Reflection of the Ideas of the Austrian Economic School in the Development of Modern Financial Innovations

Abstract:

The relevance of the article is due to the emergence of special financial innovations based on Blockchain. This financial innovation is often associated with free markets and decentralization. In the opinion of some researchers, it is able to combat corrupt economic planning and thus, can put an end to money supply control by governments. Many representatives of the Austrian School of Economics expressed similar ideas in the 19th-20th centuries. That is why the main purpose of the study is to systematize the ideas of scientists of the Austrian School, as well as their reflection on modern financial innovations and, in particular, on crypto-currencies. The article examines the main views on the theory and origin of the money of Karl Menger, Friedrich von Hayek, Ludwig Von Mises and Murray Rothbard. The article describes the features and properties of financial innovations based on the Blockchain technology.