New Austrian macro theory: A call for inquiry

Paul Lewis () and Richard E. Wagner ()
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Paul Lewis: Kings College London
Richard E. Wagner: George Mason University

The Review of Austrian Economics, 2017, vol. 30, issue 1, No 1, 18 pages

Abstract: Abstract This essay sketches some contours of what we think can reasonably be called New Austrian macro theory. By New Austrian, macro we mean a style of theorizing that incorporates the core of traditional or Old Austrian macro and pushes that core in new directions by using new analytical tools and methods. We would note that New Austrian is not some invention or construction de novo, but is a product of blending some traditional Austrian insights and formulations with new analytical formulations that were never part of the Austrian tradition but which can multiply the analytical oomph of that tradition. In this essay, we explain that the traditional Austrian macro theory suffers not from analytical wrong-headedness but from an underdevelopment of those complementary pieces of intellectual capital that would render Austrian macro once again a significant player in the efforts of economists to theorize about the properties of economic systems in their entirety.

Keywords: Structure of production; Dispersed knowledge; Equilibrium vs. non-equilibrium theory; Creative systems theory; Macro-foundations for micro (search for similar items in EconPapers)
JEL-codes: B53 D80 E02 E14 E42 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11138-016-0353-0

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