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Austrian School : ウィキペディア英語版
Austrian School

The Austrian School is a school of economic thought that is based on the concept of methodological individualism – that social phenomena result from the motivations and actions of individuals.〔Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp〕〔(Methodological Individualism at the Stanford Encyclopedia of Philosophy )〕〔Ludwig von Mises. Human Action, p. 11, "r. Purposeful Action and Animal Reaction". Referenced 2011-11-23.〕 It originated in the late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser, and others.〔Joseph A. Schumpeter, History of economic analysis, Oxford University Press 1996, ISBN 978-0195105599.〕 It was methodologically opposed to the Prussian Historical School (a dispute known as Methodenstreit). Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.
Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.
Many economists are critical of the current-day Austrian School and consider its rejection of econometrics and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox." Austrians are likewise critical of mainstream economics.〔(Austrian Economics and the Mainstream: View from the Boundary ), Roger E. Backhouse〕 Although the Austrian School has been considered heterodox since the late 1930s, it began to attract renewed academic and public interest starting in the 1970s.
==Methodology==

The Austrian School theorizes that the subjective choices of individuals including individual knowledge, time, expectation, and other subjective factors, cause all economic phenomena. Austrians seek to understand economy by examining the social ramifications of individual choice, an approach called ''methodological individualism''. It differs from other schools of economic thought, which have focused on aggregate variables, equilibrium analysis, and societal groups rather than individuals.
In the twentieth and twenty-first centuries, economists with a methodological lineage to the early Austrian School developed many diverse approaches and theoretical orientations. For example, in 1949, Ludwig von Mises organized his version of the subjectivist approach, which he called "praxeology", in a book published in English as ''Human Action''.〔Ludwig von Mises, Nationalökonomie (Geneva: Union, 1940); Human Action (Auburn, Ala.: Ludwig von Mises Institute, () 1998)〕 In it, Mises stated that praxeology could be used to deduce ''a priori'' theoretical economic truths and that deductive economic thought experiments could yield conclusions which follow irrefutably from the underlying assumptions. He claimed conclusions could not be inferred from empirical observation or statistical analysis and argued against the use of probabilities in economic models.
Since Mises' time, some Austrian thinkers have accepted his praxeological approach, while others have adopted alternative methodologies.〔Bruce J. Caldwell "Praxeology and its Critics: an Appraisal" History of Political Economy Fall 1984 16(3): 363–379; 〕 For example, Fritz Machlup, Friedrich Hayek, and others, did not take Mises' strong ''a priori'' approach to economics.〔Richard N. Langlois, "FROM THE KNOWLEDGE OF ECONOMICS TO THE ECONOMICS OF KNOWLEDGE: FRITZ MACHLUP ON METHODOLOGY AND ON THE "KNOWLEDGE SOCIETY" Research in the History of Economic Thought and Methodology, Volume 3, , 1985.〕 Ludwig Lachmann, a radical subjectivist, also largely rejected Mises' formulation of Praxeology in favor of the ''verstehende Methode'' (interpretive method) articulated by Max Weber.〔
In the 20th century, various Austrians incorporated models and mathematics into their analysis. Austrian economist Steven Horwitz argued in 2000, that Austrian methodology is consistent with macroeconomics and that Austrian macroeconomics can be expressed in terms of microeconomic foundations.〔Horwitz, Steven: Microfoundations and Macroeconomics: An Austrian Perspective (2000)|''Routledge''〕 Austrian economist Roger Garrison claims that Austrian macroeconomic theory can be correctly expressed in terms of diagrammatic models. In 1944, Austrian economist Oskar Morgenstern presented a rigorous schematization of an ordinal utility function (the Von Neumann–Morgenstern utility theorem) in Theory of Games and Economic Behavior.〔Neumann, John von and Morgenstern, Oskar Theory of Games and Economic Behavior. Princeton, NJ. Princeton University Press. 1944〕

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