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The Austrian Search for Realistic Foundations
Southern Economic Journal
Vol. 65, No. 4 (Apr., 1999), pp. 823-838
Published by: Southern Economic Association
Stable URL: http://www.jstor.org/stable/1061278
Page Count: 16
You can always find the topics here!Topics: Economic utility, Welfare economics, Economic theory, Neoclassical economics, Economic uncertainty, Public goods, Ambivalence, Market prices, Economic costs, Alertness
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Self-designated Austrian economists have two different views of modern neoclassical economics. Some, such as F. A. Hayek, take issue with certain aspects of neoclassical economics without disputing its fundamentals. Others, most notably Ludwig von Mises and Murray Rothbard, explicitly reject the foundations of neoclassical consumer and welfare theory and construct a systematic alternative. This paper analyzes the most distinctive features of the Mises--Rothbard alternative to the neoclassical paradigm; it also considers related positions defended by Israel Kirzner. I argue that their effort to rebuild economics on nonneoclassical foundations fails and that their critique of neoclassical foundations is wrong or strongly overstated.
Southern Economic Journal © 1999 Southern Economic Association