History of the Austrian School of Economics

Austrian economics is defined by its adherence to the a priori methodology, not empiricism. That places it at odds with mainstream economics, which stresses the methodology of positivism.

Murray Rothbard was an elite economist, historian, and avowed enemy of the state. His legacy lives on nearly three decades after his untimely passing.

Murray Rothbard was an elite economist, historian, and avowed enemy of the state. His legacy lives on nearly three decades after his untimely passing.

Karl Marx portrayed a horrifying and violent state of society which is allegedly necessary "to reduce all to a common level."

One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.

One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.

Murray N. Rothbard slices his way through ten of the most common value-based calumnies against the market economy. An excerpt  from Man, Economy, and State, with Power and Market.

William Röpke, who fled Nazi Germany in the 1930s, has made important contributions to Austrian economic analysis. Not surprisingly, he rejected collectivism as a way to organize an economy.

According to Galiani, interest equalizes present and future money. It is a means to compensate for the palpitations of the heart that a creditor must endure until the money is returned.

While socialists posit socialism as a humane and ethical system, it is anything but that. Mises understood its brutality long before socialism gripped the world.