The world needs an Austrian School approach to economic history

Source: Ludwig von Mises Institute
by Matteo Salonia

“The Austrian School of economics has advanced our understanding of the behavioral patterns that break the cycle of poverty and make prosperity possible. The genius and usefulness of Austrian original reflections like marginal utility are now recognized by many intellectuals and students of economic theory and praxis, and even by non-Austrian economists. Other contributions, such as the business cycle theory, have convinced less people without libertarian circles and remain controversial, but they do contribute to a relatively (and increasingly) well-known cohesive body of knowledge, a systematic approach to the production of goods and services and the link between human action, markets, government interventions, and crises. The Austrian contribution to the field of history has been, in contrast, quite lacking, not in terms of theoretical cohesiveness, but in terms of output and popularity.” (10/06/17)