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Austrian School
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as '' Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Von Wieser
Friedrich Freiherr von Wieser (; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's '' Grundsätze'' and switched his interest to economic theory. Wieser held posts at the universities of Vienna and Prague until succeeding Menger in Vienna in 1903, where along with his brother-in-law Eugen von Böhm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 20th century. He was the Austrian Minister of Commerce from August 30, 1917, to November 11, 1918. Wieser is renowned for two main works, ''Natural Value'', which carefully details the alternative-cost doctrine and the theory of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eugen Von Böhm-Bawerk
Eugen Ritter von Böhm-Bawerk (; born Eugen Böhm, 12 February 185127 August 1914) was an Austrian economist who made important contributions to the development of the Austrian School of Economics and neoclassical economics. He served intermittently as the Austrian Minister of Finance between 1895 and 1904. He also wrote extensive criticisms of Marxism. Biography While studying to be a lawyer at the University of Vienna, Böhm-Bawerk read Carl Menger's '' Principles of Economics'' and became an adherent of his theories, although he never studied under him. Joseph Schumpeter saw Böhm-Bawerk as "so completely the enthusiastic disciple of Menger that it is hardly necessary to look for other influences." During his time at the Vienna University, he became good friends with Friedrich von Wieser, who later became his brother-in-law. After Vienna, he studied political economy and social science at the universities of Heidelberg, Leipzig and Jena, under Karl Knies, Wilhelm Roscher and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," '' The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65 Abstract. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Austrian, complexity, Marxian, socialist, and anarchist economics. Economics may be called '' orthodox'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working tog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrics
Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships.M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8–22 Reprinted in J. Eatwell ''et al.'', eds. (1990). ''Econometrics: The New Palgrave''p. 1p. 1–34Abstract (2008 revision by J. Geweke, J. Horowitz, and H. P. Pesaran). More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used today. A basic tool for econometrics is the multiple linear regression model. ''Econometric the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Stuart Mill
John Stuart Mill (20 May 1806 – 7 May 1873) was an English philosopher, political economist, Member of Parliament (MP) and civil servant. One of the most influential thinkers in the history of classical liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed "the most influential English-speaking philosopher of the nineteenth century", he conceived of liberty as justifying the freedom of the individual in opposition to unlimited state and social control. Mill was a proponent of utilitarianism, an ethical theory developed by his predecessor Jeremy Bentham. He contributed to the investigation of scientific methodology, though his knowledge of the topic was based on the writings of others, notably William Whewell, John Herschel, and Auguste Comte, and research carried out for Mill by Alexander Bain. He engaged in written debate with Whewell. A member of the Liberal Party and author of the early feminist work '' The Subje ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Economics (Menger)
''Principles of Economics'' (german: Grundsätze der Volkswirtschaftslehre; 1871) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. It was one of the first modern treatises to advance the theory of marginal utility. Summary Menger advanced his theory that the marginal utility of goods, rather than labor inputs, is the source of their value. This marginalist theory solved the diamond-water paradox that had been puzzling classical economists: the fact that mankind finds diamonds to be far more valuable than water although water is far more important. Menger stressed uncertainty in the making of economic decisions, rather than relying on " homo economicus" or the rational man who was fully informed of all circumstances impinging on his decisions. This was a deviation from classical and neoclassical economic thought. Menger asserted that such perfect knowledge never exists, and that therefore all economic activity implie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Empire
The Austrian Empire (german: link=no, Kaiserthum Oesterreich, modern spelling , ) was a Central- Eastern European multinational great power from 1804 to 1867, created by proclamation out of the realms of the Habsburgs. During its existence, it was the third most populous monarchy in Europe after the Russian Empire and the United Kingdom. Along with Prussia, it was one of the two major powers of the German Confederation. Geographically, it was the third-largest empire in Europe after the Russian Empire and the First French Empire (). The empire was proclaimed by Francis II in 1804 in response to Napoleon's declaration of the First French Empire, unifying all Habsburg possessions under one central government. It remained part of the Holy Roman Empire until the latter's dissolution in 1806. It continued fighting against Napoleon throughout the Napoleonic Wars, except for a period between 1809 and 1813, when Austria was first allied with Napoleon during the invasion o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter G
Peter may refer to: People * List of people named Peter, a list of people and fictional characters with the given name * Peter (given name) ** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church * Peter (surname), a surname (including a list of people with the name) Culture * Peter (actor) (born 1952), stage name Shinnosuke Ikehata, Japanese dancer and actor * ''Peter'' (album), a 1993 EP by Canadian band Eric's Trip * ''Peter'' (1934 film), a 1934 film directed by Henry Koster * ''Peter'' (2021 film), Marathi language film * "Peter" (''Fringe'' episode), an episode of the television series ''Fringe'' * ''Peter'' (novel), a 1908 book by Francis Hopkinson Smith * "Peter" (short story), an 1892 short story by Willa Cather Animals * Peter, the Lord's cat, cat at Lord's Cricket Ground in London * Peter (chief mouser), Chief Mouser between 1929 and 1946 * Peter II (cat), Chief Mouser between 1946 and 1947 * Peter III (cat), Chief Mouser between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustav Von Schmoller
Gustav Friedrich (after 1908: von) Schmoller (; 24 June 1838 – 27 June 1917) was the leader of the "younger" German historical school of economics. He was a leading '' Sozialpolitiker'' (more derisively, ''Kathedersozialist'', "Socialist of the Chair"), and a founder and long-time chairman of the '' Verein für Socialpolitik'', the German Economic Association, which continues to exist. The appellation "Kathedersozialist" was given to Schmoller and other members of the Verein by their enemies. Schmoller disavowed the "socialist" label, instead tracing his thought to the heterodox liberalism represented by Jérôme-Adolphe Blanqui, Jean Charles Léonard de Sismondi, John Stuart Mill, Johann Heinrich von Thünen, Bruno Hildebrand, Thomas Edward Cliffe Leslie, Lorenz von Stein, and Émile de Laveleye and radicals such as Frederic Harrison and Edward Spencer Beesly. His goal was to reconcile the Prussian monarchy and bureaucracy "with the idea of the Liberal state and c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Economics
The historical school of economics was an economic methodology, approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The school also preferred reali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
