What is so Austrian about Austrian Economics?

David Colander

Middlebury College Working Paper Series from Middlebury College, Department of Economics

Abstract: Modern mainstream economics is a plurocracy in which there is no orthodoxy of ideas, only an orthodoxy of method. Given the training it provides its students, mainstream economic’s natural domain is science. With the mainstream’s acceptance of complexity views of the economy, Austrian economist’s views can now get a hearing within the mainstream. Thus, within the science of economics, there is no need for a separate Austrian economics. However, there is a need for Austrian economics in political economy, that branch of economics that takes the insights of science and relates them to policy. The paper urges Austrian economics to embrace political economy as its domain, and to position its work as within political economy.

Pages: 12 pages
Date: 2009-08
New Economics Papers: this item is included in nep-evo, nep-his, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:mdl:mdlpap:0910

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