Schools of Thought in Economics Series 10
This major authoritative three volume work gathers together for the first time the seminal articles and papers - many of which are widely dispersed in rare publications - which provide the foundation and development of the Austrian School of Economics. The Austrian School began with the writings of Carl Menger in the 1870s and was elaborated by his disciples Friedrich Wieser, Eugen von Bohm-Bawerk and Ludwig von Mises. The Austrians place great emphasis on the necessity to study all economic phenomena from the subjective viewpoint of individual economic agents. They attach supreme significance to the role of time in economic processes and insist on applying the subjectivist-marginalist approach, not just to price formation, but also to the study of business cycles and monetary disturbances. Since the early 1970s a new generation of modern Austrians has sprung up in the United States. These new Austrians reject much of orthodox economics including general equilibrium theory, mathematical economics and econometrics. This landmark book will be an essential reference source for all economists with an interest in the Austrian School.
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'These substantial volumes provide abundant evidence of the continuing vigour, range and fertility of the Austrian economics movement.' -- A.W. Coats, Kyklos