Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Austrian School of Economics

  • Michael LitschkaEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_92


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.

This is a preview of subscription content, log in to check access.


  1. Becker G (1976) The economic approach to human behaviour. The University of Chicago Press, ChicagoCrossRefGoogle Scholar
  2. Hayek F (1945) The use of knowledge in society. Am Econ Rev 35(4):519–530Google Scholar
  3. Hayek F (1952) Individualismus und wirtschaftliche Ordnung. Eugen Rentsch Verlag, ZürichGoogle Scholar
  4. Hayek F (1973) Law, legislation, and liberty. A new statement of the liberal principles of justice and political economy, vol 1, Rules and order. Routledge, LondonGoogle Scholar
  5. Leube K L (1995) Die österreichische Schule der Nationalökonomie. Texte. Band 1: von Menger bis Mises. Manz, WienGoogle Scholar
  6. Litschka M, Grechenig C (2010) Law by human intent or evolution? Some remarks on the Austrian school of economics’ role in the development of law and economics. Eur J Law Econ 29:57–79CrossRefGoogle Scholar
  7. Menger C (1871) Grundsätze der Volkswirthschaftslehre. Braumüller, WienGoogle Scholar
  8. Posner R (1998) Economic analysis of law, 5th edn. Aspen, New YorkGoogle Scholar
  9. Posner R (2005) Hayek, law, and cognition. NYU J Law Libert 1:147–165Google Scholar
  10. Stigler G (1941) Production and distribution theories. Macmillan, New YorkGoogle Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Media EconomicsUniversity of Applied Sciences St. PöltenSt. PöltenAustria