Applied Mathematics in Engineering, Management and Technology, No (1), Year (2014-6) , Pages (1622-1626)

Title : ( Austrian Economics School as one of the Schools in Free Market Economy: A Critical View )

Authors: Mohammad Taher Ahmadi Shadmehri , Gholamali Rahimi , ali fathani ,

Citation: BibTeX | EndNote

Austrian Economics or Austrian School, which is known as Vienna School, too, is one of the economic schools out of the main stream that emphasizes automatic organization by price mechanism. Methodological individualism and non-neutralized money are other mental specifications of it. This school in nominated by its primary founders and advocators, which were citizens of Habsburg, Austria, including Carl Menger, Ludwig von Mises, and Friedrich Hayek, the winner of noble prize. Austrian school has always encountered problems in justification of economic academies, and, despite of significant developments of advocators of this school in propounding himself, many faculties and scientific academies encounter obstacles in acceptance of Austrian approaches and criticizing it. Undoubtedly, Austrian thinking pattern is out of the common flow system. Researchers familiar with common flow equations hardly can understand Austrian economics, unless they reconstruct their mental structure. In this research, we study fundamentals of Austrian economics school and we evaluate fortes and foibles of this school in demonstration of economic phenomena.

Keywords

, Economic school, Austrian Economics, free market economy, Carl Menger, Friedrich Hayek, individualism, subjectivism,
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@article{paperid:1045586,
author = {Ahmadi Shadmehri, Mohammad Taher and Rahimi, Gholamali and Fathani, Ali},
title = {Austrian Economics School as one of the Schools in Free Market Economy: A Critical View},
journal = {Applied Mathematics in Engineering, Management and Technology},
year = {2014},
number = {1},
month = {June},
issn = {2322-5572},
pages = {1622--1626},
numpages = {4},
keywords = {Economic school; Austrian Economics; free market economy; Carl Menger; Friedrich Hayek; individualism; subjectivism; processism},
}

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%0 Journal Article
%T Austrian Economics School as one of the Schools in Free Market Economy: A Critical View
%A Ahmadi Shadmehri, Mohammad Taher
%A Rahimi, Gholamali
%A Fathani, Ali
%J Applied Mathematics in Engineering, Management and Technology
%@ 2322-5572
%D 2014

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