Austrian heterodoxy: an assertive liberal economy

The Austrian school of economics, which has recently resurfaced in the news, distinguishes itself from the dominant «neoclassical» theories, notably by redefining the value of a good as the importance that individuals attribute to it.

Most students graduating in economics today have probably never heard of the economists of the Austrian school. Although Friedrich Hayek is sometimes mentioned, the study of the theories of Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, or the more recent Murray Rothbard or Israel Kirzner, do not feature in standard academic curricula. The election of Javier Milei in Argentina and, even more surprisingly, the victory of MMA champion Renato Moicano have brought back the theories of the Vienna School - previously known only to a handful of libertarians and supporters of the "free market" - to the mainstream.