https://market.subwiki.org/w/index.php?action=history&feed=atom&title=Austrian_school_of_economics 2026-06-02T21:33:02Z Revision history for this page on the wiki MediaWiki 1.41.2 https://market.subwiki.org/w/index.php?title=Austrian_school_of_economics&diff=719&oldid=prev 2011-08-30T12:44:43Z

<p>Created page with &quot;==Definition== The &#039;&#039;&#039;Austrian school of economics&#039;&#039;&#039; is a heterodox (i.e., non-mainstream) school of economics with the following features: # A heavy reliance on [[defining in...&quot;</p> <p><b>New page</b></p><div>==Definition==<br /> <br /> The &#039;&#039;&#039;Austrian school of economics&#039;&#039;&#039; is a heterodox (i.e., non-mainstream) school of economics with the following features:<br /> <br /> # A heavy reliance on [[defining ingredient::methodological individualism]], i.e., the claim that social phenomena must be explained by showing how they result from individual actions, which in turn must be explained through reference to the intentional states that motivate the individual actors.<br /> # The concept of [[spontaneous order]], i.e., the emergence of order through the interaction of many different parties, by putting together their [[local knowledge]] via the [[price mechanism]].<br /> # A rejection of many of the mathematical and quantitative methods used in economics, such as cardinal utilities.<br /> # A rejection of notions of macroeconomic aggregates.<br /> # A high degree of skepticism of [[central planning]], such as the critique implicit in the analysis of the [[economic calculation problem]].</div>

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