An inexhaustive criticism of the standard economic theory from an Austrian perspective related to growth and development

Ana Iolanda Voda () and Catalin Chiriac
Additional contact information
Ana Iolanda Voda: Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration
Catalin Chiriac: Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration

Review of Applied Socio-Economic Research, 2012, vol. 3, issue 1, 195-202

Abstract: The main purpose of this paper is to underline the downfalls of neoclassical growth theory. The narrow and artificial framework given by the neoclassical economists have no correspondent in real life. With a 'refreshed breath' the Austrian School of Economics tried to explain the dynamic and competitive market process in a constantly changing world. Aspects like time in the decision- making process, imperfect knowledge and the nature of market coordination to the changing circumstances are just some of the many key notions which offered us a different perspective over reality. The ideational contact with the brightest minds which Austrian School of Economics provided, allows us to perceive in a different light the neoclassical judgments.

Keywords: neoclassic theory; Austrian School of Economics; development; environment (search for similar items in EconPapers)
JEL-codes: B13 B53 O1 Q00 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://reaser.eu/RePec/rse/wpaper/23_Rev3_Voda_Chiriac_AustriaPersp.pdf (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:rse:wpaper:v:3:y:2012:i:1:p:195-202

Access Statistics for this article

Review of Applied Socio-Economic Research is currently edited by Ruxandra Vasilescu

More articles in Review of Applied Socio-Economic Research from Pro Global Science Association Contact information at EDIRC.
Bibliographic data for series maintained by Manuela Epure ().