Carl Menger and the Austrian School of Economics.

Economica ◽  
1974 ◽  
Vol 41 (164) ◽  
pp. 451 ◽  
Author(s):  
Ronald L. Meek ◽  
J. R. Hicks ◽  
W. Weber
Keyword(s):  
Austrian School ◽  
Austrian School Of Economics ◽  
Carl Menger

Carl Menger and the Austrian School of Economics.

1974 ◽  
Vol 84 (334) ◽  
pp. 400 ◽  
Author(s):  
William Jaffe ◽  
J. R. Hicks ◽  
W. Weber
Keyword(s):  
Austrian School ◽  
Austrian School Of Economics ◽  
Carl Menger

Complexity and Austrian Economics

2015 ◽  
pp. 593-611 ◽  
Author(s):  
J. Barkley Rosser
Keyword(s):  
Austrian Economics ◽  
Austrian School ◽  
Austrian School Of Economics ◽  
Economic Complexity ◽  
Recent Developments ◽  
Carl Menger ◽  
Over Time ◽  
Friedrich Hayek

There is a deep link between complexity economics and Austrian economics. Ideas of complexity were foundational in the work of Austrian economics from its generally recognized beginnings in the work of Carl Menger to the modern day, with Friedrich Hayek being probably the most important carrier of this theme in the school. Although interest in complexity economics among Austrians has waxed and waned over time, today such ideas are quite influential in the work of many Austrian economists. This chapter discusses the varieties of economic complexity and the connection with the Austrian school of economics from Menger to Hayek, as well as more recent developments of Austrian views on complexity.

Money before coinage. History of pre-columbian currency

2021 ◽  
pp. 411-427
Author(s):  
Rafael Antonio Rivera Solórzano
Keyword(s):  
Economic Theory ◽  
Great Part ◽  
Human Interaction ◽  
Spontaneous Order ◽  
Austrian School ◽  
Austrian School Of Economics ◽  
Monetary System ◽  
Commodity Money ◽  
History Of ◽  
Carl Menger

It’s well known that Carl Menger, one the most remarkable con-tributors on economic theory, and father of the Austrian School of Economics, devoted a great part of his career to research money origins. According to his studies, money, just as language and eco-nomics came from a spontaneous order, otherwise known as a creation of human interaction, yet not of human design. This means that money didn’t originate from a decree, neither was an invention of a king or governor, but it comes from the regular com-munication between individuals, to satisfy a need. Needless to be said, the necessity of exchange has continuously been present on mankind; facilitating the satisfaction of the infinite human desires. Yet coinage was not present in humanity until the VIth century B.C. in Europe and XVth century A.C. in America1 when Spaniards arrived. Then how could civilizations without a well-developed coinage system progress? The purpose of this paper is to prove and show how the Mayan monetary system could work with-out a coinage system, and how efficient this civilization was solving problems commonly found in barter and commodity money, which were their leading means in commerce.

Introduction

2015 ◽  
pp. xvi-10 ◽  
Author(s):  
Peter Boettke ◽  
Christopher J. Coyne
Keyword(s):  
Social Sciences ◽  
Austrian Economics ◽  
Austrian School ◽  
Late Nineteenth Century ◽  
Intellectual Tradition ◽  
Austrian School Of Economics ◽  
The Social ◽  
History Of ◽  
Carl Menger ◽  
Practical Implications

This chapter provides context for the The Oxford Handbook of Austrian Economics. The Handbook was designed to give an overview of the main methodological, analytical, and practical implications of the Austrian school of economics. The contributors provide a brief history of the intellectual tradition of the Austrian school of economics starting with Carl Menger in the late nineteenth century. In tracing this intellectual tradition, the authors provide the necessary background to understand the main methodological, analytical, and practical implications of the Austrian school. They also argue that Austrian economics is a lively and progressive research program in the social sciences.

scholarly journals War and the Austrian School: Ludwig von Mises and Friedrich von Hayek

2011 ◽  
Vol 6 (1) ◽  
Author(s):  
Christopher Westley ◽  
William L. Anderson ◽  
Scott A. Kjar
Keyword(s):  
Austrian School ◽  
Austrian School Of Economics ◽  
Ludwig Von Mises ◽  
Causes Of War ◽  
Carl Menger ◽  
Von Mises

The Austrian school of economics is generally considered an antiwar school. The Austrian view is not derived from a religious or class-based ideological viewpoints, but instead derives entirely from the school's fundamental economic tenets. This article examines the writings of Ludwig von Mises and Friedrich von Hayek as they relate to war and the causes of war. (A predecessor article on Carl Menger, Eugen von Böhm-Bawerk, and Friedrich von Wieser, the founders of the Austrian School, appeared in vol. 5, no. 1 of this journal.)

scholarly journals El rechazo de Carl Menger a la economía matemática. Una aproximación

2021 ◽  
pp. 79-106
Author(s):  
María Blanco González
Keyword(s):  
Decision Theory ◽  
Jel Classification ◽  
Austrian School ◽  
Mathematical Science ◽  
Mathematical Economics ◽  
Multicriteria Decision ◽  
Austrian School Of Economics ◽  
Toma De Decisiones ◽  
Carl Menger ◽  
The One

