Time, Space, and Capital

The first Austrian school was preoccupied with the nature of capital, its time dimension, and the necessity of interest. The second school also focused on economic dynamics, but with an orientation toward issues related to entrepreneurial activity as well as the use of information and knowledge in economic evolution. The third Austrian school, which was organized around Karl Menger's mathematical colloquium in Vienna, clarified the necessary and sufficient conditions for static and dynamic economic equilibriums. In addition, it created the foundations of economic game and negotiation theories.