How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism

Karl-Heinz Paqué

No 209, Kiel Working Papers from Kiel Institute for the World Economy

Abstract: From the 194O's until the late 196O's,the unchallenged ruler of the intellectual kingdom of economics was a paradigm which - for lack of a better name - we shall simply call mainstream economics. Broadly speaking, mainstream economics may be described as a well-composed menu of quite distinct analytical tool-boxes which are eclectically used to solve the relevant problems at hand: neoclassical theory in the microeconomic domain, keynesian theory in the macroeconomic domain, and paretian welfare theory in the domain of normative economics.

Date: 1984
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