CS Knowledge Base

The Austrian school of economics is a school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self-interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic axioms of human action, known as praxeology, rather than primarily from statistical analysis. In more conventional terms, they have developed their theory by deducing conclusions from fundamental principles of human action rather than relying primarily on statistical analysis.

The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school, in a dispute known as Methodenstreit, or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the subjective theory of value, marginalism in price theory and the formulation of the economic calculation problem.

Metro Manila, the economic center of the Philippines

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2026, the Philippine economy is estimated to be at ₱30.22 trillion ($512.22 billion), making it the world's 35th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund.

The Philippine economy is a service-oriented economy, with relatively more modest contributions from the manufacturing and agriculture sectors. It has experienced significant economic growth and transformation in the past, posting one of the highest GDP growth rates in Asia. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world. The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization. The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050. By 2035, the Filipino economy is predicted to be the 22nd largest in the world. (Full article...)

"Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.

They know that America is not a place of which it can be said, as it used to be, that a man may choose his own calling and pursue it just as far as his abilities enable him to pursue it; because to-day, if he enters certain fields, there are organizations which will use means against him that will prevent his building up a business which they do not want to have built up; organizations that will see to it that the ground is cut from under him and the markets shut against him. For if he begins to sell to certain retail dealers, to any retail dealers, the monopoly will refuse to sell to those dealers, and those dealers, afraid, will not buy the new man's wares.

And this is the country which has lifted to the admiration of the world its ideals of absolutely free opportunity, where no man is supposed to be under any limitation except the limitations of his character and of his mind; where there is supposed to be no distinction of class, no distinction of blood, no distinction of social status, but where men win or lose on their merits.

I lay it very close to my own conscience as a public man whether we can any longer stand at our doors and welcome all newcomers upon those terms. American industry is not free, as once it was free; American enterprise is not free; the man with only a little capital is finding it harder to get into the field, more and more impossible to compete with the big fellow. Why? Because the laws of this country do not prevent the strong from crushing the weak. That is the reason, and because the strong have crushed the weak the strong dominate the industry and the economic life of this country. No man can deny that the lines of endeavor have more and more narrowed and stiffened; no man who knows anything about the development of industry in this country can have failed to observe that the larger kinds of credit are more and more difficult to obtain, unless you obtain them upon the terms of uniting your efforts with those who already control the industries of the country; and nobody can fail to observe that any man who tries to set himself up in competition with any process of manufacture which has been taken under the control of large combinations of capital will presently find himself either squeezed out or obliged to sell and allow himself to be absorbed"

—Woodrow Wilson, The New Freedom, 1913

• ... that French businessman André Kieffer was described as a "one-man party" and "easily the most aggressive and controversial figure" in the territorial assembly of Chad?
• ... that Billy Gallagher's Times Square cabaret was open from sundown to dawn, with a mix of "reputable people" and those "who had practical reasons for circulating after dark"?
• ... that Sandra Caron changed her name to avoid associations with a woman once described as "the most highly paid woman in British show business in the 1950s and 1960s"?
• ... that the British political theorist Chris Armstrong has called for a "blue new deal" to secure ecological resilience for the ocean and a just blue economy?
• ... that food was left to rot outside after the supermarket Supie went out of business?
• ... that Bill Chisholm's announced $6.1 billion purchase of the Boston Celtics is the largest amount ever paid for a North American sports team?

July 10:

• 1928 - Alejandro de Tomaso, Argentinian-Italian race car driver and businessman, founder of De Tomaso, was born on this day.

• ...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?

• ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?

• ...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?

• ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?

• ...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?

• ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?

• ...that the existence of property rights, besides being a fundamental item in many legal systems, constitutes also the fundamental presupposition for the mathematical validity of both the accounting equation (financial statements) and the equality of gross value added and net output (national accounts)?

1 July 2026 – Economic consequences of the Russo-Ukrainian war

Ukraine approves a mechanism for exporting domestically produced weapons and military technologies to raise funds for its defense effort against Russia and attract foreign investment, while requiring that the Ukrainian military's supply needs remain the priority. (AFP via The Straits Times)

1 July 2026 – The Philippines and the World Bank

The World Bank classifies the Philippines as an upper-middle-income economy, up from lower-middle-income status, after its per capita gross national income exceeds the fiscal year 2026 threshold of US$4,496 to $13,935. (Agenzia Nova)

27 June 2026 – 2026 Venezuela earthquakes

The United Nations estimates that the earthquakes caused approximately US$6.7 billion in direct physical damage, equivalent to about 6% of Venezuela's gross domestic product. (AFP via TRT World)

25 June 2026 – Economic impact of the 2026 Iran war

Economy of the United States

22 June 2026 – China–United States relations

China imposes export controls on 10 U.S. companies and bars government procurement from 46 others in response to a U.S. blacklist targeting Chinese firms. The measures take effect immediately. (AFP via Daily Tribune)

22 June 2026 – Koldo Case

A Spanish court sentences former transport minister José Luis Ábalos to 24 years in prison for taking bribes in connection with public contracts for face masks during the COVID-19 pandemic. His advisor Koldo García is sentenced to 19 years and businessman Víctor de Aldama to four and a half years. (The Guardian)