Rakúska škola a výzvy 21. storočia
Austrian school and challenges of the 21st century
Ekonomika a spoločnosť, Volume 22, Number 2/2021
DOI: https://doi.org/10.24040/eas.2021.22.2.5-19
Odporúčaná forma citácie článku:
Horehájová, M., Marasová, J. (2021). Rakúska škola a výzvy 21. storočia. Ekonomika a spoločnosť, 22 (2), 5-19. doi: https://doi.org/10.24040/eas.2021.22.2.5-19
Recommended form for quotation of the article:
Horehájová, M., Marasová, J. (2021). Austrian school and challenges of the 21st century. Journal of Economics and Social Research, 22 (2), 5-19. doi: https://doi.org/10.24040/eas.2021.22.2.5-19
ABSTRACT
The aim of the paper is to present the economic theory of the Austrian school as a current concept of thought, offering starting points for post-crisis and post-pandemic changes in the economy and society. The authors first describe the essential ideas of the Austrian school, which differs from the mainstream economics. It is associated with business activity based on the free decisions of economic agents in the market, which is the essence of economic interactions and processes. Subsequently, the authors briefly compare the relationship between the state and the market from the perspective of the Austrian school on the one hand and especially the Keynesian branch of the mainstream economics on the other hand, particularly in the period after World War II. At the same time, they emphasize the importance of interdisciplinary cooperation with other social sciences and humanities in the necessary changes in post-pandemic economic and social development. Finally, the paper outlines the priorities of given changes, which include in particular the areas of education, science and research, and the reform of the legal system.
Key words: Economics. Austrian school. Liberal approach. Post-pandemic development.