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[nox]

the online ones aren't working for me, i think my firefox is fucked up.

anyways, i just reformatted so i don't have any word processors besides notepad until i reinstall stuff so spellcheck plz. will +/- rep you

[gogodr]

The Austrian school of thought and its approach to economics remain one of the most reputable, most influential economics school of thoughts for its defense of market capitalism and its unconventional methods to reaching their laissez faire conclusions. Unlike neoclassical economists, they favor a more psychological, microeconomic approach to their reasoning. Their individualist tendencies have lead to plenty of criticism, yet at the same time have influenced many economists today, since its inception in the early 20th century. It is generally accepted that Ludwig Von Mises is the originator of Austrian thought. While earlier Austrian economists favored neoclassical methods, Mises was far stricter in his individualism and his anti communism.

Starting with his book "Socialism" in the 20s, the Austrian school became reputable as a school of economic thought differing from the times. While countries such as the Soviet Union where in their infancy and the United States began to tend towards progressive reforms, the Austrian school of thought favored Laissez-faire and miniarchist ideas heavily influenced by the likes of Adam Smith and early proponents of laissez-faire during the 18th and 19th century. Although the school of thought was unpopular at first, the school did gain notable interest in its main country of Austria, who made Ludwig Von Mises their economic advisor.

However, the interest would be short lived and underappreciated during the advent of the depression, when laissez-faire was cited by progressive reformers as the reason why the depression happened. As this was happening, however, the methods the Austrian school would go on to influence John Maynard Keynes, whose economic ideas helped result in the new deal, which has been cited as ending the depression. However, Keynes came to strong disagreement with many Austrian economists, and because of this, their influence was left underrated. At the same time, Republicans against the New Deal such as Robert Taft began to draw up what would become paleoconservatism based on their Austrian school influences. Just as well, a Russian-American immigrant known as Ayn Rand would become heavily influenced by Ludwig Von Mises and eventually develop the philosophy known as objectivism, and write literature which would influence the world, ranging from Federal Reserve Chairman Alan Greenspan's economic beliefs to Rush drummer Neil Pearts lyricism.


The Austrian school finally began to take notice after World War II when Friedrich Von Hayek’s book "The Road to Serfdom" became a major influence during the 40s. The influence was revived by the 80s when the interest in laissez-faire was revived by Ronald Reagan and Margaret Thatcher, both influenced by the works of Friedrich Hayek and Ludwig Von Mises' studies.


After the 80s, the school of thought seemed to die when this year, Ron Paul, a congressman influenced very strongly by Austrian economists announced his intent to run for president of the US as a Republican. His heavily Austrian drawn ideas of Laissez-faire and individualism, and the internet age have allowed his message to become widespread. As a result, on November 5th, Ron Paul made history by raising 4.3 million in one day, breaking John Kerry's record of 2.7 million in 2004. With such fundraising, at this rate, one must ask where Austrian economics are heading. Whether he gets the nomination or not, the future seems bright for Austrian economics. Thanks to the internet age, the influence on youth seems to be ever increasing.


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