The Austrian School of Economics is an economic school initiated by Carl Menger (1840–1921). Menger's first disciples were Eugen von BöhmBawerk (1851–1914) and Friedrich von Wieser (1851–1914). Joseph Schumpeter (1883–1950) is sometimes associated with the Austrian School. Although he was a student of the last two, he departed early from Austrian ideas. The Austrian current was continued by Ludwig von Mises (1881–1973) and Friedrich A. Hayek (1889–1992). Other representatives were Murray N. Rothbard (1926–1995), Ludwig M. Lachmann (1906–1990), and Israel M. Kirzner (1930–). The School is still alive and universally active, though concentrated mostly in the United States.

The Austrian School is more than an approach to economic theory. It also deals with matters of political philosophy, social ontology, and social science epistemology. It supposes, and ...