Central European traditions built on methodological individualism and a deep skepticism of central economic planning, developed in Vienna and in Freiburg respectively. Belongs here: the Austrian School, founded by Carl Menger on subjective value and market process theory, and Ordoliberalism, the Freiburg School doctrine of a strong legal and constitutional framework for competitive markets that shaped West Germany's postwar social market economy. Does not belong here: the Chicago School and monetarism, a separate American free-market tradition built on neoclassical price theory rather than Austrian subjectivism, which groups under Chicago School, Monetarism and the Free-Market Counter-Revolution.
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1. Austrian School (Wikipedia)
WikipediaAustrian School, founding sectionQuote, Austrian School, founding section
The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Boehm-Bawerk, Friedrich von Wieser, and others.
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