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Austrian school of economics

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Revision as of 01:40, 29 May 2026 by Mitzo (talk | contribs) (A page on the Austrian school. I pull most of my information from Bukharin's "Economic Theory of the Leisure Class" which is an excellent work despite Bukharin's opportunism)
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Murray Rothbard, one of the most famous members of the Austrian school

The Austrian school of economics is a hyper-individualist, bourgeois and crypto-fascist school of economics that advocates for unchecked and unregulated capitalism and an anarcho-capitalist society.

Theory of marginal utility

The Austrian school disregards the mathematical proofs of the 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 [1]. 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.

  1. ↑ Bukharin, Nikolai (1919). Economic Theory of the Leisure Class: 'The Theory of Profit'.
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