Extending Austrian Economics toward Psychology: Rules in Loan Decisions

Martti Vihanto ()

The Review of Austrian Economics, 2004, vol. 17, issue 4, 323-344

Abstract: The proponents of the Austrian school of economics, like economists in general, often take a negative view of incorporating psychological assumptions in the main body of economic theory. Still they regularly make use of such assumptions while applying the theory. The paper argues for a cautious use of the findings of psychology from the very start of economic reasoning. The examples employed to illustrate the argument are from the loan decision process of a banker.

Date: 2004
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