Friedrich von WieserBaron Friedrich von Wieser (1851-1927), alongside Carl Menger and Böhm-Bawerk, is a pivotal figure in "the great triumvirate," which laid the foundation for the Austrian School of Economics. The second generation of the School, including Schumpeter, on Mises, and von Hayek, studied under him at the University of Vienna. Wieser also served as the last Minister of Commerce of the Austro-Hungarian Empire, engaging in numerous political and social activities. Influenced by Spinoza, Le Bon, Marx, Simmel, and notably Max Weber, with whom he maintained a close personal connection throughout his lifetime, Wieser distinguishes himself from the other two members of the great triumvirate by veering away from the pursuit of pure economic theory. Instead, his academic pursuits were dedicated to understanding economic principles within the broader social and historical context intricately shaped by power phenomena. Unlike later Austrian economists like Mises or Hayek, Wieser shared a vision with Karl Marx, placing emphasis on power and class conflict in shaping history and society. He had exceptional literary and artistic sensibilities, earning him the nickname "Goethe." He is celebrated as a truly original thinker, having authored numerous influential works, including "Natural Value," "Social Economics," and "The Law of Power." Schumpeter regards "The Law of Power" as a masterpiece equivalent to Adam Smith's "The Theory of Moral Sentiments." Renowned institutional economist Warren Samuels regards Wieser as comparable to Max Weber, Pareto, Schumpeter, Sombart, and Galbraith. Read More Read Less