Austrian Economics: A Tale of Lost Opportunities

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Abstrakt

This is a, somewhat indirect, rejoinder to Boettke (2019, this volume, Chapter 1). Doing Austrian economics is low prestige: Austrian economics does not get published in high-prestige journals and Austrian economists are not employed by top universities. And yet, up until World War II Austrian economics was an important part of the international economics community. The author argues that Austrian economists made several theoretical innovations that could have placed them at the frontier of research in economics, and present a brief counterfactual history of a thriving Austrian economics based on those innovations. However, the actual history of the Austrian School is quite different. A particularly decisive factor that has made Austrian economics a fringe movement was the rejection of formal methods in theory and empirics. The author argues that Austrian economics is basically dying out as a voice in the conversation of modern economists.
OriginalsprogEngelsk
TitelAssessing Austrian Economics
RedaktørerDaniel J. D'Amico, Adam G. Martin
Antal sider13
Udgivelses stedBingley
ForlagEmerald Group Publishing
Publikationsdato2019
Sider111-123
Kapitel9
ISBN (Trykt)9781789739367
ISBN (Elektronisk)9781789739350, 9781789739374
DOI
StatusUdgivet - 2019
Udgivet eksterntJa
NavnAdvances in Austrian Economics
Vol/bind24
ISSN1529-2134

Citationsformater

Foss, N. J. (2019). Austrian Economics: A Tale of Lost Opportunities. I D. J. D'Amico, & A. G. Martin (red.), Assessing Austrian Economics (s. 111-123). Bingley: Emerald Group Publishing. Advances in Austrian Economics, Bind. 24 https://doi.org/10.1108/S1529-213420190000024011