History of the Austrian School of Economics

In 1982, Rothbard closed his remarks on the controversy over the journal’s name with the following statement: “At any rate, we have a tough row to hoe in Austrianism in general to rescue it from: 

The invisible hand remains an important foundation of economic analysis, continues to be a source of new analytical and explanatory devices, and is the conceptual basis of a whole class of scientific models

The particular force of Thier's argument lies in the refutation of economic calculation under socialism not only on grounds of practicability, but of a theoretical reasoning about the role of property 

In the 1930's the Austrian School of economics lived through a crucial phase in its development, which led from the height of its influence at the beginning of the decade to its decline and dissolution after 1945.

Ludwig H. Mai was an amalgam of intellectual influences. Most certainly he was partly an Austrian "fellow traveler" — one who had deep respect for Carl Menger and Eugen von Böhm-Bawerk

The State applies itself to loading everybody’s brain with prejudices, and everybody’s heart with sentiments favorable to the spirit of anarchy, war, and hatred;

Carl Menger, the founder of the Austrian School of economics, was instrumental in developing the Austrian analytical framework. However, the foundation of Austrian theory predates Menger by centuries. 

In light of the argument presented in the present paper, it is difficult to avoid the speculation that the main argument that Hayek either half accepted or regarded as exaggerated and one-sided

This paper examines the connection between Ludwig von Mises and early contributors to game theory. What becomes clear is that early game theorists were trained by Austrians who thus influenced the field from its beginning.