Published by the Hayek Institut

The Austrian School of Economics

Things as such are worthless. Their value is determined only through the individual and subjective recognition of the causal connection between the "thing" and its capacity for satisfying a certain need.

Thanks to this revolutionary idea, Carl Menger founded the "Austrian School of Economics" in 1871. Today, in view of the new millenium, his pioneering ideas are experiencing a renaissance. The scientific tradition is based on the dynamic theory of spontaneous orders and distinguishes itself by a consistent methodical individualism and subjectivism.

In this series of books you are informed about the origin of the "Austrian School of Economics", its development and the great topical importance of these ideas and theories.

Published by Friedrich A. v. Hayek Institute IIAE (The International Institute "Austrian School of Economics").