BOETTKE'S AUSTRIAN CRITIQUE OF MAINSTREAM ECONOMICS: AN EMPIRICIST'S RESPONSE

Thomas Mayer ()

Department of Economics from California Davis - Department of Economics

Abstract: Many of Boettke's criticisms of formalist economics are justified. However, he defines it so broadly that it becomes practically synonymous with mainstream economics. Yet he blames it for the specific sins of formalist economics more narrowly defined. And since he treats Austrian economics as the only viable alternative to mainstream economics he incorrectly awards victory to Austrian economics. It has some valuable ideas to contribute to mainstream economics, but is not a good replacement for it, since it has serious deficiencies.

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