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The Historical Setting of the Austrian School of Economics

1970; Wiley; Volume: 37; Issue: 2 Linguagem: Inglês

10.2307/1056143

2325-8012

James A. Gherity, Ludwig von Mises,

Economic Theory and Institutions

1. Carl Menger and the Austrian School of Economics 1. The Beginnings The Austrian School started in 1871 with the publication of Carl Menger’s Grundsatze der Volkswirtschaftslehre. His theories of marginalism and subjectivism had been foreshadowed to some extent and people like Walras and Jevons at the same time developed the idea of marginal utility. Eugen von Bohm-Bawerk and Friedrich von Wieser never studied with Menger but learned from Menger’s book. Menger gave a private seminar in Vienna which resulted in an increase in the ranks of the ‘Austrians’. Only with the publication of Menger’s second book in 1883, Untersuchungen uber die Methode der Sozialwissenschaften und der Politischen Oekonomie insbesondere did the label ‘Austrian School of Economics’ get used by its opponents.