Everything about Friedrich Von Wieser totally explained
Friedrich Freiherr von Wieser (
July 10,
1851–
July 22,
1926) was an early member of the
Austrian School of economics.
Born in
Vienna the son of a high official in the War Ministry (“Freiherr”, literally "Free Lord", is a
title, equivalent to
baron, not a personal name), he first trained in sociology and law. He was the brother-in-law of another prominent Austrian school economist
Eugen von Böhm-Bawerk. Wieser held posts at the universities of Vienna and Prague until succeeding Austrian-school founder
Carl Menger in Vienna in 1903 where with Böhm-Bawerk he shaped the next generation of Austrian economists including
Ludwig von Mises,
Friedrich Hayek and
Joseph Schumpeter in the late 1890s and early 1900s. He became Austrian Finance Minister in 1917.
Wieser is renowned for two main works,
Natural Value (1889), which carefully details the
alternative-cost doctrine and the theory of
imputation, and his
Social Economics (1914), which is an ambitious attempt to apply it to the real world.
The
economic calculation debate started with his notion of the paramount importance of accurate calculation to economic efficiency. Prices to him represented, above all, information about market conditions, and are thus necessary for any sort of economic activity. A socialist economy, therefore, would require a price system in order to operate.
He also stressed the importance of the
entrepreneur to economic change, which he saw as being brought about by “the heroic intervention of individual men who appear as leaders toward new economic shores”. This idea of leadership was later taken up by
Joseph Schumpeter in his treatment of economic innovation.
Unlike almost all Austrian School economists he rejected
classical liberalism, writing that “freedom has to be superseded by a system of order”.
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