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:
“For character too is a process and an unfolding ... among our valued friends is there not someone or other who is a little too self confident and disdainful; whose distinguished mind is a little spotted with commonness; who is a little pinched here and protruberent there with native prejudices; or whose better energies are liable to lapse down the wrong channel under the influence of transient solicitations?”
—George Eliot [Mary Ann (or Marian)
“The higher the state of civilization, the more completely do the actions of one member of the social body influence all the rest, and the less possible is it for any one man to do a wrong thing without interfering, more or less, with the freedom of all his fellow-citizens.”
—Thomas Henry Huxley (1825–95)
“A husband who submits to his wife’s yoke is justly held an object of ridicule. A woman’s influence ought to be entirely concealed.”
—Honoré De Balzac (1799–1850)