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The Austrian School of economics, also called the Viennese School of economics, was founded by Carl Menger in Vienna during the last third of the 19th century.
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Gross domestic product (GDP) is the most common measure of national wealth and economic growth. Yet the layman and even many businessmen and economists is taken aback when mainstream commentators and professionals get very excited about changes to GDP, which seem to have little to no impact on real economic conditions.