A new look at the Austrian School of Economics: review and prospects

Fu-Lai Tony Yu and Gary Moon-Cheung Shiu

International Journal of Pluralism and Economics Education, 2011, vol. 2, issue 2, 145-161

Abstract: This paper looks at the Austrian School of Economics from the subjectivist perspective. It begins by reviewing the major architects in the Austrian School, Carl Menger, Ludwig von Mises, Friedrich A. Hayek, Murray N. Rothbard, Ludwig M. Lachmann and Isaac M. Kirzner. The paper then elucidates the major tenets of the Austrian School of Economics, namely methodological subjectivism and interpretative economics; entrepreneurship, knowledge and coordination problems in the market process; central planning and Austrian business cycle. It highlights the agreements with public choice school, new institutional economics, evolutionary economics, feminist economics and disagreements with the Marxist economics, Neo-Ricardian School and orthodox neoclassical paradigm. It also clarifies similarities and differences between the Chicago School and Austrian School of Economics. The paper ends with further suggestions on the Austrian subjectivist approach to economic problems by using two illustrations of recent international events, Financial Crisis in 2007 and nuclear meltdown in Japan.

Keywords: Austrian School of Economics; methodological subjectivism; interpretative economics; knowledge; coordination; entrepreneurship; market process; central planning; business cycle; financial crisis 2007; climate change; nuclear meltdown; Japan. (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.inderscience.com/link.php?id=41695 (text/html)
Access to full text is restricted to subscribers.

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:ids:ijplur:v:2:y:2011:i:2:p:145-161

Access Statistics for this article

More articles in International Journal of Pluralism and Economics Education from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().