This collection presents the key developments in the 120-year history of the Austrian School of Economics from the 1870s to the writings of Mises and Hayek.

A group history of the Austrian School of Economics, from the coffeehouses of imperial Vienna to the modern-day Tea Party The Austrian School of Economics--a movement that has had a vast impact on economics, politics, and society, especially among the American right--is poorly understood by supporters and detractors alike. Defining themselves in opposition to the mainstream, economists such as Ludwig von Mises, Friedrich Hayek, and Joseph Schumpeter built the School's international reputation with their work on business cycles and monetary theory. Their focus on individualism--and deep antipathy toward socialism--ultimately won them a devoted audience among the upper echelons of business and government. In this collective biography, Janek Wasserman brings these figures to life, showing that in order to make sense of the Austrians and their continued influence, one must understand the backdrop against which their philosophy was formed--notably, the collapse of the Austro-Hungarian Empire and a half-century of war and exile.

This collection presents the key developments in the 120-year history of the Austrian School of Economics from the 1870s to the writings of Mises and Hayek.

This collection presents the key developments in the 120-year history of the Austrian School of Economics from the 1870s to the writings of Mises and Hayek.

This volume demonstrates how the Austrian challenge, and the debates it inspires, can continue to benefit contemporary developments in micro- and macroeconomic theory, and can offer insights into other schools of thought.

What if economics began with people? Choice is an essential feature of the human condition. Every time we embark on a given plan of action, big or small, we make a choice. Whereas many economists model people’s behavior using idealized assumptions, economists of the Austrian School don’t. The Austrian School of Economics takes people as they are and constructs economic theories by examining the logical structure of the choices they make. Austrian Economics: An Introduction book explains the Austrian School’s insights on a wide range of economic topics and introduces some of its key thinkers. It also explains the relationship between the Austrian School and mainstream economics and delves into the criticisms that Austrian School economists have mounted against communist and socialist economic thought.