Austrian Economics: A Tale of Lost Opportunities

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Abstract

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.
Original languageEnglish
Title of host publicationAssessing Austrian Economics
EditorsDaniel J. D'Amico, Adam G. Martin
Number of pages13
Place of PublicationBingley
PublisherEmerald Group Publishing
Publication date2019
Pages111-123
Chapter9
ISBN (Print)9781789739367
ISBN (Electronic)9781789739350, 9781789739374
DOIs
Publication statusPublished - 2019
Externally publishedYes
SeriesAdvances in Austrian Economics
Volume24
ISSN1529-2134

Keywords

  • Austrian economics
  • Heterodox economics
  • Formal methods
  • Doctrinal history
  • Sociology of science
  • Theory of science

Cite this

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