The Austrian School and the Theory of Markets
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11620%2F21%3A10437762" target="_blank" >RIV/00216208:11620/21:10437762 - isvavai.cz</a>
Alternative codes found
RIV/61384399:31130/21:00057073 RIV/61384399:31130/22:00057073
Result on the web
<a href="https://doi.org/https://link.springer.com/referenceworkentry/10.1007/978-981-15-4106-3_6-2" target="_blank" >https://doi.org/https://link.springer.com/referenceworkentry/10.1007/978-981-15-4106-3_6-2</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1007/978-981-15-4106-3_6-2" target="_blank" >10.1007/978-981-15-4106-3_6-2</a>
Alternative languages
Result language
angličtina
Original language name
The Austrian School and the Theory of Markets
Original language description
The Austrian school of economics emerged as a distinct research program in the 1870s in opposition to the German Historical School. In its early days, it was part of the neoclassical mainstream. The origin of several enduring concepts, such as marginal utility, opportunity cost, and subjective preferences, can be traced to early Austrian contributions. Austrian economists such as Eugen von Böhm-Bawerk and Ludwig von Mises were also among the earliest critics of Marxist economics and central planning, arguing that Marx's labor of theory of value is erroneous and that a socialist economy is impossible. In the 1930s, the Austrian school diverged from mainstream economics. The new rift was between the Austrian approach, which analyzes markets as institutionally channeled entrepreneurial discovery processes, and the mainstream approach with its focus on models of market equilibria. Within the Austrian school, there was also a deepening of its underlying subjectivism to encompass not only consumer preferences, but also the subjectivity of knowledge and expectations. In the twenty-first century, Austrian concepts and theories remain influential in social theories that emphasize the role of institutions in human development.
Czech name
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Czech description
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Classification
Type
C - Chapter in a specialist book
CEP classification
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OECD FORD branch
10700 - Other natural sciences
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Book/collection name
The Palgrave Handbook of the History of Human Sciences
ISBN
978-981-15-4106-3
Number of pages of the result
22
Pages from-to
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Number of pages of the book
1000
Publisher name
Springer Singapore
Place of publication
Singapur
UT code for WoS chapter
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