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| [[File:Murray rothbard.png|thumb|Murray Rothbard, one of the most famous members of the Austrian school]] | | #REDIRECT [[Austrian economics]] |
| The '''Austrian school of economics''' is a hyper-individualist, bourgeois and crypto-fascist <ref>{{Citation|author=Ludwig von Mises|year=1927|title=The Foundations of Liberal Policy|title-url=https://mises.org/library/foundations-liberal-policy|chapter=The Argument of Fascism|chapter-url=https://mises.org/library/foundations-liberal-policy#10|quote=It cannot be denied that [[Fascism]] and similar movements aiming at the establishment of [[dictatorship of the bourgeoisie|dictatorships]] are full of the best intentions and that their intervention has, for the moment, saved European civilization. The merit that Fascism has thereby won for itself will live on eternally in history.}}</ref> school of economics that advocates for unchecked and unregulated capitalism and an [[Anarcho-capitalism|anarcho-capitalist]] society.
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| == Theory of marginal utility ==
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| The Austrian school disregards the mathematical proofs of the [[Labor theory of value|Labor Theory of Value]] presented in volume one of Capital in order to present the alternate theory of "marginal utility". According to this theory, the value of a commodity originates from the least important need it fulfills, and profit originates from the difference in value between "present" goods and "future" goods <ref>{{Citation|last=Bukharin|first=Nikolai|year=1919|title=Economic Theory of the Leisure Class|title-url=https://www.marxists.org/archive/bukharin/works/1927/leisure-economics/|chapter=The Theory of Profit}}</ref>. Nikolai Bukharin's work ''Economic Theory of the Leisure Class'' is an extended criticism and debunking of marginal utility, and therefore the Austrian school as a whole.
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