New Austrian School of Economics

The New Austrian School of Economics is a school of economic thought headed by Antal E. Fekete. It goes back to the originator of Austrian economics, Carl Menger. Although Ludwig von Mises was an influential economists of the 20th century, the Austrian establishments have been deviating from Menger's original vision. These deviations have mostly to do with the theory of interest but are broader in concept. In the opinion of Fekete the approach of Mises is not in the spirit of Menger. Unlike his teacher, Mises embraced the quantity theory of money without delineating the extremely narrow limits of its validity. Moreover, Mises categorically rejected the idea of interest as a market phenomenon. Not only is his intransigence contradicted by empirical facts, but it also represents a break with Menger's own methodology. The Gold Standard University was the original initiative taken to openly defect from the Austrian established institutes in 2002. Lecture notes were published and students could consult free of charge through the Internet. The Gold Standard University went live in February, 2007, when semi-annual sessions at the Martineum Academy (Szombathely, Hungary) were undertaken. There is a substantial body of research material and lecture notes, as well as the Gold Standard Manifesto that have grown out of this initiative.
The New Austrian School of Economics celebrates its tenth anniversary in 2012. Under different names in different locations, it has attracted many students from all parts of the world. It has found its permanent home in Munich, where it will offer two ten-day (twenty-lecture) sessions twice a year, in the Spring and in late Summer.