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An introduction to the New Austrian School of Economics (NASoE)

Prof Carl Menger discovered and formulated subjectivism in economics in the middle of the 19th century. Jevons and Walras did likewise. The Walrasian equilibrium version was adopted in mainstream economics. Subjectivism as Menger described it, was ridiculed as 'Austrian' economics.

Prof. Antal Fekete founded the New Austrian School of Economics in honour of C. Menger. His philosophy was public and clear: he could only approve of disequilibrium economics. He combatted mediocrity that relied on 'equilibria'.

Today, we are grateful that Prof. Fekete shared his insights with the world. Scientific discoveries are not to be kept secret. We disseminate Pure (Austrian) Economics, not for the benefit of politics. YOU get the benefit of all of our ongoing research. Enjoy !

Prof. Carl Menger (1840-1921) was credited for discovering subjective marginalism.  He was called the founder of the Austrian School, co-called (by the British) because Menger held a university tenure in Vienna, capital of the Austria-Hungarian empire. 

Menger stongly opposed equilibrium theories, proving these to be plainly wrong. Although the Austrian School knows a stronger tradition in the USA, they have moved away from Pure Economics. That is why Prof. Antal Fekete proposed a disequilibrium theory of economics. 

The philosophical groundwork is the same as that of C. Menger. He knew Aristotle and the Nicomachean Ethics well. Today, the word 'ethics' is considered unscientific. It is not. We reject scientism as well as positivism. Just like the most thorough philospher of history, we know. His name was Erich Vögelin. He was a participant of the Viennese 'privat seminar'  given by L. von Mises. Not a coincidence. It is time for a new school. And a decent methodology.

The New Austrian School of Economics (NASoE) is a spontaneous volunteer initiative growing in importance and clout every day. Its message is clear: restore the circulating gold coin and silver standard by opening the mints and by allowing world wide bill clearing. Refinance a naturally limited government with gold bonds and constitutionally obligatory sinking fund protection.

Rather than a return to the previous century, this is a call for a return to monetary sanity of the gold standard, which was disingenuously discredited by its adversaries, who typically make a good living from the absence of monetary rectitude.

Carl Menger has lived and died fighting scientific mediocrity, positivism and dualism. It is our mission to continue his work. A return to the circulating gold coin and silver standard is apparently a taboo subject. Prof. Menger noticed the writing on the wall back in his days before WWI. The serendipity of the establishment of centralisation in banking, just in time ti finance all parties in horrendous world conflicts - twice ! - is curious to say the least.

The efforts taken to prevent coin circulation were draconian: a world wide meltdown into 400oz bricks ... why all the effort? The answer is as usual: follow the money - literally! Today, speaking about a gold standard, let alone a circulating gold coin standard, arouses scorn and ridicule from pressure groups keen on perpetuating the biggest lie ever: the myth that gold is deflationary.

Betrayal of the people has always been a source of revolution. Treason is announced in every culture by some form of proverbial rooster crowing there times. We think the rooster has crowed, now that some 'polite circles' are trying to reclaim "their" (?) gold. It is our mission to expose the congenital disease of (monetary) science. It is our mission to expose mediocrity by sound education. It is our mission to honour our predecessors, who got us to this point in civilisation, and to preserve the latter for our descendants.

This axiom, the proposition that humans act with a purpose, fulfills the requirements precisely for a true synthetic a priori proposition. It cannot be denied that this proposition is true, since the denial would have to be categorized as an action and so the truth of the statement literally cannot be undone.


This distinguishes the New Austrian School from all other schools. Keynesianism in all its strands (pure, post, new, neo, etc.), neo-Classiscism, Monetarism etc. are replicating the search for a needle in a haystack by trying to statisically link cause and effect the way natural sciences try to discover relationships. In human sciences, people are not objects (euphemistically referred to as "agents") that simply respond to Benthamite stimuli like pleasure or pain. So do animals. Normal people act with a purpose and have goals. They have a will and above all they have a high level of self-consciousness, setting them apart from animals.


Although it sounds a lot easier then trying to discover a cause with statistical probability under conditions of radical uncertainty, it was recognised by Prof. Menger that people always act in complex ways that can be deducted from the processes in which they are involved such as e.g. the pricing process in which there are two prices: the (higher) bid and the (lower) offer.


Purposeful acting people are both competing and co-operating with each other at different levels. It is the basis of complexity theory. Nothing is linear anymore.


The New Austrian School has the benefit of the work of Prof. Fekete who already developped a disequilibrium model, not only for pricing goods and services at different levels, but also on the level of interest and discount formation. Read our MANIFESTO  for more on the difference with the traditional Austrian School.

Featured Courses

A selection a fine lectures, courtesy of Prof. Antal Fekete.

Friends of NASoE

And what they say about us...


Course participants, professionals and students