Ebook: Austrian Economics: Tensions and New Directions
- Tags: Methodology and the History of Economic Thought, Economic Growth, Microeconomics, Methodology of the Social Sciences
- Series: Recent Economic Thought Series 30
- Year: 1992
- Publisher: Springer Netherlands
- Edition: 1
- Language: English
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When we first invited the group of distinguished scholars represented here to contribute to a new volume on Austrian economics, four themes were stressed: tensions, new directions, selectivity, and criticism. In this brief introduction we will explain why those themes were emphasized and thereby shed light on our intentions and aspirations for the volume. The subtitle "Tensions and New Directions" indicates clearly the intent of the volume desired. If we take the 1871 publication of Carl Menger's Principles of Economics (Grundsiitze der Volkswirthschaftslehre) as mark ing its birth, the Austrian tradition is now well over one hundred years old. The origins of the so-called "Austrian Revival" are more difficult to pinpoint precisely, but many would accept two decades as a reasonable estimate of its lifespan. In any case, since the mid-1970s several collections of articles written by Austrians have been published. The intent of these collections appeared to be to educate, persuade, and inspire various audiences. Uninformed readers needed to be told about the specifics of the Austrian position, to be shown how it differed from and improved upon its rivals. The initiated needed to be reassured that their commitment to a novel program was justified. As such, much of the recent Austrian literature has consisted either of exegetical accounts of the views of past figures, or of critical assessments of the positions of alternative research programs in economics from an Austrian perspective.
This volume considers what the future might hold for the Austrian tradition of economics. This includes the areas that seem most promising for new research. Instead of criticizing other positions from the standpoint of Austrian analysis, the book turns a critical eye on the Austrian program itself -- where its weak points are, and how important they are in an overall assessment of the Austrian position.
The book successfully criticizes many topics related to the Austrian school of thought. Starting with the historical and methodological issues, it examines subjectivism, market coordination, institutions, political economy and evolutionary theory. It concludes with an Afterword by Mario Rizzo and Larry White, which both appraises the contents and assesses the approaches propounded in the volume.