Austrian School of Economics

Thursday, 5pm-7pm 

In collaboration with the Movement for Economic Pluralism, Svetilnik organized a lecture on the Austrian School of Economics at Faculty of Economics, University of Ljubljana.

The Austrian School of Economics is named after thinkers who, in the late 19th and early 20th centuries, lived and worked in Vienna, Austria. But the foundations of this school date back to the 16th century with the scholastics of Salamanca, making it the oldest school of economic thought. Representatives of the Austrian School of Economics have developed a theory of subjective value and used it to explain economic processes. The Austrian School of Economic Thought is based on methodological individualism, marginal analysis, subjectivism, and deductive reasoning. Theorists of the Austrian School of Economics are (were) the main critics of Marxism and Keynesianism, and reject the mathematical calculation of the economic theory. For the begins of the Austrian School of Economics is considered Carl Menger's work. The main representative of the first generation of Menger's successors were Friedrich von Wiesser and Eugen von Böhm-Bawerk. Among the representatives of the second generation are Ludwig von Mises and Joseph Schumpeter, followed by Friedrich von Hayek, Murray Rothbard and Israel Kirzner. Due to the extremely convincing explanation of the current financial and economic crisis, the Austrian School of Economics is experiencing a renaissance around the world. Although the Austrian School of Economics is as a comprehensive economic thought still relatively poorly known at universities around the world, many of the concepts developed by thinkers of the Austrian School of Economics have become essential to understanding the market economy.