The Austrian School of Economics was started by Professor Carl Menger, now almost 150 years ago. He had several well known adherents such...
The Austrian School of Economics was started by Professor Carl Menger, now almost 150 years ago. He had several well known adherents such as Eugen von Böhm-Bawerk. Ludwig von Mises, a prominent member of this heterodox Austrian School of Economics had risen to prominence and several of its ideas were incorporated into mainstream economics. Mathematics professor Antal Fekete, dissatisfied with the status quaestionis in theoretical economics, attracted attention with his criticism of both mainstream and heterodox Austrian economic thinking. His clear Mengerian, non-positivist approach has given us several breakthrough insights, that can only be ignored at one's own risk and peril. Conventional economic 'wisdom' has proven its irrelevance. Monetary cranks are springing up everywhere, trying to discredit the Austrian Methodology for its 'unscientific' approach that should be dismissed by all people in their 'right mind'. They can join the club of dismal economists and cultural Marxists.