Frank Albert Fetter, was an American economist of the Austrian School, Fetter's treatise, "The Principles of Economics", contributed to an increased American interest in the Austrian School, including the theories of Friedrich Hayek, was an Austrian-British economist and philosopher best known for his defense, of classical what?
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Frank Fetter Frank Albert Fetter ( ; March 8, 1863 – March 21, 1949) was an American economist of the Austrian School. Fetter's treatise, "The Principles of Economics", contributed to an increased American interest in the Austrian School, including the theories of Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises and Friedrich Hayek.
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Friedrich Hayek Friedrich Hayek CH ( ; ] ; 8 May 189923 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."
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Thomas Hobbes Thomas Hobbes ( ; 5 April 1588 – 4 December 1679), in some older texts Thomas Hobbes of Malmesbury, was an English philosopher who is considered one of the founders of modern political philosophy. Hobbes is best known for his 1651 book "Leviathan", which established the social contract theory that has served as the foundation for most later Western political philosophy. In addition to political philosophy, Hobbes also contributed to a diverse array of other fields, including history, jurisprudence, geometry, the physics of gases, theology, ethics, and general philosophy.
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Karl Přibram Karl Přibram (22 December 1877 – 15 July 1973), also known as “Karl Pribram”, was an Austrian-born economist. He is most noted for his work in labor economics, in industrial organization, and in the history of economic thought.
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John Bates Clark John Bates Clark (January 26, 1847 – March 21, 1938) was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as professor at Columbia University.
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Hans-Hermann Hoppe Hans-Hermann Hoppe (] ; born September 2, 1949) is a German-born American Austrian School economist, and libertarian anarcho-capitalist philosopher. He is Professor Emeritus of Economics at the University of Nevada, Las Vegas, Senior Fellow of the Ludwig von Mises Institute, and the founder and president of the Property and Freedom Society.
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The Counter-Revolution of Science The Counter-Revolution of Science: Studies on the Abuse of Reason is a 1952 book by Nobel laureate economist Friedrich Hayek, in which the author addresses the problem of scientism in the social sciences, where researchers and reporters attempt to apply the methods and claims of objective certainty from hard science, despite the fact that these attempt to eliminate the human factor from study, yet these "soft" sciences center around attempting to understand human action.
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Keynesian economics Keynesian economics ( ; or Keynesianism) are the various theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total spending in the economy). In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation.
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Mont Pelerin Society The Mont Pelerin Society (MPS) is an international organization composed of economists (including eight winners of the Nobel Memorial Prize in Economic Sciences), philosophers, historians, intellectuals, business leaders, and others committed to their understanding of personal and political freedom. Its founders included Friedrich Hayek, Frank Knight, Karl Popper, Ludwig von Mises, George Stigler, and Milton Friedman. The society advocates freedom of expression, free market economic policies, the political values of an open society. The members see the Society as an effort to interpret in modern terms the fundamental principles of economic society as expressed by those classical economists, political scientists, and philosophers who have inspired many in Europe, America and throughout the Western World.
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Classical school (criminology) In criminology, the Classical School usually refers to the 18th-century work during the Enlightenment by the utilitarian and social-contract philosophers Jeremy Bentham and Cesare Beccaria. Their interests lay in the system of criminal justice and penology and indirectly, through the proposition that "man is a calculating animal", in the causes of criminal behaviour. The Classical School of thought was premised on the idea that people have free will in making decisions, and that punishment can be a deterrent for crime, so long as the punishment is proportional, fits the crime, and is carried out promptly.
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Keynes: The Return of the Master Keynes: The Return of the Master is a 2009 book by economic historian Robert Skidelsky. The work discusses the economic theories and philosophy of John Maynard Keynes, and argues about their relevance to the world following the Financial crisis of 2007–2010. In contrast to the 30 years he needed to write his prize winning biography on Keynes, the author was able to write this 240 page book in only three months.
