Editing Neoliberalism (section)

=== Austrian School ===
{{Austrian School sidebar}}
The [[Austrian School]] is a school of economic thought originating in late-19th and early-20th century [[Vienna]] with a strong focus around the faculty of the [[University of Vienna]]. It bases its study of economic phenomena on the interpretation and analysis of [[methodological individualism|the purposeful actions of individuals]].<ref>Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp {{Webarchive|url=https://web.archive.org/web/20140914004206/https://www.mises.org/etexts/menger/principles.asp |date=2014-09-14 }}</ref><ref>{{cite encyclopedia|title=Methodological Individualism |url=http://plato.stanford.edu/entries/methodological-individualism/ |encyclopedia=[[Stanford Encyclopedia of Philosophy]] |access-date=May 2, 2016}}</ref><ref name="Mises_Action">{{cite book |first=Ludwig von |last=Mises |author-link=Ludwig von Mises |title=[[Human Action]] |page=11 |quote=r. Purposeful Action and Animal Reaction}}</ref> In the 21st century, the term has increasingly been used to denote the free-market economics of Austrian economists [[Ludwig von Mises]] and [[Friedrich Hayek]],<ref>{{Cite book |url=https://www.elgaronline.com/abstract/9781786433589/chapter02.xhtml? |title=A Research Agenda for Neoliberalism |last=Birch |first=Kean |publisher=Elgar Research Agendas |year=2017 |isbn=9781786433589 |pages=13–24}}</ref><ref name="Skousen">{{cite book |first=Mark |last=Skousen |author-link=Mark Skousen |title=Vienna and Chicago: Friends or Foes? A Tale of Two Schools of Free-Market Economics |publisher=[[Capital Press]] |date=2005 |isbn=0895260298}}</ref><ref>{{Cite web |url=https://www.britannica.com/topic/Austrian-school-of-economics |title=Austrian school of economics |website=Encyclopaedia Britannica|date=15 December 2023 }}</ref> including their criticisms of government intervention in the economy,<ref>{{Cite web |url=https://www.progress.org/articles/austrian-economics-explained |title=Austrian Economics Explained |last=Fred |first=Foldvary |date=April 12, 2015 |website=Progress}}</ref> which has tied the school to neoliberal thought.<ref>{{cite book |last1=Foucault |first1=Michel |author1-link=Michel Foucault |date=1978 |title=The Birth of Biopolitics: Lectures at the Collège de France, 1978–79 |publisher=[[Palgrave Macmillan]] |url=https://archive.org/details/birthbiopolitics00fouc_981 |url-access=limited |isbn=978-1-4039-8654-2 |page=[https://archive.org/details/birthbiopolitics00fouc_981/page/n97 79] |quote=What is the nature of today's liberal, or, as one says, neo-liberal program? You know that it is identified in two main forms...a series of persons, theories, and books pass between these two forms of neo-liberalism, the main ones referring to the Austrian school broadly speaking, to Austrian neo-marginalism, at any rate, to those who came from there; like von Mises, Hayek, and so on.}}</ref>{{sfnp|Stedman Jones|2014|p=3}}<ref>{{Cite news |url=https://neweconomics.org/2018/09/markets-became-masters |title=How Markets Became Masters: The Neoliberal Roots of Deregulation |last1=Van Lerven |first1=Frank |date=September 7, 2018 |work=[[New Economics Foundation]] |last2=Welsh |first2=Margaret}}</ref><ref>{{Cite magazine |url=https://www.spiked-online.com/2019/03/22/the-truth-about-neoliberalism/ |title=The truth about neoliberalism |last=Mullan |first=Phil |date=March 22, 2019 |magazine=[[Spiked (magazine)|Spiked]]}}</ref>

Economists associated with the school, including [[Carl Menger]], [[Eugen Böhm von Bawerk]], [[Friedrich von Wieser]], [[Friedrich Hayek]], and [[Ludwig von Mises]], have been responsible for many notable contributions to economic theory, including the [[subjective theory of value]], [[marginalism]] in price theory, Friedrich von Wieser's theories on [[opportunity cost]], Eugen von Böhm-Bawerk's theories on time preference, the formulation of the [[economic calculation problem]], as well as a number of criticisms of [[Marxian economics]].<ref>{{cite book |first=Joseph A. |last=Schumpeter |title=History of economic analysis |publisher=[[Oxford University Press]] |date=1996 |isbn=978-0195105599}}</ref><ref>{{Cite book |url=https://archive.org/details/hayekcoordinatio0000unse/page/94 |title=Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas |last1=Birner |first1=Jack |last2=van Zijp |first2=Rudy |date=1994 |publisher=[[Routledge]] |isbn=978-0-415-09397-2 |location=London, New York |page=[https://archive.org/details/hayekcoordinatio0000unse/page/94 94]}}</ref> Former [[Federal Reserve System|Federal Reserve]] Chairman [[Alan Greenspan]], speaking of the originators of the School, said in 2000 that "the Austrian School have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in [the United States]".<ref>Greenspan, Alan. "Hearings before the U.S. House of Representatives' Committee on Financial Services." U.S. House of Representatives' Committee on Financial Services. Washington D.C.. 25 July 2000.</ref>