“The Mundane Economics of the Austrian School” de Peter Klein
Ver post no Organizations and Markets.
While I agree . . . that the Austrian tradition is part of a larger, liberal movement, I argue here that Austrian economics is nonetheless a distinct kind of economic analysis, and that the essence of the Austrian approach is not subjectivism, the market process (disequilibrium), or spontaneous order, but what I call mundane economics—price theory, capital theory, monetary theory, business-cycle theory, and the theory of interventionism. Call this the “hard core” of Austrian economics. I argue that this hard core is (1) distinct, and not merely a verbal rendition of mid-twentieth-century neoclassical economics; (2) the unique foundation for applied Austrian analysis (political economy, social theory, business administration, and the like); and (3) a living, evolving body of knowledge, rooted in classic contributions of the past but not bound by them
Tags: Austrian School, Peter Klein
