The Methodology of Austrian Economics and Its Relevance to Institutionalism

J. Patrick Gunning

American Journal of Economics and Sociology, 1986, vol. 45, issue 1, 79-91

Abstract: Abstract. The methodology of Austrian economics's presented in the writings of Ludwig von Mises is described. The Misesian system is built on a priori categories (choice, causality, teleology, time, uncertainty) which Mises regarded as common to all human actors. He used these categories to describe how theories of social phenomena must be constructed if they are to be comprehensible to others. To interpret history, including economic history, one must invent models based on subsidiary assumptions and he or she must make bypotheseszbom the specific “intentions and expectations” of actors. One model is that of an “economic institution.” The meaning of the Misesian model of an institution is stated. It is said to have much in common with the models of phenomenologicai sociology. Finally, contrary to recent papers in this Journal, it is argued that (1) Misesian a priori categories are not alternatives to a priori assumptions described by institutionalists, (2) although a pure theory of choice does not lend itself to the evaluation of public policy, hypotheses about specific intentions and expectations do permit such evaluations, and (3) statements by Mises on institutions and the study of history resemble those made by many institutionalists.

Date: 1986
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1536-7150.1986.tb01904.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ajecsc:v:45:y:1986:i:1:p:79-91

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0002-9246

Access Statistics for this article

American Journal of Economics and Sociology is currently edited by Laurence S. Moss

More articles in American Journal of Economics and Sociology from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().