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economics

Summary:

Economic Lessons from Lenin's Seer"], Kyle Crichton, Feb 19, 2009, NYTimes Austrian School economists advocate strict adherence to methodological individualism, which they describe as analyzing human action from the perspective of individual Agent Austrian School economists argue that the only means of arriving at a valid economic theory is to derive it logically from basic principles of human action, a method called praxeology. The Austrian School was influential in the early 20th century and was for a time considered by many to be part of mainstream economics. critics have argued that the Austrian approach fails the test of Why We Can't Associate Too Closely with the Austrians economics focused on the labour theory of value, which holds that the value of a commodity is equal to the amount of labour required to produce it.

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Original text:

The Austrian School (also known as the Vienna School or the Psychological School ) is a Schools of economic thought that emphasizes the spontaneous organizing power of the price mechanism. Austrians hold that the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult (or Undecidable) and advocate a "laissez faire" approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be (in particular the smallest possible amount of government intervention). The Austrian School derives its name from its predominantly Austrian founders and early supporters, including Carl Menger, Eugen von Böhm-Bawerk and Ludwig von Mises. Other prominent Austrian School economists of the 20th century include Henry Hazlitt, Murray Rothbard, and Nobel Memorial Prize in Economic Sciences|Nobel Laureate Friedrich Hayek. The Austrian School of Economics], Peter J. Boettke Though called 'Austrian' today, supporters and proponents of the Austrian School can come from any part of the world. The Austrian School was influential in the early 20th century and was for a time considered by many to be part of mainstream economics. Austrian contributions to mainstream economic thought include being one of the main influences in the development of the marginalist theory of value, including the subjective theory of value on which it is based, as well as contributions to the "economic calculation debate" which concerns the allocative properties of a centrally planned economy versus a decentralized free market economy. Jack Birner & Rudy Van Zijp. Hayek, Co-ordination and Evolution. Routledge, 1994. p. 94 From the middle of the 20th century onwards, it has been considered a heterodox and currently contributes relatively little to mainstream economic thought. However, some assertions of Austrian School economists have been interpreted by some as warnings about the Financial crisis of financial crisis, The Fed's modus operandi: Panic] by Steve H. Hanke which has in turn led to renewed interest in the School's theories&$&.Economic Lessons from Lenin's Seer"], Kyle Crichton, Feb 19, 2009, NYTimes Austrian School economists advocate strict adherence to methodological individualism, which they describe as analyzing human action from the perspective of individual Agent Austrian School economists argue that the only means of arriving at a valid economic theory is to derive it logically from basic principles of human action, a method called praxeology. This method holds that it allows for the discovery of fundamental economic laws valid for all human action. Alongside praxeology, these theories traditionally advocated an interpretive approach to history to address specific historical events&$&.The interpretive turn"], Don Lavoie Additionally, whereas mainstream economists often utilize natural experiments, Austrian economists contend that Experimental in economics is virtually impossible since it relies on human actors who cannot be placed in a lab setting without altering their would-be actions. Mainstream economists believe that the methodology adopted by modern Austrian economics lacks scientific rigor; "More than anything else, what prevents Austrian economists from getting more publications in mainstream journals is that their papers rarely use mathematics or econometrics, research tools that Austrians reject on principle&$&. Austrian economics and the mainstream: View from the boundary]" by Roger E. Backhouse, "Hayek did not fall out of favor because he was not Keynesian (neither are Friedman or Lucas) but because he was perceived to be doing neither "rigorous theory" nor empirical work&$&. critics have argued that the Austrian approach fails the test of Why We Can't Associate Too Closely with the Austrians economics focused on the labour theory of value, which holds that the value of a commodity is equal to the amount of labour required to produce it. In the late 19th century, however, attention was focused on the concepts of "marginal" cost and value. The Austrian School was one of three founding currents of the Marginal revolution#The Marginal revolution of the 1870s, with its major contribution being the introduction of the approach in economics. Carl Menger's 1871 book, "Principles of Economics" was the catalyst for this development; while marginalism was generally influential, there was also a more specific school that grew up around Menger, which came to be known as the School," "Vienna School," or "Austrian School&$&.

Entities resolved to DBPedia URIs:

Category Name DBPedia URI (if available)
people Murray Rothbard http://dbpedia.org/resource/Murray_Rothbard
people Friedrich Hayek http://dbpedia.org/resource/Friedrich_Hayek
people Don Lavoie http://dbpedia.org/resource/Don_Lavoie
universities School of Economics http://dbpedia.org/resource/De_La_Salle_University_School_of_Economics


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