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Austrian School of Economics

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"The task of the theoretician in the realm of economy is above all to teach us to understand concrete phenomena of human economy as exemplifications of a certain regularity in the succession of phenomena, i.e., as exemplifications of laws of phenomena."

— Menger, Carl

menu_book Investigations into the Method of the Social Sciences

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"Money has not been generated by law. In its origin it is a social, and not a state institution. Sanction by the authority of the state is a notion alien to it."

— Menger, Carl

menu_book On the Origin of Money

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"Value is nothing inherent in goods and no property of them, but merely the importance we first attribute to the satisfaction of our needs, and in consequence carry over to economic goods as the exclusive causes of the satisfaction of our needs."

— Menger, Carl

menu_book Principles of Economics

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The Ethics of Money Production

person Hülsmann, Jörg Guido

event 2008

Analysis of the moral implications of money production, arguing that fiat money and fractional reserve banking involve moral hazards and violate pr...

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Investigations into the Method of the Social Sciences

person Menger, Carl

event 1883

Menger's methodological work defending the Austrian approach to economics against the German Historical School. This book established the theoretic...

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On the Origin of Money

person Menger, Carl

event 1892

Menger's influential essay explaining how money emerged spontaneously from barter as the most marketable commodity, without need for government dec...

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Principles of Economics

person Menger, Carl

event 1871

Menger's groundbreaking work that founded the Austrian School of Economics, introducing the theory of marginal utility and subjective value. This r...

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Friedman, Milton

event 1912 - 2006

American economist and statistician, Nobel laureate in Economics (1976), leading advocate of free-market capitalism and monetarism

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Hazlitt, Henry

event 1894 - 1993

American journalist, economist and author, famous for Economics in One Lesson, advocate of the Austrian School

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Hoppe, Hans-Hermann

German-American economist and political theorist, student of Murray Rothbard, known for his work on private property and anarcho-capitalism

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Hülsmann, Jörg Guido

German economist and Professor at the University of Angers, specialist in Austrian economics and monetary theory

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von Mises, Ludwig

event 1881 - 1973

Austrian-American economist, founder of the Austrian School of economics, known for his work on economic calculation and praxeology

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Rothbard, Murray

event 1926 - 1995

American economist and political theorist, leading figure in the Austrian School and anarcho-capitalism, founder of modern libertarianism

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psychology Concepts

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Four Ways to Spend Money

Milton Friedman's framework describing four ways money can be spent, each with different incentives for economy and care about results: (1) Spendin...

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Time Preference

The economic principle that individuals value goods and services more highly in the present than in the future, all else being equal. This preferen...

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