Austrian School

Tradition from Menger emphasizing subjective value, capital theory, and prices as a knowledge processor.

Specifications & Metrics

era

1871 onward

founders

Carl Menger, Ludwig von Mises, Friedrich Hayek

signature

Subjective value and the market process against central planning

Core Principles & Analysis

• Menger's 1871 Grundsätze founded subjective-value marginalism.
• The socialist calculation debate of the 1920s and 1930s set Mises and Hayek against central planning.
• Hayek shared the 1974 Nobel with Gunnar Myrdal for work on money, economic fluctuations, and institutional interdependence.

Sources

• Econlib Concise Encyclopedia of Economics: Austrian School of Economics