09: The Austrian School of Economics and its significance today
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Alpbacher Hauptschule
Breakout
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German and English languageA group of brilliant thinkers – led by Menger, Böhm-Bawerk and Wieser – based in Vienna in the late 1800s were using revolutionary principles to reinvent economics. Eventually called “The Austrian School” these men (later: Mises, Schumpeter, Schönfeld-Illy, Hayek, Haberler, Machlup, Morgenstern…) rejected the mechanical and deterministic approach of their colleagues, advocating instead a “pure” economics that accounted for the role of individuals and their desires. The Austrian School reflected the recognition of risk and uncertainty in their models… and have done more for global wealth creation than possibly any other group. Never completely dormant the Austrian School of Economics today is enjoying a worldwide resurgence. Faced with the apparent break-down of the welfare state, the failing of Keynesian strategies, and the turmoil at international financial markets, the methodological subjectivism of the
Austrians again is in demand.
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Dr. Peter JUNGEN
Chairman, Peter Jungen Holding GmbH, Cologne
| Chairman, Owner, Founder, Peter Jungen Holding GmbH | |
| Started his career with Otto Wolff Gruppe | |
| 1986-2004 | Co-Chairman of the Saudi-German Businessmens Dialogue |
| 1987 | CEO, steered its restructuring back to profitability, Strabag AG, Cologne |
| 1991 | Founder of Peter Jungen Hlolding GmbH, Cologne |
| Co-Founder and Investor in more than 60 start-ups in Europe and in the USA, including Idealo Internet GmbH | |
| Partner, Halo Fund, Palo Alto | |
| 2001-2004 | Founding President of Business Angals Deutschland (BAND) |
| Co-Founder, President, European Business Angels Network (EBAN) | |
| Co-Founder, President, International Angelinvestors.org, Palo Alto | |
| Co-Founder, President, European Enterprise Institute (EEI) | |
| Vice Chairman, German Machinery and Plant Manufacturers' Association (VDMA) | |
| Chairman, Center on Capitalism and Society, Columbia University, New York | |
| President of the Small and Medium Entrepreneurs Union of the EPP (SME-Union), Brussels |
Mag. Helmut KERN
Head of Consulting, PwC PricewaterhouseCoopers GmbH, Wien
| 1990 | Studium der Betriebswirtschaftslehre, spez. BWL Controlling und Rechnungswesen, Wirtschaftsuniversität Wien |
| 1994 | Staatlich geprüfter Unternehmensberater, Wirtschaftskammer Österreich |
| 1996 | Managing Director, Austria, Deloitte Consulting |
| seit 2003 | Geschäftsführender Gesellschafter, Beyond Consulting GmbH (vormals Deloitte Consulting GmbH), zuvor Global Partner, Deloitte Consulting, Managing Director Österreich |
| seit 2006 | Geschäftsführender Gesellschafter, Beyond Holding GmbH |
| seit 2010 | Head of Consulting, PwC PricewaterhouseCoopers Österreich, Wien |
Dr. Richard W. RAHN
Chairman, Institute for Global Economic Growth, Washington, DC; Member of the Board of Directors, Cayman Islands Monetary Authority
| Richard W. Rahn currently serves as a member of the Board of Directors of the Cayman Islands Monetary Authority. He is Chairman of the Advisory Board of the European Center for Economic Growth, a Visiting Fellow of the Heritage Foundation, and an adjunct scholar at the Cato Institute. He writes a weekly economic column for The Washington Times which appears in many other newspapers around the world. Previously, Dr. Rahn served as Vice President and Chief Economist of the Chamber of Commerce of the United States. He has written hundreds of articles for leading newspapers and has contributed to numerous books and professional journals, and is the former Editor-in-Chief of the Journal of Economic Growth. He has testified before the U.S. Congress on economic issues more than seventy-five times, and is a frequent commentator on radio and TV. He holds Ph.D. in Business Economics from Columbia University. |
Vernon L. SMITH
Professor of Law and Economics, George Mason University, Nobel Prize in Economic Sciences 2002, Fairfax
| He received his bachelor's degree in Electrical Engineering from Cal Tech, and his Ph.D. in Economics from Harvard. He has authored or co-authored over 200 articles and books on capital theory, finance, natural resource economics and experimental economics. | |
| He serves or has served on the board of editors of the American Economic Review, The Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. | |
| He is past president of the Public Choice Society, the Economic Science Association, the Western Economic Association and the Association for Private Enterprise Education. Previous faculty appointments include the University of Arizona, Purdue, Brown University and the University of Massachusetts. He has been a Ford Foundation Fellow, Fellow of the Center for Advanced Study in the Behavioral Sciences and a Sherman Fairchild Distinguished Scholar at the California Institute of Technology. He received an honorary Doctor of Management degree from Purdue University, and is a Fellow of the Econometric Society, the American Association for the Advancement of Science, and the American Academy of Arts and Sciences. | |
| He has served as a consultant on the privatization of electric power in Australia and New Zealand and participated in numerous private and public discussions of energy deregulation in the United States. In 1997 he served as a Blue Ribbon Panel Member, National Electric Reliability Council. |
Dr. Michael ZÖLLER
Professor of Political Sociology, Universität Bayreuth
| 1966-1969 | and |
| 1971 | /1972 University Training in Frankfurt, Würzburg and München (Philosophy, History, Political Science and Sociology) |
| 1973 | Dr. phil., München, (summa cum laude) |
| 1975-1979 | Dozent (Hochschule für Politik) |
| 1986 | Visiting Professor University of Notre Dame |
| 1988-1991 | Chairman (Dekan) |
| 1995-1997 | Max-Weber-Professor, University of Erfurt |
| Present Positions: | |
| Professor (Chair) of Political Sociology, | |
| Director Center for American Studies at Universität Bayreuth | |
| President "The Council on Public Policy" | |
| Adjunct Ordinary Professor of Government at Catholic University of America, Washington D.C. |
Mag. Dr. Barbara KOLM
Vice President, OeNB - Oesterreichische Nationalbank, Vienna
| seit 2008 | Gründerin und Direktorin, Austrian Economics Center, Wien |
| Präsidentin, Friedrich A.v.Hayek Instituts, Wien | |
| seit 2018 | Vizepräsidentin, OeNB - Oesterreichische Nationalbank, Wien |
