Austrian school

Updated: Aug 20, 2021

A tradition of economic thought originating in the work of Carl Menger (1840-1921), who was Professor of Economics at Vienna until 1903. He was succeeded in the Chair by Von Wieser (1851-1926) and Bohm-Bawejk (1851-1914). Menger’s principal achievement was the construction of a marginal utility theory of value. His work was developed by Von Wieser, who, in addition, clearly. formulated the important concept of opportunity cost. Bohm-Bawerk’s main contributions were in the fields of capital and interest rate theory. The Austrian tradition was followed in the work of Von Mises and F. A. Hayek, and, later, in work by J. R. Hicks.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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James Knight
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