... theories of the Austrian School of Economics were being formulated and refined by Eugen Boehm, Friedrich Wieser and Ludwig von Mises, all of whom were second generation Austrian Economists. The Austrian economists believed that their view could be distinguished to that of the neo-classicalists by 5 major points; radical subjectivism, methodological individualism, purposivness in human action, casual-geneticism and methodological essentialism. While studying in Vienna, Hayek view on socialism changed radically as a result of his exposure to the works of Ludwig von Mises. Initially sympathetic to socialism, his economic thinking was transformed during his student years. Mises was to become not only an intellectual companion to Hayek but also a major influence in his work. Some say that Hayek's work can be thought of as "an attempt to make explicit what Mises left implicit, to refine what Mises had outlined, and to answer questions Mises had left unanswered." Hayek himself ...

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