I also became aware of Friedrich von Wieser's attempt at rationalizing a socialist utopia in his Natural Value during the preliminary research I did on communist theories.
While a visiting professor at the University of Economics in Prague, Czech Republic, in 2005 I had the honor of delivering the inaugural Wieser lecture This later appeared as an article titled "Friedrich von Wieser's Theory of Socialism: A Magnificent Failure" in the university's journal Politicka Ekonomie.
The Austrian School of Economics was founded by Carl Menger, continued in the "second generation" by Eugen von Bohm-Bawerk and Friedrich von Wieser
, in the "third generation" by Ludwig von Mises, and later by such eminent economists as Oskar Morgenstem and Nobel laureate Friedrich August von Hayek.
Opening chapters examine the role of knowledge in economics history, revisiting ideas from Vilfredo Pareto, Alfred Marshall, Carl Menger, Friedrich von Wieser
, Kenneth Boulding, Friedrich von Hayek, and Herbert Simon, among others.
Hayek grew up in Austria and studied under the famous Austrian economist Friedrich von Wieser
. In 1921, Hayek took a government job under Austrian economist Ludwig von Mises.
It is in the process of making these points that Hulsmann marshals strong support for the contention that Friedrich von Hayek, who became acquainted with Mises in this immediate postwar period, was the disciple of Friedrich von Wieser
rather than Mises.
Mises's Vienna teacher, Friedrich von Wieser
, likened Walras's work to a map that "Does not copy nature but gives us a simplified representation of it; which is no misrepresentation but is such to sharpen our vision in view of the complexities of reality."
Caldwell gives us a full explanation of the challenge to the Younger German Historical School by Carl Menger of the University of Vienna and his Austrian colleagues, Eugen von Bohm-Bawerk and Friedrich von Wieser
. The German Historical School, drawing on Hegel and Herder, rejected natural-law doctrines and claimed that each nation was unique with its own nature.
As a student he was much influenced by Friedrich von Wieser
, the more leftish of the two who ran Austrian economics.
Friedrich von Wieser
formalized marginal-utility theory and the closely related notion of opportunity costs; Eugen von Bohm-Bawerk formalized capital theory, defining the time element in the means-ends framework as the average period of production.
Mises, however, did not accept the subjectivist approach of Friedrich von Wieser, on which Hayek patterned his own framework, but instead worked within the causal-realist approach of Carl Menger and Eugen von Bohm-Bawerk.
Even Friedrich von Wieser and Irving Fisher took it for granted that there must be something like measurement of value and that economics must be able to indicate and to explain the method by which such measurement is effected.