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What is the difference between classical school of thought and Austrian school of thought?
Wiki User
∙ 13y ago
A major difference is from whence value comes from. To classical economists like Adam Smith, the amount of labour needed to produce a good determines it value.
Taking their cue from the Austrian School's founder Carl Menger, Austrian economists believe that subjective consumer preferences determine a good's value. Since consumers decide subjectively whether or not a particular good is valuable and is properly reflected in prices, this affects consumer behaviour and hence demand and supply.
Wiki User
∙ 13y ago
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