The school of economic thought founded by Carl Menger

Meetup Groups

The Green Anchor - An Austrian Economics Meetup
Minneapolis
Related Topic: Minnesota

Web Pages

Are You an Austrian?
Ludwig von Mises Institute, also version in Spanish

Articles

A Fairy Tale of the Austrian Movement, by Joseph T. Salerno, Mises Daily, 25 Sep 2007
Critiques the section of Brian Doherty's Radicals for Capitalism that deals with the recent revival of Austrian economics, as recounted by Prof. Peter Boettke
"This leads us to an evaluation of Boettke's broader claim that Austrians are mainly or even exclusively interested in doing research in methodology and related fields. Even a cursory inspection of the publication records of Austrian economists who came of age during the modern revival of the Austrian School reveals this allegation to have utterly no foundation in fact."
The Austrian Economists, by Eugen von Böhm-Bawerk, Annals of the American Academy of Political and Social Science, 1891
Explains some of the major tenets of the Austrian school -just two decades after publication of its seminal treatise, contrasting them with the views of classical economics and the historical school; paper solicited by the editors of the magazine
"The province of the Austrian economists is theory in the strict sense of the word. ... Their researches take their direction from the theory of value, the corner-stone being the well-known theory of final utility. This theory can be condensed into three unusually simple propositions. The value of goods is measured by the importance of the want whose satisfaction is dependent upon the possession of the goods."
The Philosophical Origins of Austrian Economics, by David Gordon, Mises Daily, 17 Jun 2006
Surveys the views of the schools of philosophy and economics that influenced or competed with Austrian economics, including Hegel, the Historical School, Franz Brentano, Occam, Karl Marx, Aristotle, Kant, the logical positivists and Karl Popper
"The Austrian School of economics arose in opposition to the German Historical School; and Carl Menger developed his methodological views in combat with the rival group. ... Eugen Böhm-Bawerk ... was influenced by a quite different school of philosophy, the nominalists. ... Ludwig von Mises ... found himself the target of philosophical attack. The logical positivist movement subjected his deductive or praxeological approach to severe scrutiny."
Related Topic: Aristotle
The Story of a Movement, by Peter J. Boettke, The Freeman, May 1995
"Milton Friedman stated ... that there was no such thing as Austrian economics—only good economics and bad economics. Well, Friedman was right to an extent. But it turns out that Austrian economics ... provides the foundation for a humanistic, logically sound, and policy-relevant economics."
What Do Austrians Mean by "Rational"?, by Michael S. Rozeff, Mises Daily, 26 Jul 2006
"If human action always aims at a purpose ... then human action must be rational, that is, consistent with reason or guided by one's will and intellect. ... Praxeology tells us that human action is rational. The case being made for state action to remedy so-called irrationalities discovered by researchers in behavioral economics and finance has no logical justification."
Faculty Spotlight Interview: Robert Higgs, 2 Dec 2010
"Are there any words of wisdom you wish to pass onto the next generation of Austrian scholars? Study the writings of the great Austrians carefully, especially those of Mises, Hayek, and Rothbard, but do not confine your study to the Austrian school or to economics alone. The greatest Austrians were men of extremely wide knowledge and understanding."
Related Topic: Robert Higgs
Faculty Spotlight Interview: Thomas DiLorenzo, 16 Aug 2010
"Any words of wisdom that you wish to pass on to the younger generation of Austrian scholars? ... I would encourage younger scholars to pay attention to the method of scholarship of Rothhbard, Mises, Hayek, and other Austrians, and to consider emulating it and improving on it. ... Armed with a solid understanding of Austrian economics and the classical liberal tradition in political philosophy, there is a broad research agenda waiting for young scholars ..."
Related Topic: Thomas J. DiLorenzo
The Nature and Significance of Economic Education: Economists Should Pursue Their Science with Objectivity, Detachment, and Passion, by Israel M. Kirzner, The Freeman, Oct 1998
Explains why economic education of both the general public and politicians/legislators is needed and why a teacher, such as Mises, must remain scientifically detached (value free) even if passionate about the teaching goals
"Austrian economics never gave up the central conclusions of the earlier shared consensus of neoclassical economics. In fact, both Mises and Hayek significantly deepened Austrian economic understanding ... They demonstrated ... how Austrian insights concerning the entrepreneurial role, the competitive process, and the knowledge-discovery process in fact respond effectively to both the macro and the micro concerns of the new interventionist orthodoxy in the economics profession."

Books

Principles of Economics [PDF], by Carl Menger, 1871
Text available online at the Ludwig von Mises Institute, based on the 1976 New York University edition
The Driving Force of the Market: Essays in Austrian Economics
    by Israel M. Kirzner, 2000
The Elgar Companion to Austrian Economics
    by Peter J. Boettke (Editor), 1998
What Every Investor Should Know About Austrian Economics and the Hard Money Movement
    by Mark Skousen, Foundation for Economic Education, 1988