This article tries, on the one hand, to analyse why Carl Menger, the Austrian School of Economics founder, rejected the use of mathematics as a tool for economic theory and the scope of his opposition. On the other hand, the article considers the advances in mathematical science in order to question at what point Menger’s methodology is still sounding, or on the contrary, if these new developments allow a wider use of mathematical economics maintaining, at the same time, the Austrian methodological assumptions. Nowadays, the Multicriteria Decision Theory has emerged as a powerful tool to assist in the process of searching for decisions, which best satisfy a multitude of conflicting objectives.These advancements may question the persistent opposition to mathematical economics not so much from Carl Menger but from his successors. Key words: Economic methodology, Austrian School of Economics, Carl Menger, mathematical economics, Multicriteria Decision Theory. JEL Classification: B1, B2, B4, C6, C8. Resumen: El objetivo de este documento de trabajo es, por un lado, analizar los motivos que llevaron al fundador de la Escuela Austriaca, Carl Menger, a rechazar el empleo de las matemáticas como herramienta de la teoría económica y el alcance de esta oposición. Por otra parte, se trata de considerar si actualmente esta postura metodológica sigue siendo válida o, por el contrario, los avances en la matemática permiten un empleo más amplio en la teoría económica manteniendo los postulados mengerianos. Hoy en día, la matemática también ha evolucionado y han aparecido disciplinas como la Teoría de la Decisión Multicriterio que intenta solucionar los problemas que afloran en la toma de decisiones cuando existen objetivos múltiples y, a menudo, conflictivos entre sí. Estos avances ponen sobre la mesa el recalcitrante rechazo hacia las matemáticas, no tanto de Menger, como de sus seguidores. Palabras clave: Metodología de la economía, Escuela Austriaca de Economía, Carl Menger, economía matemática, Teoría de la Decisión Multicriterio.

The entrepreneur of the self beyond Foucault’s neoliberal homo oeconomicus

2019 ◽  
Vol 23 (4) ◽  
pp. 493-511
Author(s):  
Tim Christiaens
Keyword(s):  
Human Capital ◽  
Michel Foucault ◽  
Cost Benefit ◽  
Analytical Framework ◽  
Creative Industries ◽  
The Self ◽  
Austrian School ◽  
Homo Oeconomicus ◽  
Austrian School Of Economics ◽  
Joseph Schumpeter

In his lectures on neoliberalism, Michel Foucault argues that neoliberalism produces subjects as ‘entrepreneurs of themselves’. He bases this claim on Gary Becker’s conception of the utility-maximizing agent who solely acts upon cost/benefit-calculations. Not all neoliberalized subjects, however, are encouraged to maximize their utility through mere calculation. This article argues that Foucault’s description of neoliberal subjectivity obscures a non-calculative, more audacious side to neoliberal subjectivity. Precarious workers in the creative industries, for example, are encouraged not merely to rationally manage their human capital, but also to take a leap of faith to acquire unpredictable successes. It is this latter risk-loving, extra-calculative side to neoliberal subjectivity that economists usually designate as ‘entrepreneurial’. By confronting Foucault with the theories of entrepreneurship of the Austrian School of Economics, Frank Knight, and Joseph Schumpeter, the Foucauldian analytical framework is enriched. Neoliberal subjectivation is not the monolithic promotion of utility-maximizing agents, but the generation of a multiplicity of modes for entrepreneurs to relate to oneself and the market.

scholarly journals Vínculos entre la Escuela Austriaca de Economía y el método de la inversión en valor

2021 ◽  
pp. 255-304
Author(s):  
Diego E. Quijano Durán
Keyword(s):  
Common Sense ◽  
Jel Classification ◽  
Austrian School ◽  
Economic Calculation ◽  
Austrian School Of Economics ◽  
Value Investing ◽  
Palabras Clave ◽  
The World ◽  
The Common

The Austrian school of economics and the investment method known as value investing have a similar conception of the world, so that it is possible to find multiple links between them and form a coherent structure. To the economist, this allows for a much deeper understanding of the entrepreneurial function and the manner in which economic calculation is actually performed. To the investor, it offers a theoretical framework that explains economic phenomena, permitting him to better understand the role of the entrepreneur and to protect his investment when dangerous patterns can be observed. In this essay, we begin from the common stance of both schools of thought towards common sense, the use of realistic assumptions, the importance of prudence and the low value of complex mathematics in the fields of economics and finance. We then proceed to develop in greater depth nine aspects that have strong philosophical and scientific links. Key words: Value investing, Austrian school of economics, entrepreneurship, dynamic efficiency, economic calculation. JEL Classification: A12, G17, M20. Resumen: La Escuela Austriaca de Economía y el método de inversión en valor tienen una concepción similar del mundo que permite entrelazarlas coherentemente. Al economista, le permite profundizar el conocimiento del ejercicio de la función empresarial y la realización del cálculo económico en la práctica. Al inversor, le ofrece un marco teórico para comprender mejor el papel del empresario y los fenómenos económicos y detectar temprano patrones peligrosos y así protegerse. En este trabajo partimos de la base de que ambas escuelas de pensamiento tienen sus raíces en el sentido común y los supuestos realistas, que son prudentes a la hora de ver el futuro y que dudan de la utilidad de las matemáticas complejas en los campos económicos y financieros. Sobre ello, desarrollamos nueve aspectos en los cuales hay fuertes conexiones como, por ejemplo, la manera en que el ejercicio de la empresarialidad mejora la eficiencia del mercado y coordina los planes de las personas. Palabras clave: Inversión en valor, escuela austriaca de economía, empre-sarialidad, eficiencia dinámica, cálculo económico. Clasificación JEL: A12, G17, M20.

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