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The Philosophy Of The Austrian School



The Austrian School is a significant contributor to the social sciences, but understanding it has been limited by polemical arguments. The Philosophy of the Austrian School offers a philosophical perspective on the School's methodology, politics, and economics, finding commonalities among key figures such as Menger, Mises, and Hayek. These include theories of subjective value and spontaneous order... more details
Key Features:
  • Methodological individualism: The Austrian School emphasizes the importance of studying individuals and their actions, rather than aggregate groups or statistics.
  • Subjective theory of value: This theory posits that value is subjective and determined by individuals' preferences and choices, rather than objective or determined by production costs.
  • Spontaneous order: The Austrian School argues that complex social and economic systems emerge spontaneously from individuals' actions and interactions, rather than being planned or directed by a central authority.


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Description
The Austrian School is a significant contributor to the social sciences, but understanding it has been limited by polemical arguments. The Philosophy of the Austrian School offers a philosophical perspective on the School's methodology, politics, and economics, finding commonalities among key figures such as Menger, Mises, and Hayek. These include theories of subjective value and spontaneous order, which are based on important research in the social sciences and a reformation of liberal ideology.

The Austrian School has made some of the most significant contributions to the social sciences in recent times but attempts to understand it have remained locked in a polemical frame. In contrast, The Philosphy of the Austrian School presents a philosophically grounded account of the School's methodological, political and economic ideas. Whilst acknowledging important differences between the key figures in the School - Menger, Mises, and Hayek - Raimondo Cubeddu finds that they also have significant things in common. Paramount amongst these are theories of subjective value and notions of spontaneous order, both of which rest on theories of seminal avenues of research in the social sciences and a major reformulation of liberal ideology.
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