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Austrian School

Austrian School
The Austrian School is a school of economic thought that is based on 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. Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.[6] Many economists are critical of the current-day Austrian School and consider its rejection of econometrics and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox. Methodology[edit] In the 20th century, various Austrians incorporated models and mathematics into their analysis. Inflation[edit] Related:  New Politika Opinions

List of Austrian scientists This is a list of Austrian scientists and scientists from the Austria of Austria-Hungary. Economists[edit] Engineers/Inventors[edit] Philosophers[edit] Physicists, mathematicians and chemists[edit] Physicians[edit] Psychologists[edit] Bruno Bettelheim, psychologistAnna Freud, child psychologistSigmund Freud, founding father of psychoanalysisFritz Heider, psychologistFrederick Kanfer, psychologist (born 1925 in Vienna, emigrated to US 1941)Melanie Klein, child psychotherapist 1882-1960 (emigrated to England in 1926)Otto Rank, pioneer psychologistPaul Watzlawick Other scientists[edit] See also[edit]

Subjective theory of value Overview[edit] According to the subjective theory of value, voluntary trades between individuals imply that both parties to the trade subjectively perceive the goods, labour or money they receive as being of higher value to the goods, labour or money they give away. The subjective-value theory holds that one can create value simply by transferring ownership of a thing to someone who values it more highly, without necessarily modifying that thing. Where wealth is understood to refer to individuals' subjective valuation of their possessions, voluntary trades may increase the total wealth in society. Individuals will tend to obtain diminishing levels of satisfaction, or marginal utility from acquiring additional units of a good. In a free market, competition between individuals seeking to trade goods they possess and services they can provide for goods they perceive as being of higher value to them results in a market equilibrium set of prices emerging. Diamond-water paradox[edit] Notes[edit]

Cinema and theatre Economic liberalism Economic liberalism is the ideological belief in organizing the economy on individualist lines, meaning that the greatest possible number of economic decisions are made by individuals and not by collective institutions or organizations.[1] It includes a spectrum of different economic policies, such as freedom of movement, but it is always based on strong support for a market economy and private property in the means of production. Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition. However, economic liberalism may accept government intervention in order to remove private monopoly, as this is considered to limit the decision power of some individuals. Ideological basis[edit] Private property and individual contracts form the basis of economic liberalism. Position on state interventionism[edit] Position on public enterprise[edit]

Science and philosophy Intrinsic value (ethics) It is contrasted with instrumental value (or extrinsic value), the value of which depends on how much it generates intrinsic value.[2] For an eudaemonist, happiness has intrinsic value, while having a family may not have intrinsic value, yet be instrumental, since it generates happiness. Intrinsic value is a term employed in axiology, the study of quality or value. Other names for intrinsic value are terminal value, essential value, principle value or ultimate importance. See also Robert S. Hartman's use of the term in the article Science of Value. Intrinsic value is mainly used in ethics, but the concept is also used in philosophy, with terms that essentially may refer to the same concept. End is roughly similar, and often used as a synonym, for the following concepts: This is a table which attempts to summarize the main intrinsic value of different life stances and other views, although there may be great diversity within them:

List of Austrian writers This is a list of Austrian writers and poets. A[edit] Ilse Aichinger (born 1921), writerPeter Altenberg (1859–1910), writer and poetJean Améry (1912–1978), writerErnst Angel (1894–1986), writer, poet and psychologistLudwig Anzengruber (1839–1889), writerH. C. Artmann (died 2000), poet and writer B[edit] Ingeborg Bachmann (1926–1973), poetHermann Bahr (1863–1934), playwright, novelistEduard von Bauernfeld, dramatistJohann Beer (17th century), writer and composerThomas Bernhard (1931–1989), dramatist, novelist, poet, born in Cloister Heerlen, NetherlandsHermann Broch, writerMax Brod (1884–1968), born in Prague, Austria-Hungary, wrote in German C[edit] Elias Canetti (born 1905), writer (born in Rustschuk, Bulgaria), wrote in German, Nobel Prize in Literature 1981Otto Maria Carpeaux (1900–1978), literary critic and foremost historian of LiteraturePaul Celan, poet (born in Czernowitz, Austria-Hungary), wrote in German D[edit] E[edit] F[edit] G[edit] H[edit] J[edit] K[edit] L[edit] M[edit] N[edit] O[edit]

Paradox of hedonism The paradox of hedonism, also called the pleasure paradox, is a concept in ethics that focuses upon pleasure and happiness as strange phenomena that do not adhere to normal principles. The philosopher Henry Sidgwick was first to note in The Methods of Ethics that the paradox of hedonism is that pleasure cannot be acquired directly, it can only be acquired indirectly.[1] Overview[edit] It is often said that we fail to attain pleasures if we deliberately seek them. This has been described variously, by many: John Stuart Mill, the utilitarian philosopher, in his autobiography: But I now thought that this end [one's happiness] was only to be attained by not making it the direct end. Viktor Frankl in Man's Search for Meaning: Happiness cannot be pursued; it must ensue, and it only does so as the unintended side effect of one's personal dedication to a cause greater than oneself or as the by-product of one's surrender to a person other than oneself. What is good? Poet and satirist Edward Young: