Definition of Austrian school
: the proponents of and adherents to the economic theories developed by Karl Menger (1840–1921), Friedrich von Wieser (1851–1926), and Eugen Böhm-Bawerk (1851–1914) of Vienna, Austria, who originated a subjective theory of value that utilizes the doctrine of marginal utility rather than the Ricardian labor theory of value and who formulated a productivity theory of interest and capital that emphasizes the importance of the time element in production — compare marginal utility
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