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Theodore Burczak Theodore A. Burczak (born August 15, 1964) is an American economist and a professor of economics at Denison University in Granville, Ohio, where he teaches courses on macroeconomics, economic justice, monetary theory, and the history of economic thought. He is best known for his development of a socialist economic model designed to bypass the dispersed knowledge problems elaborated on by Friedrich Hayek as facets of the economic calculation problem, writing in his book "Socialism After Hayek (Advances in Heterodox Economics)", "my aim...is developing a 'libertarian Marxist' conception of socialism, a socialism committed to forms of procedural and distributive justice that are central to the Marxian tradition and a socialism keenly aware of the factual and ethical knowledge problems emphasized by Hayek."
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Austrian business cycle theory The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit, due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in economics in 1974 (shared with Gunnar Myrdal) in part for his work on this theory.
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A Treatise of Human Nature (Abstract) An Abstract of a Book lately Published, full title "An Abstract of a Book lately Published; Entitled, A Treatise of Human Nature, &c. Wherein the Chief Argument of that Book is farther Illustrated and Explained" is a summary of the main doctrines of David Hume's work "A Treatise of Human Nature", published anonymously in 1740. There has been speculation about the authorship of the work. Some scholars believe it was written by Hume's friend, the economist Adam Smith. Most believe it was written by Hume himself, in an attempt to popularise the "Treatise".
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Financial economics Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on "both sides" of a trade". Its concern is thus the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. It has two main areas of focus: asset pricing (or "investment theory") and corporate finance; the first being the perspective of providers of capital and the second of users of capital.
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Ecological model of competition The ecological model of competition is a reassessment of the nature of competition in the economy. Traditional economics models the economy on the principles of physics (force, equilibrium, inertia, momentum, and linear relationships). This can be seen in the economics lexicon: terms like labour force, market equilibrium, capital flows, and price elasticity. This is probably due to historical coincidence. Classical Newtonian physics was the state of the art in science when Adam Smith was formulating the first principles of economics in the 18th century.
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The Use of Knowledge in Society "The Use of Knowledge in Society" is a scholarly article written by economist Friedrich Hayek, first published in the September 1945 issue of "The American Economic Review". Written (along with "The Meaning of Competition") as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium "Individualism and Economic Order".
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Fred M. Taylor Fred Manville Taylor (July 11, 1855, Northville, Michigan – August 7, 1932) was a U.S. economist and educator best known for his contribution to the theory of market socialism. He taught mostly history at Albion College from 1879 to 1892. He taught in the department of economics at University of Michigan from 1892 to 1929 after receiving his Ph.D. in political philosophy there in 1888. His "Principles of Economics" (1911) went through 9 editions. Of a libertarian ideology, he was noted as a clear and rigorous expositor of economic theory in the partial-equilibrium lineage of Alfred Marshall.
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Albrecht Ritschl (economist) Albrecht Ritschl is Professor of Economic History at the London School of Economics. He studied at the University of Munich, and previously taught at the Pompeu Fabra University, the University of Zurich and the Humboldt University of Berlin.
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Classical liberalism Classical liberalism is a political ideology, a branch of liberalism which advocates civil liberties under the rule of law with an emphasis on economic freedom. It is closely related to libertarianism and to free market capitalism.
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Columbia–Chicago School of Economics The Columbia–Chicago School of Economics refers to a group of economists at Columbia University and the University of Chicago that helped to develop the empirical foundations of human capital theory, consequently revolutionizing the field of labor economics.
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Frege's theorem In metalogic and metamathematics, Frege's theorem is a metatheorem that states that the Peano axioms of arithmetic can be derived in second-order logic from Hume's principle. It was first proven, informally, by Gottlob Frege in his "Die Grundlagen der Arithmetik" ("The Foundations of Arithmetic"), published in 1884, and proven more formally in his "Grundgesetze der Arithmetik" ("The Basic Laws of Arithmetic"), published in two volumes, in 1893 and 1903. The theorem was re-discovered by Crispin Wright in the early 1980s and has since been the focus of significant work. It is at the core of the philosophy of mathematics known as neo-logicism.