A Study On The Neo-Austrian Economics

Austrian economics is very important in the history of economic thought,there are many different ideas with the mainstream economic theory, Including the economic theory, methodology and policy recommendations, etc.. Mises,as the founder of the Neo-Austrian School, inherited the Austrian tradition. In the framework of human action, Mises raises profound insights in many aspects of economics. Mises'thought had attracted a number of outstanding scholars, some of them follow the Mises and made the development of theories of human action. Of course, some scholars have deviated from the theoretical, The main purpose of this paper is to make a carding within the range of human action of Mises, Hayek and Rothbard and other followers, and provide a complete understanding the new perspective of Neo-Austrian economics. Mises's contributions included the use of Austrian economics to the money theory, established the Austrian Business Cycle Theory, brought forward insight into the market process, proposed criticism of the planned economy system and methodology for the development of Austrian economics.The most important thing was to create the theory of human action. Provided a new research guide for the later Austrian school economists. In the framework of human action, Neo-Austrian economics has achieved fruitful results.This paper focuses on the contribution to the theory of Human Action of Mises, and point out that the Theory of individual action also lack of both internal and content restrictions. Hayek and Rothbard's contributions to these two parts can make up for deficiencies. This paper argues that the theory of human action created by Mises is the the key to understand the Neo-Austrian economics.Follow the theory of Mises, Hayek made on the Development of Business Cycle Theory, However, Hayek turned interest out Economics in later research and studied depth the theory of knowledge. In the 1930s,Hayek reserched"the division of knowledge "and established a liberty ideology laid on the theoretical foundation. On Hayek's theory of knowledge in perspective,he joined the great debate about socialism and became a staunch critic of the socialist. Although Hayek was moving away from pure research of economic theory, but its cornerstone was knowledge of theory. And Hayek's knowledge is subjective, it was not out of the Austrian school background, and the Mises theory of human action provides a complementary.This paper only include the theory that consistent with human action of Hayek contribution.Rothbard was very faithful to the economics of Mises and defended strongly the Mises theory, put up relentless criticism Austrian economists who departure from Mises. Rothbard used Mises's business cycle theory to explain the Great Depression, and developped Mises's theory of human action. Like Mises, Rothbard wrote a textbook about the Austrian school economics. Rothbard criticized on Mises's views on government, and the neutral point of view of economists about the value judge. Rothbard developed the property rights theory of John·Locke, established a theory of self-owned, and on this basis, the development of liberal thought. Rothbard analysis detailed the nature of the Government, took for that the Government's own existence is a violation for liberty. At the same time, Rothbard also studied under the conditions of free society, government operation mode, he asserted, no government can best protect the freedom of societyMany followers of Mises, they made development on the basis of Mises thought, but some people departure from Mises's theory of human action, in this article we will discuss several of them.This paper will debate the new Austrian theory of socialist ideas on China's economic transition, we will comment on China's economic reform on the theory of property rights of Austrian school economics, and we will explain China's economic system change on the Austrian market process theory. This paper argues that the success of economic reform in China confirmed the right of Austrian economics. The next phase of reform in China should focus more on the theoretical insights of Austrian economics...