A Great Revolution in Economics - Vienna 1871 and after

Austrian economic thought: its evolution and its contribution to consumer behavior

by Lazaros Th. Houmanidis and Auke Leen

This book contains a comprehensive perspective on both older and modern Austrian economics. The first part especially describes the older Austrian School of Economics emphasizing both its subjective feature and its theoretical feature. Both features are extensively discussed from a non-Austrian perspective. The second part, in general, describes modern Austrian economics as an extension of Mengerís older static subjectivism: a consequent dynamic subjectivism. In particular it examines the question of what the calculative and entrepreneurial consumer looks like in the market process. It also gives an extensive overview of the method of Austrian economics: praxeology.

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About the authors


Lazaros Th. Houmanidis is professor emeritus of the University of Piraeus, ex-rector, Greece. He has specialized in economic history, the history of economic doctrines and comparative economic systems. He is editor and founder of Archives of Economic History. He is a former president and now honorary president of the Greek Economic Association and founder, former president and now honorary president of the Greek Economic History Society.

Auke R. Leen studied economics and philosophy at the Erasmus University, Rotterdam in the Netherlands. At present he is assistant professor of economics at Wageningen University and at Leiden University. He has specialized in the philosophy of economics, the history of economic thought and Austrian economics.