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The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Henry Hazlitt
Economics in One Lesson

Austrian School of Economics

The Austrian School of Economics espouses principles and theories of economics based upon deduction from the nature of human action, especially stressing the subjective nature of value.

The Austrian School of Economics consist of a group of economists who developed the modern subjective theory of value and applied it to the various problems of economics. Its founders and early leaders Carl Menger (1840-1921), Friedrich von Wieser (1851-1926), and Eugen von Böhm-Bawerk (1851-1914), as well as Ludwig von Mises (1881-1973) and Friedrich A. Hayek (1899- )were all Austrian born. American Murray N. Rothbard also contributed to this body of work.

The principles and theories of the Austrian School of Economics provide the foundation for the economic assumptions advocated on The Free Market Center.

Characteristics of the Austrian School
These eight characteristics markedly distinguish the Austrian School from other popular schools.
Austrian Methodology
The Austrian Methodology refers to the precise thought processes used in analyzing economic activity. The Austrian School of Economics sets itself apart by not only describing principles and theories but also by opening its methodology. Austrian Economic theories consists of a type of economics, espoused by the Austrian School of Economics, based upon deduction from the nature of human action, especially stressing the subjective nature of value.

 

Carl Menger

Carl Menger -
The Father of The Austrian School of Economics

 

Schools of Thought