On Austrian Economics and the Economics of Carl Menger

Reinhard Neck ()

Atlantic Economic Journal, 2014, vol. 42, issue 3, 217-227

Abstract: This paper gives an overview of the work of Carl Menger, the founding father of the Austrian School of Economics. Menger’s theoretical and methodological positions are compared and contrasted with those of contemporary Austrian Economics. The idea of the unintended consequences of individual purposive actions is seen as a key to Menger’s economics. Although many elements of contemporary Austrian Economics can be found already in the work of Menger, we argue that there are some differences with respect to economic theorizing and economic policy recommendations. We propose to bring Austrian Economics closer to mainstream economics, especially with respect to the analytical tools to be used. Copyright International Atlantic Economic Society 2014

Keywords: Austrian economics; Carl Menger (1840–1921); Unintended consequences; Invisible hand; Methodology; Heterodox economics; B130; B250 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:atlecj:v:42:y:2014:i:3:p:217-227

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DOI: 10.1007/s11293-014-9422-6

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