# Friedrich von Wieser

> Austrian economist (1851-1926)

**Wikidata**: [Q84482](https://www.wikidata.org/wiki/Q84482)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/Friedrich_von_Wieser)  
**Source**: https://4ort.xyz/entity/friedrich-von-wieser

## Summary
Friedrich von Wieser was an Austrian economist and a key figure in the development of the Austrian School of economics. He is best known for his theoretical contributions to marginal utility, value theory, and economic calculation, which influenced generations of economists and shaped modern economic thought.

## Biography
- Born: July 10, 1851, in Vienna, Austrian Empire
- Nationality: Austrian
- Education: University of Vienna
- Known for: Contributions to the Austrian School of economics, marginal utility theory, and economic calculation
- Employer(s): University of Vienna, University of Prague (Charles University)
- Field(s): Economics, Political Economy

## Contributions
Friedrich von Wieser made foundational contributions to economic theory, particularly in the areas of marginal utility, imputation theory, and the role of markets in resource allocation. His work laid the groundwork for understanding how prices are formed and how resources are distributed in an economy. Key contributions include:
- *Der natürliche Werth* (*Natural Value*, 1889): Introduced the concept of "imputation theory," explaining how the value of production goods is derived from the value of consumer goods.
- *Social Economic Laws* (*Gesellschaftliche Wirtschaftsgesetze*, 1914): Explored the interdependence of economic activities and the functioning of markets.
- *Theorie der gesellschaftlichen Wirtschaft* (*Theory of Social Economy*, 1914): A comprehensive treatise on economic organization and the role of competition.
- *Economic Calculation Controversy*: His theoretical framework was later used by Ludwig von Mises and Friedrich Hayek in debates on socialist planning.

## FAQs
### Who was Friedrich von Wieser?
Friedrich von Wieser was an Austrian economist and a leading member of the Austrian School of economics, known for his work on marginal utility, imputation theory, and economic calculation.

### What did Friedrich von Wieser contribute to economics?
Wieser developed the theory of imputation, which explains how the value of production factors is derived from the value of final goods. He also contributed to theories of market pricing, economic organization, and the critique of socialist planning.

### Where did Friedrich von Wieser work?
Wieser was a professor at the University of Vienna and also taught at Charles University in Prague. He was affiliated with the Austrian School and mentored future economists like Friedrich Hayek.

### What are Friedrich von Wieser's most important works?
His major works include *Natural Value* (1889), *Social Economic Laws* (1914), and *Theory of Social Economy* (1914), all of which advanced the theoretical foundations of the Austrian School.

### What is imputation theory?
Imputation theory, developed by Wieser, explains how the value of higher-order goods (used in production) is "imputed" from the value of final consumer goods. This concept is central to Austrian capital and value theory.

### How is Friedrich von Wieser connected to other economists?
Wieser was influenced by Carl Menger, the founder of the Austrian School, and later influenced economists like Eugen von Böhm-Bawerk and Friedrich Hayek. He was also a mentor to Ludwig von Mises.

## Why They Matter
Friedrich von Wieser's theoretical innovations were pivotal in shaping the Austrian School of economics. His imputation theory provided a framework for understanding how markets allocate resources and form prices, influencing debates on economic planning and socialist calculation. His ideas laid the groundwork for later critiques of central planning by economists like Mises and Hayek. Wieser’s work remains central to Austrian economic thought and continues to inform discussions on market processes, value theory, and capital theory.

## Notable For
- Founding figure of the Austrian School of economics
- Development of imputation theory and marginal utility analysis
- Author of *Natural Value* (1889) and *Theory of Social Economy* (1914)
- Mentor to Friedrich Hayek and Ludwig von Mises
- Professor at the University of Vienna and Charles University in Prague
- Influential in the socialist calculation debate
- Recipient of honorary doctorate from the University of Vienna

## Body

### Early Life and Education
Friedrich von Wieser was born on July 10, 1851, in Vienna, Austrian Empire. He studied law and economics at the University of Vienna, where he was influenced by Carl Menger, the founder of the Austrian School of economics. His academic training laid the foundation for his later theoretical contributions.

### Career and Academic Positions
Wieser held academic positions at two major institutions:
- **University of Vienna**: He became a professor and a central figure in the Austrian School, succeeding Menger in prominence.
- **Charles University, Prague**: He also taught at Charles University, one of the oldest universities in Europe, where he influenced a generation of Central European economists.

### Theoretical Contributions
Wieser’s work focused on refining and expanding Austrian economic theory:
- **Marginal Utility Theory**: Building on Menger’s work, Wieser emphasized how individual decisions determine value based on the utility of the last unit consumed.
- **Imputation Theory**: In *Natural Value* (1889), he explained how the value of production goods is derived from the value of consumer goods. This theory became a cornerstone of Austrian capital theory.
- **Social Economic Laws**: In *Social Economic Laws* (1914), Wieser explored how economic interdependencies shape market outcomes and resource allocation.

### Major Publications
- *Der natürliche Werth* (*Natural Value*, 1889): Introduced imputation theory and influenced value theory in the Austrian School.
- *Gesellschaftliche Wirtschaftsgesetze* (*Social Economic Laws*, 1914): Analyzed the functioning of markets and the role of competition.
- *Theorie der gesellschaftlichen Wirtschaft* (*Theory of Social Economy*, 1914): A comprehensive work on economic organization and the interplay of individual and collective economic decisions.

### Influence and Legacy
Wieser’s ideas had a lasting impact on economic theory:
- **Mentorship**: He mentored future economists including Friedrich Hayek and Ludwig von Mises, who expanded on his theories.
- **Economic Calculation Debate**: His theoretical framework was central to critiques of socialist planning, particularly by Mises and Hayek.
- **Austrian School Development**: Wieser’s work helped transition the Austrian School from its Mengerian origins to a more formalized theoretical system.

### Affiliations and Recognition
- **University of Vienna**: Longtime professor and intellectual leader of the Austrian School.
- **Charles University, Prague**: Taught and influenced Central European academic circles.
- **Honorary Doctorate**: Awarded by the University of Vienna in recognition of his contributions to economics.

### Personal and Historical Context
Wieser lived through the transformation of the Austro-Hungarian Empire and the upheaval of World War I. His work reflected the intellectual and political currents of his time, including debates over socialism, capitalism, and the role of markets in society. He died on July 22, 1926, leaving behind a legacy that continues to influence Austrian economic thought and free-market theory.

## References

1. Friedrich Von Wieser, 1851-1926. JSTOR. 1927
2. [Encyclopædia Britannica](https://www.britannica.com/biography/Friedrich-von-Wieser)
3. [Source](https://www.newworldencyclopedia.org/entry/Friedrich_von_Wieser)
4. [Friedrich Freiherr von Wieser (1851-1926)](http://www.mises.de/public_home/topic/32)
5. Friedrich von Wieser, 1851-1926. JSTOR. 1927
6. [Source](https://www.wien.gv.at/wiki/index.php/Friedrich_Wieser)
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10. [Source](http://geschichte.univie.ac.at/en/persons/friedrich-freiherr-von-wieser-hr-prof-dr)
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21. [mises.at](https://www.mises.at/denker/wieser/)
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