Difference between revisions of "Austrian School of Economics"
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| − | The '''Austrian school of economics''' is the [[libertarian]] philosophy applied to the field of economics: reduce government involvement in everything. It views all value as subjective, and that efficiency consists of maximizing value as sought by each individual. It avoids mathematics because it does not feel math can capture the complexities of the economic world, which it thinks are due to trial-and-error processes. Like [[libertarian|libertarians]], Austrian economists are very much in favor of the individual and against government, even to the point of opposing tariffs and [[Antitrust law]]s. | + | The '''Austrian school of economics''' is the [[libertarian]] [[philosophy]] applied to the field of economics: reduce [[government]] involvement in everything. It views all value as subjective, and that efficiency consists of maximizing value as sought by each individual. It avoids [[mathematics]] because it does not feel math can capture the complexities of the economic world, which it thinks are due to trial-and-error processes. Like [[libertarian|libertarians]], [[Austrian]] economists are very much in favor of the individual and against government, even to the point of opposing tariffs and [[Antitrust law]]s. |
| − | The Austrian school of economics opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis. But Austrian economists also typically oppose government attempts to maintain or defend morality, as in traditional marriage. | + | The Austrian school of [[economics]] opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis. But Austrian economists also typically oppose government attempts to maintain or defend morality, as in traditional marriage. |
The founder of the Austrian school of economics was [[Carl Menger]], who published in German in 1871 its leading text, ''Principles of Economics''. In the 1920s through 1940s, [[Ludwig von Mises]] and [[Friedrich A. Hayek]] advanced the movement by declaring the impossibility for socialism to succeed and also explaining the nature of the business cycle. | The founder of the Austrian school of economics was [[Carl Menger]], who published in German in 1871 its leading text, ''Principles of Economics''. In the 1920s through 1940s, [[Ludwig von Mises]] and [[Friedrich A. Hayek]] advanced the movement by declaring the impossibility for socialism to succeed and also explaining the nature of the business cycle. | ||
Revision as of 22:24, November 28, 2007
The Austrian school of economics is the libertarian philosophy applied to the field of economics: reduce government involvement in everything. It views all value as subjective, and that efficiency consists of maximizing value as sought by each individual. It avoids mathematics because it does not feel math can capture the complexities of the economic world, which it thinks are due to trial-and-error processes. Like libertarians, Austrian economists are very much in favor of the individual and against government, even to the point of opposing tariffs and Antitrust laws.
The Austrian school of economics opposed the inflationary approach of Keynesian economics, and thus is favored by many conservatives on that basis. But Austrian economists also typically oppose government attempts to maintain or defend morality, as in traditional marriage.
The founder of the Austrian school of economics was Carl Menger, who published in German in 1871 its leading text, Principles of Economics. In the 1920s through 1940s, Ludwig von Mises and Friedrich A. Hayek advanced the movement by declaring the impossibility for socialism to succeed and also explaining the nature of the business cycle.