Austrian School
<p>The <strong>Austrian School</strong> is a <a title="Heterodox economics" href="https://en.wikipedia.org/wiki/Heterodox_economics">heterodox</a><sup id="cite_ref-Austrian_Economists:Boettke_1-0" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-Austrian_Economists:Boettke-1">[1]</a></sup><sup id="cite_ref-Boettke_and_Leeson_2-0" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-Boettke_and_Leeson-2">[2]</a></sup><sup id="cite_ref-3" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-3">[3]</a></sup> <a title="Schools of economic thought" href="https://en.wikipedia.org/wiki/Schools_of_economic_thought">school of economic thought</a> that is based on <a title="Methodological individualism" href="https://en.wikipedia.org/wiki/Methodological_individualism">methodological individualism</a>—the concept that social phenomena result from the motivations and actions of individuals.<sup id="cite_ref-4" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-4">[4]</a></sup><sup id="cite_ref-5" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-5">[5]</a></sup><sup id="cite_ref-Mises_Action_6-0" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-Mises_Action-6">[6]</a></sup></p>
<p>The Austrian School originated in late-19th and early-20th century <a title="Vienna" href="https://en.wikipedia.org/wiki/Vienna">Vienna</a> with the work of <a title="Carl Menger" href="https://en.wikipedia.org/wiki/Carl_Menger">Carl Menger</a>, <a title="Eugen Böhm von Bawerk" href="https://en.wikipedia.org/wiki/Eugen_B%C3%B6hm_von_Bawerk">Eugen Böhm von Bawerk</a>, <a title="Friedrich von Wieser" href="https://en.wikipedia.org/wiki/Friedrich_von_Wieser">Friedrich von Wieser</a> and others.<sup id="cite_ref-7" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-7">[7]</a></sup> It was methodologically opposed to the <a title="Historical school of economics" href="https://en.wikipedia.org/wiki/Historical_school_of_economics">Prussian Historical School</a> (in a dispute known as <a title="Methodenstreit" href="https://en.wikipedia.org/wiki/Methodenstreit">Methodenstreit</a>). Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the <a title="Subjective theory of value" href="https://en.wikipedia.org/wiki/Subjective_theory_of_value">subjective theory of value</a>, <a title="Marginalism" href="https://en.wikipedia.org/wiki/Marginalism">marginalism</a> in <a title="Microeconomics" href="https://en.wikipedia.org/wiki/Microeconomics">price theory</a> and the formulation of the <a title="Economic calculation problem" href="https://en.wikipedia.org/wiki/Economic_calculation_problem">economic calculation problem</a>, each of which has become an accepted part of <a title="Mainstream economics" href="https://en.wikipedia.org/wiki/Mainstream_economics">mainstream economics</a>.<sup id="cite_ref-8" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-8">[8]</a></sup></p>
<p>Since the mid-20th century, mainstream economists have been critical of the modern day Austrian School and consider its rejection of <a title="Mathematical model" href="https://en.wikipedia.org/wiki/Mathematical_model">mathematical modelling</a>, <a title="Econometrics" href="https://en.wikipedia.org/wiki/Econometrics">econometrics</a> and <a title="Macroeconomics" href="https://en.wikipedia.org/wiki/Macroeconomics">macroeconomic</a> analysis to be outside <a title="Mainstream economics" href="https://en.wikipedia.org/wiki/Mainstream_economics">mainstream economics</a>, or "heterodox". Although the Austrian School has been considered heterodox since the late 1930s, it attracted renewed interest in the 1970s after <a title="Friedrich Hayek" href="https://en.wikipedia.org/wiki/Friedrich_Hayek">Friedrich Hayek</a> shared the 1974 <a title="Nobel Memorial Prize in Economic Sciences" href="https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences">Nobel Memorial Prize in Economic Sciences</a><sup id="cite_ref-GMeijer_9-0" class="reference"><a href="https://en.wikipedia.org/wiki/Austrian_School#cite_note-GMeijer-9">[9]</a></sup> and following the <a title="Financial crisis of 2007–2008" href="https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008">2008 global financial crisis</a></p>