Austrian School of economics
E63019
The Austrian School of economics is a heterodox economic tradition that emphasizes methodological individualism, subjective value, and the importance of entrepreneurial discovery and market processes, strongly associated with thinkers like Ludwig von Mises and Friedrich Hayek.
Observed surface forms (7)
| Surface form | As subject | As object |
|---|---|---|
| Austrian School | 0 | 5 |
| Austrian economics | 0 | 4 |
| Austrian School economists | 0 | 3 |
| Austrian School economics | 0 | 1 |
| Austrian School literature | 0 | 1 |
| Austrian School monetary economics | 0 | 1 |
| Misesian praxeological tradition | 0 | 1 |
Statements (74)
| Predicate | Object |
|---|---|
| instanceOf |
economic school of thought
→
heterodox economics tradition → |
| associatedWithConcept |
The Theory of Money and Credit
→
surface form:
Austrian Business Cycle Theory
business cycle theory → catallactics → economic calculation problem → knowledge problem → spontaneous order → |
| corePrinciple |
economic calculation
→
entrepreneurial discovery → marginalism → market process theory → methodological individualism → opportunity cost → praxeology → spontaneous order → subjective theory of value → time preference theory of interest → |
| countryOfOrigin | Austria → |
| criticizes |
Keynesian economics
→
empiricist and positivist methodology in economics → neoclassical equilibrium models → |
| emergedInCentury | 19th century → |
| emergedInDecade | 1870s → |
| emphasizes |
entrepreneurship
→
individual choice → role of knowledge in markets → role of prices as signals → subjective expectations → uncertainty in economic life → |
| founder | Carl Menger → |
| hasSubSchool |
Hayekian knowledge and institutions tradition
→
Austrian School of economics self-linksurface differs →
surface form:
Misesian praxeological tradition
Rothbardian anarcho-capitalist strand → |
| influenced |
classical liberalism
→
libertarianism → modern free-market policy debates → |
| influencedBy |
Carl Menger
→
Eugen von Böhm-Bawerk → Friedrich Hayek →
surface form:
Friedrich August von Hayek
Friedrich von Wieser → Ludwig von Mises → |
| institutionalSupport |
Austrian Economics Center
→
Friedrich Hayek →
surface form:
Friedrich A. von Hayek Gesellschaft
Mises Institute → |
| methodology |
aprioristic reasoning
→
praxeology → |
| notableFigure |
Carl Menger
→
Eugen von Böhm-Bawerk → Friedrich Hayek →
surface form:
Friedrich August von Hayek
Friedrich von Wieser → Hans-Hermann Hoppe → Israel Kirzner → Ludwig von Mises → Murray Rothbard → |
| opposes |
central economic planning
→
comprehensive government intervention in markets → socialist economic calculation → |
| originatedIn | Vienna → |
| supports |
free markets
→
laissez-faire capitalism → limited government → sound money → strong private property rights → |
| viewOnBusinessCycles | business cycles are caused by credit expansion → |
| viewOnCapital | capital is heterogeneous → |
| viewOnEntrepreneur | entrepreneur is central to market coordination → |
| viewOnGovernment | government intervention distorts price signals → |
| viewOnInflation | inflation is primarily a monetary phenomenon → |
| viewOnInterest | interest reflects time preference → |
| viewOnMarkets | markets are dynamic processes → |
| viewOnMoney | money emerges spontaneously from markets → |
| viewOnPrices | prices convey dispersed knowledge → |
| viewOnValue | value is subjective → |
Referenced by (41)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Austrian School literature
this entity surface form:
Austrian School
this entity surface form:
Austrian economics
this entity surface form:
Austrian School economics
this entity surface form:
Austrian economics
Austrian School of economics
→
hasSubSchool
→
Austrian School of economics
self-linksurface differs
→
this entity surface form:
Misesian praxeological tradition
this entity surface form:
Austrian School economists
this entity surface form:
Austrian School economists
this entity surface form:
Austrian School economists
subject surface form:
Ludwig von Mises
this entity surface form:
Austrian economics
this entity surface form:
Austrian School monetary economics
this entity surface form:
Austrian School
this entity surface form:
Austrian School
this entity surface form:
Austrian School
Socialism: An Economic and Sociological Analysis
→
philosophicalTradition
→
Austrian School of economics
→
this entity surface form:
Austrian School
this entity surface form:
Austrian economics