Austrian economics and development: The case of Sudha Shenoy’s analysis

Giandomenica Becchio ()
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Giandomenica Becchio: University of Torino

The Review of Austrian Economics, 2018, vol. 31, issue 4, No 4, 439-455

Abstract: Abstract The aim of this paper is to describe Sudha Shenoy’s use of Menger, Mises, and Hayek (she explicitly called them ‘the older Austrians’) to explain development and growth. Her aim was to show that the application of Austrian economics, based on the notions of capital structure and division of labor, embedded in a specific legal framework (common law), historically promoted development and growth (as in early modern England); and can promote development and growth in underdeveloped countries (her specific focus was India). Shenoy also claimed that any policymaking as well as government’s intervention are either useless or dangerous, having two main dysfunctional effects, which are often interrelated; namely, make development slower (or even stop it), and increase corruption.

Keywords: Development; Capital structure; Division of labor; Catallaxy; Common law; Economic plan (search for similar items in EconPapers)
JEL-codes: B25 B31 B53 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11138-017-0409-9

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