The article discusses the achievements of leading representatives of Austrian school: C. Menger – the founder of Austrian school and his students: E. Böhm-Bawerk and F. Wieser, which are forming the fi rst generation of this school. The members of the second generation are L. Mises and J.A. Schumpeter, and the member of the third generation is F.A. Hayek. The submitted attitudes had an essential impact on the school’s development as well as on the others courses of the economic’s thought like: theory of value and price of Menger, theory of percent of Böhm-Bawerk, the development of the theory of value, theory of impute and alternative costs of Wieser. Schumpeter elaborated work, the best until today, that includes the history of the economic’s thought and the theory of economic’s development based on the innovations. Mises is known as the men who elaborated the praxeology, the outline of theory of trade cycle and who was the proponent of liberal thought.
The article closes the greatest economist of the XX century of Austian school – Hayek, which brought the contribution into economics in the scope of: theory of trade cycle, theory of capital, analysis of functional of the economics’ systems as well as the social and political philosophy and theory of law.