Austrian school of economics

The Austrian school of economics is a hyper-individualist, bourgeois and crypto-fascist ^[1] 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 ^[2]. 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.

↑ “It cannot be denied that Fascism and similar movements aiming at the establishment of 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.”

Ludwig von Mises (1927). The Foundations of Liberal Policy: 'The Argument of Fascism'.
↑ Bukharin, Nikolai (1919). Economic Theory of the Leisure Class: 'The Theory of Profit'.

[1] “It cannot be denied that Fascism and similar movements aiming at the establishment of 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.”

Ludwig von Mises (1927). The Foundations of Liberal Policy: 'The Argument of Fascism'.

[2] Bukharin, Nikolai (1919). Economic Theory of the Leisure Class: 'The Theory of Profit'.

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