Friedrich von Wieser

Friedrich von WieserFriedrich Freiherr von Wieser (1851-1926) is one of the founding trio of the Austrian school along with Carl Menger and Böhm-Bawerk. He taught in the largest Austrian universities, mainly in Vienna. Amongst his students, there were well-known would-be economists such as Friedrich A. von Hayek and Joseph A. Schumpeter, who were strongly influenced by the thoughts of their professor.

Wieser’s main works include “On the Origin and the Main Laws of the Value of Factors”, 1884, where he develops the concept of marginal productivity valuation of factors and his cost theory; “Natural Value”, 1889, where Wieser further develops his previous work, but giving it normative distributional content; and “Social Economics”, 1914, which is considered the definitive textbook of the Austrian school.