Austrians

YOU ARE OUR VISITOR

CARL MENGER (1841-1921)

FRIEDRICH VON WIESER (1851-1926)

EUGEN VON BOHM-BAWERK (1851-1914)

LUDWIG VON MISES (1881-1973)

JOSEPH SCHUMPTER (1883-1950)

FRITZ MACHLUP (1902-83)

OSCAR MORGENSTERN (1902-77)

PAUL ROSENSTEIN-RODAN (1902-85)

The Austrian school of economic thought can be described as far right in it's beliefs. The Austrians did not concern themselves with what other people thought of them, nor what other people felt. We shall very briefly examine the main topics within this group:

INDIVIDUALS

Personal needs are seen as being subjective and open to interpretation, hence not discussed.
Individuals are aware of own needs.
Should not assume what individual needs are in any form of economic planning as they will vary from one person to another.

STATE INTERVENTION

Very limited.
State viewed as threat to individual rights.
Governments are not liked, and their motives are treated to suspicion.
Where the state intervenes, this does not result in an increase in welfare for everyone concerned.

PLANNING

Economic planning serves little purpose as the future is always uncertain.
Planning by central government is considered not as accurate to that planning carried out by business in the markets.

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