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Austrian School of Economics

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Encyclopedia of Law and Economics

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Abstract

This entry describes the role of Austrian Economics as a branch of economics which has enriched economic theory with important concepts and theoretical alternatives. After focusing on main representatives and their ideas (specifically uncertainty, entrepreneurship, evolution, insufficient knowledge, and “rules”) it stresses some differences to mainstream neoclassical economics and possible applications to the discipline of Law and Economics. It argues that some discussions within Austrian Economics (e.g. social design of rules vs. evolutions of rules, the role of markets and institutions, and a specific understanding of efficiency and rationality) have a direct bearing on this discipline and should therefore be analyzed in more detail.

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Authors and Affiliations

  1. Department of Media Economics, University of Applied Sciences St. Pölten, Matthias Corvinus-Str. 15, 3100, St. Pölten, Austria

    Michael Litschka

Authors
  1. Michael Litschka
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Correspondence to Michael Litschka .

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Editors and Affiliations

  1. Lehrst. Finanzwissenschaft/ Finanzsoziologie, University of Erfurt, Erfurt, Thüringen, Germany

    Jürgen Backhaus

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© 2014 Springer Science+Business Media New York

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Litschka, M. (2014). Austrian School of Economics. In: Backhaus, J. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7883-6_92-1

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  • DOI: https://doi.org/10.1007/978-1-4614-7883-6_92-1

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  • Publisher Name: Springer, New York, NY

  • Online ISBN: 978-1-4614-7883-6

  • eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences

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