The difficulty of applying the economics of time and ignorance

Solomon Stein () and Virgil Storr ()

The Review of Austrian Economics, 2013, vol. 26, issue 1, 27-37

Abstract: The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer. Copyright Springer Science+Business Media, LLC 2013

Keywords: Economic methodology; Time and ignorance; Subjectivism (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s11138-012-0178-4

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