Austrian Economics: A Tale of Lost Opportunities

Nicolai J. Foss

A chapter in Assessing Austrian Economics, 2019, vol. 24, pp 111-123 from Emerald Group Publishing Limited

Abstract: This is a, somewhat indirect, rejoinder toBoettke (2019, this volume, Chapter 1). Doing Austrian economics is low prestige: Austrian economics does not get published in high-prestige journals and Austrian economists are not employed by top universities. And yet, up until World War II Austrian economics was an important part of the international economics community. The author argues that Austrian economists made several theoretical innovations that could have placed them at the frontier of research in economics, and present a brief counterfactual history of a thriving Austrian economics based on those innovations. However, the actual history of the Austrian School is quite different. A particularly decisive factor that has made Austrian economics a fringe movement was the rejection of formal methods in theory and empirics. The author argues that Austrian economics is basically dying out as a voice in the conversation of modern economists.

Keywords: Austrian economics; heterodox economics; formal methods; doctrinal history; Sociology of Science; Theory of Science (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-213420190000024011

DOI: 10.1108/S1529-213420190000024011

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