Friedrich Von Wieser
Friedrich von Wieser
Friedrich von Wieser (10 July 1851 – 22 July 1926) was a prominent economist associated with the Austrian School of Economics, which he helped to establish alongside figures like Carl Menger and Eugen von Böhm-Bawerk. Born in Vienna, he was the son of Privy Councillor Leopold von Wieser, a high-ranking official in the war ministry.
Academic Career and Influence
Wieser's academic journey began with studies in sociology and law. He held academic positions at the universities of Vienna and Prague. In 1903, he succeeded Carl Menger as a full professor at the University of Vienna. During his tenure, Wieser mentored a new generation of economists, including Ludwig von Mises, Joseph Schumpeter, and Friedrich Hayek, thereby extending his influence into the 20th century.
Contributions to Economics
Wieser made significant contributions to economic theory, particularly in the areas of marginal utility and monetary theory. He is credited with coining the term "marginal utility" (Grenznutzen), which was later popularized by Alfred Marshall. His work on marginal utility laid the foundation for the Austrian School's approach to value and price theory.
Wieser's monetary theory was greatly inspired by the work of Carl Menger, focusing on the quantity theory of money. His ideas provided a framework for understanding the role of money in the economy, influencing the economic policies and theories of his time.
Legacy and Relationships
Friedrich von Wieser was not only an academic giant but also a part of a scholarly family network. He was the brother-in-law of Eugen von Böhm-Bawerk, with whom he collaborated closely. This relationship further cemented the collaborative nature of the early Austrian School.
His teachings and ideas left a lasting legacy, leaving an imprint on his students who went on to become leading economists, such as Ludwig von Mises, who expanded on Wieser's teachings and Friedrich Hayek, whose work in social sciences echoed Wieser's influence.