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[[File:Austrian School Economics.png|alt=Yes, It Really Is This Stupid|thumb|The | [[File:Austrian School Economics.png|alt=Yes, It Really Is This Stupid|thumb|The economic behavior of humanity as theorized by Austrian economists]] | ||
'''Austrian economics''' are a competing set of economic theories | '''Austrian economics''' are a competing set of economic theories which disagree with [[Marxist economics]]. Austrian economics posits an [[Base and superstructure|economic base]] that can be described entirely by [[Individualism|individual]] choices and individual [[Great Man Theory|actors]] with a complete rejection of group behavior or larger society. Austrian economists promote a theory of [[marginal utility]] and claim that [[value]] is derived from the least urgent of human needs that a [[commodity]] satisfies.<ref name=":0">{{Citation|year=1954|title=Political Economy|chapter=Economic Doctrines of the Capitalist Epoch|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch22.htm|section=The Further Degeneration of Bourgeois Economic Science. Present-day Bourgeois Political Economy|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref> | ||
Austrian economics is largely associated with [[Libertarianism| | Austrian economics is largely associated with [[Libertarianism|right-wing libertarianism]], which itself maintains highly individualist and "[[free market]]" ideology. | ||
== References == | |||
[[Category:Economics]] | [[Category:Economics]] | ||
[[Category:Libertarianism]] | [[Category:Libertarianism]] | ||
[[Category:Idealism]] | |||
Latest revision as of 20:46, 22 April 2023
Austrian economics are a competing set of economic theories which disagree with Marxist economics. Austrian economics posits an economic base that can be described entirely by individual choices and individual actors with a complete rejection of group behavior or larger society. Austrian economists promote a theory of marginal utility and claim that value is derived from the least urgent of human needs that a commodity satisfies.[1]
Austrian economics is largely associated with right-wing libertarianism, which itself maintains highly individualist and "free market" ideology.
References
- ↑ Political Economy: 'Economic Doctrines of the Capitalist Epoch; The Further Degeneration of Bourgeois Economic Science. Present-day Bourgeois Political Economy' (1954). [MIA]