Economists of the Austrian School

The Austrian School of economics is a school of economic thought that originated in late 19th and early 20th century Vienna. It is known for its emphasis on the subjective theory of value, the importance of individual actions, and the belief in the self-regulating nature of markets. Below is a list of notable economists who have contributed to the Austrian School.

Key Figures

Carl Menger

Carl Menger (1840–1921) is considered the founder of the Austrian School. He is best known for his work on the subjective theory of value and his book "Principles of Economics" which laid the foundation for the Austrian approach to economics.

Ludwig von Mises

Ludwig von Mises (1881–1973) was an Austrian-American economist who made significant contributions to the Austrian School. He is known for his development of the theory of praxeology, which emphasizes the importance of human action in economic analysis. His works include "Human Action" and "The Theory of Money and Credit."

Friedrich Hayek

Friedrich Hayek (1899–1992) was an Austrian-British economist and philosopher known for his defense of classical liberalism and his contributions to the theory of business cycles, which expanded upon the Austrian business cycle theory. He received the Nobel Memorial Prize in Economic Sciences in 1974.

Murray Rothbard

Murray Rothbard (1926–1995) was an American economist and a strong advocate of libertarianism and anarcho-capitalism. He worked to develop and popularize Austrian economics in the United States, authoring books such as "Man, Economy, and State."

Israel Kirzner

Israel Kirzner (b. 1930) is an economist primarily known for his work on entrepreneurship and market processes. His research has been influential in understanding the role of the entrepreneur in economic theory, particularly in the context of market equilibrium.

Other Notable Economists

Eugen von Böhm-Bawerk: Known for his work on capital and interest theory.
Léon Walras: Though not strictly Austrian, his contributions to general equilibrium theory influenced Austrian economists.
Joseph Schumpeter: Famous for his theory on economic development and the concept of "creative destruction."

Influence and Legacy

The Austrian School has influenced various aspects of economic thought, including the development of Austrian business cycle theory, critiques of central banking, and advocacy for free-market economies. Despite being a minority school of thought, its impact has been significant in both academic and policy circles.