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:
“Standing armies can never consist of resolute robust men; they may be well-disciplined machines, but they will seldom contain men under the influence of strong passions, or with very vigorous faculties.”
—Mary Wollstonecraft (1759–1797)
“What arouses the indignation of the honest satirist is not, unless the man is a prig, the fact that people in positions of power or influence behave idiotically, or even that they behave wickedly. It is that they conspire successfully to impose upon the public a picture of themselves as so very sagacious, honest and well-intentioned.”
—Claud Cockburn (1904–1981)
“... even I am growing accustomed to slavery; so much so that I cease to think of its accursed influence and calmly eat from the hands of the bondman without being mindful that he is such. O, Slavery, hateful thing that thou art thus to blunt the keen edge of conscience!”
—Susan B. Anthony (1820–1907)