May, 2022

The Austrian School of Economics

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The foundational work of the Austrian school of economics, Carl Menger's Principles of Economics, celebrated its 150th anniversary in 2021.  Menger's subjectivist approach to explaining value and cost, as well as his examination of individual choice on the margin, were eventually heralded as revolutionary throughout the international scientific community of economists and placed him as one of the co-founders of the marginalist revolution that gradually spread across the world in the late nineteenth and early twentieth centuries.

Read the full chapter in The Handbook of Alternative Theories of Political Economy.