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Austrian and Neoclassical Economics: Any Gains from Trade?

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  • Sherwin Rosen

Abstract

The systems aspects of Austrian economic thought pertaining to the process of competition deserve a prominent place in modern economic thinking. The paper develops the differences between the Austrian view of competition as an evolutionary process, and the neoclassical emphasis on determining market equilibrium under known or given conditions. These bear importantly on the fundamental way we think about decentralization of economic activities among highly specialized agents with incomplete knowledge and information. The role of competition as a selection device that often encourages survival of the fittest and solves some types of agency problems is well worth thinking about.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.4.139
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 11 (1997)
Issue (Month): 4 (Fall)
Pages: 139-152

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Handle: RePEc:aea:jecper:v:11:y:1997:i:4:p:139-52

Note: DOI: 10.1257/jep.11.4.139
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  1. Lazear, Edward P & Rosen, Sherwin, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 841-64, October.
  2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  3. Sherwin Rosen, 1985. "Prizes and Incentives in Elimination Tournaments," NBER Working Papers 1668, National Bureau of Economic Research, Inc.
  4. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Rosen, Sherwin, 1983. "Specialization and Human Capital," Journal of Labor Economics, University of Chicago Press, vol. 1(1), pages 43-49, January.
  6. Joseph Persky, 1991. "Retrospectives: Lange and von Mises, Large-Scale Enterprises, and the Economic Case for Socialism," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 229-236, Fall.
  7. Coase, R H, 1974. "The Market for Goods and the Market for Ideas," American Economic Review, American Economic Association, vol. 64(2), pages 384-91, May.
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Cited by:
  1. Leland B. Yeager, 1997. "Austrian Economics, Neoclassicism, and the Market Test," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 153-165, Fall.
  2. Jesús Huerta DE SOTO, 2011. "The Essence Of The Austrian School And The Concept Of Dynamic Efficiency," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 7, pages 15-32, May.
  3. Zafirovski, Milan, 1999. "A socio-economic approach to market transactions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(3), pages 309-334.
  4. Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.
  5. Bianchi, Milo & Henrekson, Magnus, 2005. "Is Neoclassical Economics still Entrepreneurless?," Working Paper Series in Economics and Finance 584, Stockholm School of Economics, revised 02 Feb 2005.
  6. Katsuya Takii, 2004. "Fiscal Policy and Entrepreneurship," Macroeconomics 0406006, EconWPA.
  7. Reynolds, Bruce J., 2000. "Cooperative Principles as Constraints for Public Goods Production," 2000 Annual Meeting, December 12-13 31808, NCERA-194 Research on Cooperatives.
  8. Sjoerd Beugelsdijk, 2007. "Entrepreneurial culture, regional innovativeness and economic growth," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 187-210, April.
  9. Eliasson, Gunnar & Henrekson, Magnus, 2003. "William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship," Working Paper Series in Economics and Finance 532, Stockholm School of Economics.
  10. Richard Seymour, 2006. "Hermeneutic phenomenology and international entrepreneurship research," Journal of International Entrepreneurship, Springer, vol. 4(4), pages 137-155, December.
  11. Kakarot-Handtke, Egmont, 2011. "The propensity function as formal passkey to economic action," MPRA Paper 34051, University Library of Munich, Germany.
  12. William Stull, 2014. "Taking the Plunge: Teaching the Microeconomics of Entrepreneurship," International Advances in Economic Research, Springer, vol. 20(2), pages 139-150, May.
  13. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.

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