Menger and contemporary Austrian economics: knowledge, institutions and liberalism

Peter J. Boettke

The European Journal of the History of Economic Thought, 2022, vol. 29, issue 5, 788-800

Abstract: Carl Menger’s Principles of Economics was published in 1871, and was a central text in the marginalist revolution in economic theory. From the beginning, however, it was recognised that Menger’s “Austrian” brand of neoclassical economics stood out from the contributions of Jevons and Walras in the marginal revolution due to his emphasis on subjectivism, price formation through bargaining and exchange, the passage of time in production and exchange activity, and the evolution of institutions in addition to the focus on choice against constraints. In this paper, I attempt to trace out Menger’s continuing influence on the contemporary Austrian School of economics in terms of methodology, analytical economics, and social philosophy.

Date: 2022
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DOI: 10.1080/09672567.2022.2111076

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