Friedrich von Wieser
Also known as: Friedrich Wieser · Friedrich Freiherr von Wieser
- 1Member of the Austrian School of economics.
- 2Lived from 1851 to 1926.
- 3Contributed to marginal utility theory.
- 4Emphasized the subjective nature of value.
- 5Influential in neoclassical economic thought.
Friedrich von Wieser was an Austrian early economist of the Austrian School of economics.
Connections1
coined the term opportunity cost
The Austrian economist Friedrich von Wieser is credited with formally introducing the concept of 'opportunity cost' (Grenzkosten) into economic theory in his 1914 work.
Friedrich von Wieser was a prominent Austrian economist who played a significant role in the development of the Austrian School of economics. Active during the late 19th and early 20th centuries, he contributed to the refinement of economic theory during a period of intense intellectual growth in Vienna. His work helped shape the foundations of marginal utility theory and the understanding of value.
Wikimedia Commons file from Category:Friedrich von Wieser for Friedrich von Wieser.Wikimedia Commons; CC BY-SA 3.0; Wikimedia Commons: Category:Friedrich von WieserWikimedia Commons file from Category:Friedrich von Wieser for Friedrich von Wieser.Wikimedia Commons; Public domain; Wikimedia Commons: Category:Friedrich von WieserImage attached to Friedrich von Wieser on Wikidata.Wikimedia Commons; Public domain; Wikimedia Commons; Wikidata P18 (image) As a key figure in the Austrian School, von Wieser focused on the subjective nature of economic value and the importance of individual choice. His contributions provided a framework for analyzing how resources are valued and allocated within a market economy. His legacy remains influential in the study of economic history and the evolution of neoclassical thought.