1. Mises
Mises was the greatest Austrian economist of all-time. Responsible for incorporating money into general economic theory with The Theory of Money and Credit and therein building on and revising Wicksell's theory of the business cycle. That alone is enough of an accomplishment. Nevertheless, Mises also went on to extend criticism began by Bohm-Bawerk (when he criticized Marxism) against socialism, demonstrating that socialism made economic calculation impossible. Lastly, Mises gave a clear elucidation of the praxeological method in Human Action and incorporated much of his previous ideas, including the pure time-preference theory of interest.
2. Bohm-Bawerk
Bohm-Bawerk's critique of other economic theories, especially Marxism and interest theories, make him very worthy of top 5 Austrians. Although I have not read Bohm-Bawerk, one can tell from reading the other Austrians on this list that Bohm-Bawerk was immensely important, especially in his ideas regarding the structure of production which would play a key role in Austrian Business Cycle Theory.
3. Hayek
Without a doubt a fantastic Austrian who extended and most clearly elucidated the Austrian theory of the business cycle. His work showed that business cycles weren't merely the work of the class of bankers that could tell they were extending "excess" credit, but the inevitability of a fractional reserve system. To truly understand the ABCT, one should read Hayek's Prices and Production and Other Works available at mises.org.
4. Rothbard
Incorporated Mises pure time preference theory of interest with Bohm-Bawerk's structure of production. His work on monopolies and on violent intervention into the market are also significant contributions. This man was a machine and did so much for both the Austrians and the libertarians by ways of churning out work after work. Probably my favorite Austrian to read and the best at clearly elucidating and defending Austrian theory. He has been a humongous influence on my intellectual progress. Man, Economy, and State with Power and Market, to me, is the greatest exposition of economics of all-time (even though I think Mises elucidation of the foundation of praxeology is more extensive and detailed in Human Action)
5. Hazlitt
I wouldn't really classify Hazlitt as an Austrian theorist in that, as far as I can tell, he didn't really advance the theory, but his works contained Austrian theory, and Economics in One Lesson, along with, and especially, his devastating criticism of Keynes in The Failure of the 'New Economics' are enough to warrant him as one of the leaders of Austrian economics.
I have read a decent amount of work by the Austrians, but obviously have a long way to go. Menger did not make my list most likely because I have not read him. Also, while immensely important, especially for economics in general (subjective value and marginalism are ridiculously important concepts), my opinion (which is completely ill-informed) is that he wasn't as important for strictly Austrian economics as these other figures. To be fair, he probably should be in there instead of Hazlitt, but I'm biased towards Hazlitt because I have read him, and both works that I have read blew me away. Economics in One Lesson was really what got me off the ground, and The Failure of 'New Economics' totally destroyed Keynesian theory (it is a real work of art, an exceptional criticism). For these reasons, I find Hazlitt more important for the contemporary Austrian movement. Also, his readability in Economics in One Lesson makes him even more important in that it fuels people to read more about economics, and specifically economics in the Austrian tradition. The fact of the matter is, if I am going to recommend a book to someone new to studying economics, I am going to tell them to start with Economics in One Lesson, not Menger's Principles of Economics (also, an ignorant statement on my part because I haven't read Menger's book, but I'm fairly confident that my quick and ill-informed assessment is likely to be the same as it would be if I were informed; Hazlitt's audience was the layman, rather than just economists, and his readability is what sets him over the edge for me).
Mises was the greatest Austrian economist of all-time. Responsible for incorporating money into general economic theory with The Theory of Money and Credit and therein building on and revising Wicksell's theory of the business cycle. That alone is enough of an accomplishment. Nevertheless, Mises also went on to extend criticism began by Bohm-Bawerk (when he criticized Marxism) against socialism, demonstrating that socialism made economic calculation impossible. Lastly, Mises gave a clear elucidation of the praxeological method in Human Action and incorporated much of his previous ideas, including the pure time-preference theory of interest.
2. Bohm-Bawerk
Bohm-Bawerk's critique of other economic theories, especially Marxism and interest theories, make him very worthy of top 5 Austrians. Although I have not read Bohm-Bawerk, one can tell from reading the other Austrians on this list that Bohm-Bawerk was immensely important, especially in his ideas regarding the structure of production which would play a key role in Austrian Business Cycle Theory.
3. Hayek
Without a doubt a fantastic Austrian who extended and most clearly elucidated the Austrian theory of the business cycle. His work showed that business cycles weren't merely the work of the class of bankers that could tell they were extending "excess" credit, but the inevitability of a fractional reserve system. To truly understand the ABCT, one should read Hayek's Prices and Production and Other Works available at mises.org.
4. Rothbard
Incorporated Mises pure time preference theory of interest with Bohm-Bawerk's structure of production. His work on monopolies and on violent intervention into the market are also significant contributions. This man was a machine and did so much for both the Austrians and the libertarians by ways of churning out work after work. Probably my favorite Austrian to read and the best at clearly elucidating and defending Austrian theory. He has been a humongous influence on my intellectual progress. Man, Economy, and State with Power and Market, to me, is the greatest exposition of economics of all-time (even though I think Mises elucidation of the foundation of praxeology is more extensive and detailed in Human Action)
5. Hazlitt
I wouldn't really classify Hazlitt as an Austrian theorist in that, as far as I can tell, he didn't really advance the theory, but his works contained Austrian theory, and Economics in One Lesson, along with, and especially, his devastating criticism of Keynes in The Failure of the 'New Economics' are enough to warrant him as one of the leaders of Austrian economics.
I have read a decent amount of work by the Austrians, but obviously have a long way to go. Menger did not make my list most likely because I have not read him. Also, while immensely important, especially for economics in general (subjective value and marginalism are ridiculously important concepts), my opinion (which is completely ill-informed) is that he wasn't as important for strictly Austrian economics as these other figures. To be fair, he probably should be in there instead of Hazlitt, but I'm biased towards Hazlitt because I have read him, and both works that I have read blew me away. Economics in One Lesson was really what got me off the ground, and The Failure of 'New Economics' totally destroyed Keynesian theory (it is a real work of art, an exceptional criticism). For these reasons, I find Hazlitt more important for the contemporary Austrian movement. Also, his readability in Economics in One Lesson makes him even more important in that it fuels people to read more about economics, and specifically economics in the Austrian tradition. The fact of the matter is, if I am going to recommend a book to someone new to studying economics, I am going to tell them to start with Economics in One Lesson, not Menger's Principles of Economics (also, an ignorant statement on my part because I haven't read Menger's book, but I'm fairly confident that my quick and ill-informed assessment is likely to be the same as it would be if I were informed; Hazlitt's audience was the layman, rather than just economists, and his readability is what sets him over the edge for me).
