Austrian school of economics: Fundamental principles, methodology, institutional analysis and perspectives

A. P. Zaostrovtsev () and V. V. Matveev ()

Voprosy Ekonomiki, 2024, issue 2

Abstract: The article presents the main characteristics of the modern Austrian school. Its fundamental principles are shown, from which its remaining gap with the economic mainstream becomes obvious. The task is solved to demonstrate that the Austrian economics as its initial methodological foundation has not strict methodological individualism, but institutional individualism. It is not typical for it to see a person as the notorious homo economicus. The Austrian school is a kind of modern institutionalism, the historical roots of which go back to the writings of its founders. This is due to its inherent focus not on the allocation of resources, but on individual exchange (catallaxy). The latter needs good institutions. At the same time, informal institutions (beliefs, traditions) that determine the meaning of human actions are highlighted. The spontaneous order and one of its institutional forms — anarchy are considered. The article concludes with an appeal to the perspectives of Austrian economic thought — its potential contribution to various research programs.

Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.vopreco.ru/jour/article/viewFile/4613/2637 (application/pdf)

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:nos:voprec:y:2024:id:4613

DOI: 10.32609/0042-8736-2024-2-67-83

Access Statistics for this article

More articles in Voprosy Ekonomiki from NP Voprosy Ekonomiki
Bibliographic data for series maintained by NEICON ().