What is Austrian economics?

posted by
August 31, 2016
Reformed Libertaraian
by C Jay Engel  
Posted in Commentary

"The Austrian School of economics refers to a certain 'school of thought' in regards to economic theory that has its roots in the economic theorists who came out of Austria in the late 19th and early 20th centuries. Hence the name. There are many schools of economic thought: there are classical economists, neoclassical economists, Marxists, Keynesians, Chicago School economists (many of which morphed into the modern day Monetarists), and various other subcategories and branches. There is also some overlap. The point is that Austrian Economics is a specific school of thought that offers an alternative view compared to the many other approaches." (08/30/16)


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  • dL

    “Austrian economics is not about what is right and wrong for the government to do;”

    not accurate…c’mon man, the socialist calculation debates? the entire reason AE became hetereodoxical was the debate over the planning role of the state vis a vis the implications neoclassical static welfare equilibrium. Both Mises and Hayek resorted to methods outside the purview of neoclassical economics to critique state planning. Mises w/ praxeology and Hayek with the (eventual) evolutionary/biological route. The critique of state planning is central to post WW I practice of AE.

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