Welfare in the Austrian Marketplace: Bridging Austrian and Market Socialist Economics

  • Guinevere Liberty Nell
Part of the Exploring the Basic Income Guarantee book series (BIG)


Austrian economics is nearly synonymous with “free market” economics and politics—libertarianism—to almost anyone familiar with the label. It also defines the methodology of Menger, Mises, Hayek, and others; but an admiration for markets and criticism of government is almost universally expected of adherents. Of course, this was not always the case. As Hayek told Axel Leijonhufvud during his famous 1979 series of interviews conducted by other economists, “The meaning of the term has changed. At that time, we would use the term Austrian school quite irrespective of the political consequences which grew from it. It was the marginal utility analysis which to us was the Austrian school.”1


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