The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas

The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas

by Janek Wasserman


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A group history of the Austrian School of Economics, from the coffeehouses of imperial Vienna to the modern-day Tea Party

The Austrian School of Economics—a movement that has had a vast impact on economics, politics, and society, especially among the American right—is poorly understood by supporters and detractors alike. Defining themselves in opposition to the mainstream, economists such as Ludwig von Mises, Friedrich Hayek, and Joseph Schumpeter built the School's international reputation with their work on business cycles and monetary theory. Their focus on individualism—and deep antipathy toward socialism—ultimately won them a devoted audience among the upper echelons of business and government.
In this collective biography, Janek Wasserman brings these figures to life, showing that in order to make sense of the Austrians and their continued influence, one must understand the backdrop against which their philosophy was formed—notably, the collapse of the Austro‑Hungarian Empire and a half‑century of war and exile.

Product Details

ISBN-13: 9780300228229
Publisher: Yale University Press
Publication date: 09/24/2019
Pages: 368
Sales rank: 55,511
Product dimensions: 6.20(w) x 9.30(h) x 1.40(d)

About the Author

Janek Wasserman is associate professor at the University of Alabama. He is the author of Black Vienna: The Radical Right in the Red City, 1918–1938.

Table of Contents

Acknowledgments ix

Introduction 1

1 The Prehistory and Early Years of the Austrian School 17

2 The Golden Age: The Austrian School in the "Last Days of Mankind" 55

3 Austria's End: The Reinvention of the Austrian School in a New World Order 93

4 Depression, Emigration, and Fascism: The Austrian School Goes Transatlantic 127

5 "He Who Is Only an Economist Cannot Be a Good Economist": The Austrian Turn from Economics 161

6 Austrian Schools: Postwar Attempts at Institution and Influence Building 195

7 Austrians, "Un-Austrian Austrians," and "Non-Austrian Austrians": The Competing Legacies of the Austrian School 233

Conclusion 270

List of Abbreviations 293

Notes 295

Bibliography 319

Index 347

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