Introduction

Guinevere Liberty Nell

A chapter in Austrian Theory and Economic Organization, 2014, pp 1-5 from Palgrave Macmillan

Abstract: Abstract Austrian school economics has contributed significantly to modern economics, especially by forcing economists, who sometimes have oversimplified and static or aggregative models, to consider dynamic and disaggregated consequences. F. A. Hayek famously did this during the socialist calculation debate, and when the Berlin Wall fell so did the illusion that he had lost, and conventional economics finally fully embraced his arguments. The primary model, or framework, out of which these arguments and insights emerge is that of spontaneous order. This framework can be used to study the market, but it is not limited to this one application, as Hayek—the Austrian economist who coined the term— well knew. However, as economists, Austrians tend to focus mainly on this one spontaneous order, omitting many kinds of cultural and social considerations from their analysis, and treating the public sector as a planned, rather than spontaneous, order, and therefore not suited to that core Austrian framework.

Keywords: Free Market; Austrian Economist; Transfer Price; Austrian School; Market Socialism (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-36880-5_1

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DOI: 10.1057/9781137368805_1

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