Review of The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions

I recently finished

Cover of the 2011 edition of The Austrian Scho...

Cover
of the 2011 edition of The Austrian School of Economics by Eugen-Maria
Schulak and Herbert Unterköfler (Photo credit: Wikipedia)

reading another history of the Austrian school. History of economic thought is slowly turning into my favorite area of economics- monetary policy is still #1. For me, history of economic thought combines two fascinating disciplines (I’ll let you guess which two).

The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions by Eugen Maria Schulak and Herbert Unterkofler is an enjoyable read that is never enthralling. It captures the essence of the Austrian school, but gets bogged down in details. I did not want it for research purposes, so I do not need a short explanation of all of Menger‘s important students, beyond Bohm-Bawerk. Also, since it is translated from German, all titles to books, articles, and organizations are in German and then translated. It is small, but bothered me.

Carl Menger Deutsch: Carl Menger

Carl Menger Deutsch: Carl Menger (Photo credit: Wikipedia)

On the positive side, it covers the basic outline of the school which every economist should know. Who were the major players? Menger, Bohm-Bawerk, Hayek, Mises, Schumpter, and a few more. What are the major ideas? Subjective marginal utility, praxeology, and business cycle theory are all cover. It is clear and concise here.

If your looking for an intro to ideas Austrian economics and its history, I’d recommend The Great Austrian Economists by Randall G. Holcombe.

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One thought on “Review of The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions

  1. Pingback: change equals opportunity « power of language blog: partnering with reality by JR Fibonacci

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