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Global Austria

Günter Bischof
Fritz Plasser

I. Austria and the World

The Austrian School of Economics and its Global Impact

Hansjoerg Klausinger

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In the twentieth century economic science has witnessed—in a truly Kuhnian manner—a series of scientific revolutions and correspondingly the ascent and decline of various paradigms. Heroes were proclaimed and as time went by exposed as villains. The era after World War II that once seemed certain to be remembered as “The Age of Keynes” turned, with the advent of stagflation and the specter of zero growth, into an “Age of Schumpeter,” and with the eventual breakdown of the centrally planned economies into an “Age of Hayek”—leaving the present audience in speculation how the future post-crisis era will be called. In any case, two of the patrons of these ages were economists of Austrian origin, indicating the importance of the Austrian contribution to current economic thought, the topic to which the following shall turn.

Being an Austrian Economist

When speaking about the Austrian contribution to Western culture and civilization, it has been usual not to take too narrow a view by relying...

© innsbruck university press, 2011

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