{"id":6338,"date":"2020-01-07T12:12:14","date_gmt":"2020-01-07T11:12:14","guid":{"rendered":"https:\/\/austrian-institute.org\/the-austrian-school-of-economics\/"},"modified":"2020-02-24T14:29:09","modified_gmt":"2020-02-24T13:29:09","slug":"the-austrian-school-of-economics","status":"publish","type":"page","link":"https:\/\/austrian-institute.org\/en\/the-austrian-school-of-economics\/","title":{"rendered":"The Austrian School of Economics"},"content":{"rendered":"[vc_row content_placement=”middle” el_class=”section”][vc_column width=”8\/12″][vc_column_text]\r\n

Why the Austrian School of Economics?<\/h2>\r\n \r\n\r\nDue to its approach, the thinking of the Austrian (or Viennese) School of Economics (“Austrian Economics”) is able to explain economic relations and their social and political implications in an extremely accurate and accessible way. It is not based on a fictitious homo oeconomicus<\/em>, but on people as they really are and as they behave. It adequately takes into account the economically relevant aspects of the real world and is consistent with the nature and psychology of human action. In this way, it also corresponds to the citizen\u2019s common sense.\r\n\r\nThe Austrian School of Economics promotes an economic and social thinking that is not trapped in unrealistic, mostly mathematical models. It does not see the economy as an object of state political regulation and central, almost engineering-like control. Rather, its analysis focuses on autonomous entrepreneurial action and the free interaction of individuals in the marketplace, which eludes both the logic of differential equations, and centrally planned political control.\r\n\r\nThe basic, generally understandable insights of the Austrian School of Economics provide citizens with the necessary knowledge to recognize the political seductions that threaten freedom and prosperity, and motivate them to develop independent entrepreneurial initiative in all areas of society. If citizens lack basic economic literacy, they easily become the playthings of irresponsible politicians, passive recipients of state benefits, and helpless victims of bureaucratic procedures.\r\n\r\n \r\n\r\n[\/vc_column_text][\/vc_column][vc_column width=”4\/12″][vc_single_image image=”7654″ img_size=”large” add_caption=”yes” alignment=”center” style=”vc_box_rounded” el_class=”shadow”][\/vc_column][vc_column el_class=”mt50 mb70″][vc_column_text]The founders of the Austrian School of Economics were Carl Menger (1840-1921) and his students Eugen von B\u00f6hm-Bawerk (1851-1914) and Friedrich von Wieser (1851-1926). In the twentieth century, the Austrian School of Economics was represented primarily by Ludwig von Mises (1881-1973) and Friedrich A. von Hayek (1899-1992, Nobel Prize in Economics 1974), who both emigrated from Vienna to the U.S. and England in the 1930s. Today, the school is especially influential in the English-speaking world (“Austrian Economics”), but is gaining increasing influence in Europe as well.[\/vc_column_text][vc_separator][vc_row_inner][vc_column_inner el_class=”mb50″][vc_column_text el_class=”center”]\r\n

Memorial plaques of the founders of the Austrian School of Economics at the University of Vienna<\/h3>\r\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner equal_height=”yes” el_class=”mb100″][vc_column_inner width=”1\/3″][vc_single_image image=”4993″ img_size=”large” alignment=”center” style=”vc_box_rounded” el_class=”shadow”][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_single_image image=”4992″ img_size=”large” alignment=”center” style=”vc_box_rounded” el_class=”shadow”][\/vc_column_inner][vc_column_inner width=”1\/3″][vc_single_image image=”4994″ img_size=”large” alignment=”center” style=”vc_box_rounded” el_class=”shadow”][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/6″][\/vc_column_inner][vc_column_inner width=”2\/6″][vc_single_image image=”4996″ img_size=”large” alignment=”center” style=”vc_box_rounded”][vc_column_text]\r\n

Ludwig von Mises<\/h4>\r\n

1881-1973<\/p>\r\n

Austro-American economist\r\nTheoretician of classical liberalism<\/p>\r\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”2\/6″][vc_single_image image=”4995″ img_size=”large” alignment=”center” style=”vc_box_rounded”][vc_column_text]\r\n

Friedrich A. von Hayek<\/h4>\r\n

1899-1992<\/p>\r\n

Austrian economist\r\nand social philosopher\r\nNobel Prize for Economics 1974<\/strong><\/p>\r\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/6″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]","protected":false},"excerpt":{"rendered":"

[vc_row content_placement=”middle” el_class=”section”][vc_column width=”8\/12″][vc_column_text] Why the Austrian School of Economics?   Due to its approach, the thinking of the Austrian (or Viennese) School of Economics (“Austrian Economics”) is able to<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"coauthors":[14],"class_list":["post-6338","page","type-page","status-publish","hentry"],"yoast_head":"\nThe Austrian School of Economics | Ludwig von Mises | Austrian Institute<\/title>\n<meta name=\"description\" content=\"In the 20th century, the greatest representatives of the Austrian School were Mises and Hayek, who both rejected the neo-classical model of a Homo oeconomicus.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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