science of economics that he had inherited from his own teacher, Frank Knight, and how this affected his understanding not … perspective, illustrates the evolution of economic science in 20th century neoclassical economics in two respects. First, it …

Carl Menger published his classic work Principles of Economics in 1871, that work is the founding text of what came … known as the “Austrian School of Economics”. That label has now been used to describe a historical school of thought, as …