he failed to act on his own wake-up call, despite ample authority and opportunity to do so. It is always easy to be wise after the event, and I'm not sure we should be too hard on Mr Greenspan for failing to recognise the significance of the boom in sub-prime lending.
Foundations of Economics
