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School of Thought: The Austrian School of Economics

The Austrian School of Economics emerged after the publication in 1871 of a trilogy of works (by Jevons, Walras, and Menger) which introduced the idea of the subjective theory of value and began what has been called “the marginal revolution” in economic thought. Leading theorists in the 20th century were Ludwig von Mises, Friedrich Hayek, Murray Rothbard, and Israel Kirzner.

For more information see:

• a number of key works in the Austrian School are available online from the Mises Institute, especially the Austrian Study Guide
• New Directions in Austrian Economics, ed. Louis M. Spadaro (Kansas City: Sheed Andrews and McMeel, 1978).
• Norman Barry, “The Tradition of Spontaneous Order”, in Literature of Liberty, vol. V, no. 2, Summer 1982.
• John Gray, “F.A. Hayek and the Rebirth of Classical Liberalism”, in Literature of Liberty, vol. V, no. 4, Winter 1982
• Deborah L. Walker, “Austrian Economics”, in the Concise Encyclopedia of Economics at Econlib.

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