The central theme of the Austrian tradition, which might better be called the liberal tradition, is that society runs itself. This is strongly linked to the idea of freedom in the liberal sense, meaning the opportunity for the individual to advance and to create wealth. Jeffrey Tucker, Director of Content at FEE (Foundation for Economic Education) argues that the Austrian school started by Carl Menger revived an old method of thinking in the liberal tradition of economic order. He recently gave a lecture on the topic, “The Austrian Tradition on Social and Economic Order” at Acton University.
In the nineteenth century, many intellectuals began to abandon this tradition. They became enamored with the ideas of science, and of “rational” planning, rather than the market and spontaneous order. Tucker began his analysis with Frédéric Bastiat, a nineteenth century French political economist, who saw the economic order as naturally harmonious and the source of wealth creation. (more…)