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Source link: http://archive.mises.org/15859/powered-by-custom-search-control-web-the-austrian-school-of-economics-a-history-of-its-ideas-ambassadors-and-institutions/

The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions

March 1, 2011 by

The Austrian School is in the news as never before. It is discussed on business pages, academic journals, and speeches by public figures. At long last, there is a brilliant and engaging guide to the history, ideas, and institutions of the Austrian School of economics. It is written by two Austrian intellectuals who have gone to the sources themselves to provide a completely new look at the tradition and what it means for the future. This is the first such authoritative book that has appeared on this topic.

The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions, by Eugen Maria Schulak and Herbert Unterköfler appeared first in German. It has been a sensation: the first and most authoritative source on this hot topic. This new English translation, complete with a vast scholarly apparatus of citations and bibliographies, is academic at its core but also easy-to-read, entertaining, and fascinating on every page.

They set the stage with a discussion of the culture of 19th century Vienna, and the striking innovation that came with Carl Menger’s subjective theory of value. They discuss the titanic struggle over method that took place between the Viennese Mengerians and the German Historical School.

Next comes a thrilling account of the second generation of Austrians, their politics, their theories, their personal splits, their idiosyncrasies, their debates. The cast of characters here is far larger than most people in the English-speaking world have known. The authors operate as tour guides to this world that is mostly unknown to Americans due to the remoteness of time and the differences in language.

The stories they tell of Mises in Vienna, as well as Hayek and Schumpeter, includes anecdotes never known before. It is particularly interesting for Americans to read because we have mostly had to understand the history of the Austrian School based on a far more limited set of literary resources.

What emerges from the account here is the singular contribution that Mises himself made in shaping the modern Austrian School into what it is today. Here we have the highest tribute to the power of ideas. Mises left his mark in a decisive way that is right now driving political and economic change the world over.

If you are like many people, you have been curious about the Austrian School but didn’t know where to turn to discover more about it. This book is the one that makes sense of it all!

Preface to the English Edition
The Austrian School in Brief

1. Vienna in the Mid-Nineteenth Century
2. Economics as an Academic Discipline
3. The Discovery of the Self: The Theory of Subjective Value
4. The Emergence of the Austrian School in the Methodenstreit
5. Carl Menger: Founder of the Austrian School
6. Time is Money: The Austrian theory of Capital and Interest
7. Friedrich von Wieser: From Economist to Social Scientist
8. Eugen von Böhm-Bawerk: Economist, Minister, Aristocrat
9. Emil Sax: The Recluse from Voloska
10. Further Students of Menger and Other Supporters
11. Money Makes the World Go Round: The Monetary theory of the Business Cycle
12. Joseph A. Schumpeter: Maverick and Enigma
13. Schumpeter’s theory of Economic Development
14. The Austrian School’s Critique of Marxism
15. The Consequences of War: The Imminent Collapse
16. Between the Wars: From Re-formation to Exodus
17. Ludwig von Mises: The Logician of Freedom
18. Friedrich August von Hayek: Grand Seigneur on the Fence
19. Other Members of the Younger Austrian School
20. Praxeology: A New Start from Ludwig von Mises
21. Friedrich August von Hayek’s Model of Society and His Theory of Cultural Evolution
22. The Entrepreneur
23. The Rejected Legacy: Austria and the Austrian School After
24. The Renaissance of the old ‘Viennese’ School: The New Austrian School of Economics

References Index


augusto March 1, 2011 at 5:16 pm

I would love to find a book focusing on the sociological aspects of the Austrian School, notably the work of Alfred Schutz (a student of Mises and also an emigre to the US) and his followers.

Bruce Koerber March 1, 2011 at 7:38 pm

I am anxious to read some reviews of the book by fellow Austrian economists.

Jimmy Walte March 1, 2011 at 8:52 pm

I live in Austria. They do not follow or believe in your alleged “Austrian School”

nate-m March 1, 2011 at 9:07 pm

Not terribly bright, are you?

Nor do you even have the remotest clue about your own history…..

The Austrian School is a heterodox school of economic thought that emphasizes the spontaneous organizing power of the price mechanism. Its name derives from the identity of its founders and early supporters, who were citizens of the old Austrian Habsburg Empire, including Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, and Nobel laureate Friedrich Hayek.[1] Currently, adherents of the Austrian School can come from any part of the world, but they are often referred to simply as Austrian economists and their work as Austrian economics.

Don’t worry. That dull pain you feel behind your eyes is just your mind. :P

Marco Polo March 1, 2011 at 9:46 pm

Thanks, Jimmy, we know.
As (noted Austrian economist) Murray Rothbard put it in an introductory lecture to Austrian Economics, “There are no Austrians in Austria!” They all left, but not before von Mises saved Austria from the hyperinflation that affected a neighbouring country. Perhaps you heard about that?

Ohhh Henry March 1, 2011 at 11:40 pm

We call it “Austrian School” because of history. And because it’s easier than saying, “the economic movement based on logic and common sense.”

And even if you do not follow or believe in its lessons, they will catch up with you just the same. Economics (which is to say human behavior as it relates to work, money, saving and investment) is governed by laws, not guidelines.

Justin Ptak March 2, 2011 at 9:07 am

This is a great read that is full of new and fascinating insight on almost every page. In the words of Felix Kaufman it is full of “das verstehen verstehen.”

Sag March 2, 2011 at 2:46 pm

That is so true. I went to the pdf recently. I couldn’t stop reading it; it was so fascinating. I was thinking it would be great to own as a book just before this post announced its availability as such. Great stuff. My estimation of von Mises went even higher. It’s unbelievable what he was up against in Vienna even among other Austrian School economists. Looking forward to Hulsmann’s book.

Ned Netterville March 2, 2011 at 10:39 am

Thanks. I’ll take one. Good price.

Ned Netterville March 2, 2011 at 11:11 am

Jimmy, Yes, and what a shame and embarrassment that Austria in the 1930s followed Adolph Hitler’s and the Nazi’s vision of Lebensraum, fascism (national socialism) and violent conquest rather than Ludwig von Mises’ and the Austrian School’s vision of freedom through laissez-faire economic policies.

Ned Netterville March 4, 2011 at 3:36 pm

Jimmy Waite, regarding the website associated with your name: I believe that spontaneous, random, chaotic development by individual entrepreneurs operating for profit in a free-market can and will bring about better, more efficient and enjoyable cities and communities than anything that might ever be devised by the most ingenious, forward-looking engineers, scientists, physicists, philosophers and/or politicians working together harmoniously (fat chance) and utilizing the most advanced technology under the sun. The free market makes available to all the creative genius of everyone, anything else does not and is relatively limited.

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