Influence
Many theories developed by "first wave" Austrian economists have been absorbed into most mainstream schools of economics. These include Carl Menger's theories on marginal utility, Friedrich von Wieser's theories on opportunity cost, and Eugen von Böhm-Bawerk's theories on time preference, as well as Menger and Böhm-Bawerk's criticisms of Marxian economics.
The former U.S. Federal Reserve Chairman, Alan Greenspan, speaking of the originators of the School, said in 2000, "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 this country." Nobel Laureate James M. Buchanan has stated that he would not object to being identified as an Austrian economist. Republican U.S. congressman Ron Paul is a firm believer in Austrian School economics and has authored six books on the subject. Paul's former economic adviser, Peter Schiff, is an adherent of the Austrian School. Jim Rogers, investor and financial commentator, also considers himself of the Austrian School of economics. Chinese economist Zhang Weiying, who is known in China for his advocacy of free market reforms, supports some Austrian theories such as the Austrian theory of the business cycle. Currently, universities with a significant Austrian presence are George Mason University, Loyola University New Orleans, and Auburn University in the United States and Universidad Francisco Marroquín in Guatemala. Austrian economic ideas are also promoted by bodies such as the Mises Institute and the Foundation for Economic Education.
Read more about this topic: Austrian School
Famous quotes containing the word influence:
“Under the influence of fear, which always leads men to take a pessimistic view of things, they magnified their enemies’ resources, and minimized their own.”
—Titus Livius (Livy)
“The woman who can’t influence her husband to vote the way she wants ought to be ashamed of herself.”
—E.M. (Edward Morgan)
“I became the Incredible Shrinking Mother the year they started junior high. If our relationship today depended on physical clout, I would have about the same influence with them that the republic of Liechtenstein has on world politics.”
—Mary Kay Blakely (20th century)