Microbadge - Austrian Economics

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Jeromey Martin
United States
Dallas
GA
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Name Austrian Economics
Group Ideas Austrian Economics
Num Owners 116
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Description

The Austrian School of economics is a heterodox school of economic thought. It advocates methodological individualism in interpreting economic developments (see praxeology), the theory that money is non-neutral, and emphasizes the organizing power of the price mechanism (see economic calculation debate). Austrian economists are generally advocates of laissez faire.

Austrian economists argue that mathematical models and statistics are an unreliable means of analyzing and testing economic theory, and advocate deriving economic theory logically from basic principles of human action, a study called praxeology. Additionally, whereas experimental research and natural experiments are often used in mainstream economics, Austrian economists generally hold that testability in economics and mathematical modeling of a market is virtually impossible since it relies on human actors who cannot be placed in a lab setting without altering their would-be actions. Mainstream economists are generally critical of methodologies used by modern Austrian economists. In particular, the Austrian method of deriving theories has been criticized by mainstream economists as being a priori or non-empirical.

Austrian contributions to mainstream economic thought include involvement in the development of the marginalist and the subjective theory of value on which it is based, as well as contributions to the economic calculation debate. From the middle of the 20th century onwards, it has been considered outside the mainstream of economic thought. Its reputation rose in the mid-1970s, after Friedrich Hayek shared a Nobel Prize in Economics in 1974.

Source: Wikipedia, "Austrian School", available under the CC-BY-SA License.

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