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The Austrian school of [[economics]] opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis. It also completely refuted Marxism both on theoretical grounds (refuting the exploitation theory) and on practical grounds (showing why socialism will always fail in the famous "economic calculation debate" and why [[liberal]]-favored mixed economies are always fragile). Liberals so far have refused to engage the Austrians in argument, as evidenced by liberal economist Paul Krugman's continuous refusal to debate against proeminent Austrian Robert P. Murphy.

The Austrian school of [[economics]] opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis. It also completely refuted Marxism both on theoretical grounds (refuting the exploitation theory) and on practical grounds (showing why socialism will always fail in the famous "economic calculation debate" and why [[liberal]]-favored mixed economies are always fragile). Liberals so far have refused to engage the Austrians in argument, as evidenced by liberal economist Paul Krugman's continuous refusal to debate against proeminent Austrian Robert P. Murphy.

The founder of the Austrian school of economics was [[Carl Menger]], who published in German in 1871 its leading text, ''Principles of Economics''.  In the 1920s through 1940s, [[Ludwig von Mises]] and [[Friedrich A. Hayek]] advanced the movement by declaring the impossibility for socialism to succeed and also explaining the nature of the business cycle. Mises' most important student, [[Murray Rothbard]], led the Austrian School after Mises' death and made many contributions to Austrian monopoly and monetary theory, along with expanding the traditional analysis of government interventionism to areas such as defense, police, and courts, concluding that socialism in these areas works no better than in others.

[[File:CarlMenger.png|thumb|left|Carl Menger]]The founder of the Austrian school of economics was [[Carl Menger]], who published in German in 1871 its leading text, ''Principles of Economics''.  In the 1920s through 1940s, [[Ludwig von Mises]] and [[Friedrich A. Hayek]] advanced the movement by declaring the impossibility for socialism to succeed and also explaining the nature of the business cycle. Mises' most important student, [[Murray Rothbard]], led the Austrian School after Mises' death and made many contributions to Austrian monopoly and monetary theory, along with expanding the traditional analysis of government interventionism to areas such as defense, police, and courts, concluding that socialism in these areas works no better than in others.

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