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Austrian Economics, Neoclassicism, and the Market Test

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  • Leland B. Yeager

Abstract

Professor Sherwin Rosen correctly suggests that the Austrian and neoclassical schools can be complementary, each accepting much from the other. However his recognition of Austrian strengths needs to be amplified and his criticisms need softening. His appeal to the market test risks encouraging anti-intellectual attitudes and practices

Suggested Citation

  • 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.
    • Handle: RePEc:aea:jecper:v:11:y:1997:i:4:p:153-65
    Note: DOI: 10.1257/jep.11.4.153
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.4.153
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    References listed on IDEAS

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    1. Peter Bauer, 1987. "The Disregard of Reality," Cato Journal, Cato Journal, Cato Institute, vol. 7(1), pages 29-42, Spring/Su.
    2. Sherwin Rosen, 1997. "Austrian and Neoclassical Economics: Any Gains from Trade?," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 139-152, Fall.
    3. McCloskey, Donald N, 1992. "Writing as a Responsibility of Science: A Reply," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 689-695, October.
    4. Leland Yeager, 1995. "Tacit preachments are the worst kind," Journal of Economic Methodology, Taylor & Francis Journals, vol. 2(1), pages 1-33.
    5. Peter J. Boettke & David L. Prychitko (ed.), 1994. "The Market Process," Books, Edward Elgar Publishing, number 54.
    6. Laband, David N & Taylor, Christopher N, 1992. "The Impact of Bad Writing in Economics," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 673-688, October.
    7. Summers, Lawrence H, 1991. " The Scientific Illusion in Empirical Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(2), pages 129-148.
    8. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
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    Citations

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    Cited by:

    1. Vuong, Quan-Hoang, 2018. "The Rise of Computational Entrepreneurship," OSF Preprints wq52p, Center for Open Science.
    2. Zafirovski, Milan, 2002. "Reconsidering equilibrium: a socio-economic perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(5), pages 559-579.
    3. Sjoerd Beugelsdijk, 2010. "Entrepreneurial Culture, Regional Innovativeness and Economic Growth," Springer Books, in: Andreas Freytag & Roy Thurik (ed.), Entrepreneurship and Culture, chapter 0, pages 129-154, Springer.
    4. Vuong, Quan-Hoang, 2018. "From Economic Complexities to Computational Entrepreneurship," OSF Preprints kqbmg, Center for Open Science.
    5. 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.
    6. Zanotti, Gabriel J. & Cachanosky, Nicolás, 2015. "Implications Of Machlup’S Interpretation Of Mises’S Epistemology," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(1), pages 111-138, March.
    7. Bryan Caplan, 1999. "The Austrian Search for Realistic Foundations," Southern Economic Journal, John Wiley & Sons, vol. 65(4), pages 823-838, April.
    8. Vuong, Quan-Hoang, 2018. "Sự trỗi dậy của Computational Entrepreneurship," OSF Preprints 6n9wb, Center for Open Science.
    9. Richard Wagner, 2012. "Viennese kaleidics: Why it’s liberty more than policy that calms turbulence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 283-297, December.
    10. de Soto Jesus Huerta, 1998. "The Ongoing Methodenstreit of The Austrian School," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 8(1), pages 1-40, March.
    11. Hamid Etemad, 2022. "Perspective on early internationalizing firms: Three decades of international entrepreneurship developments," Journal of International Entrepreneurship, Springer, vol. 20(2), pages 195-217, June.
    12. Vuong, Quan-Hoang & La, Viet-Phuong & Ho, Manh-Toan & Vuong, Thu-Trang & Hoang, Hanh Phuong, 2019. "What have Vietnamese scholars learned from researching entrepreneurship?: A systematic review," OSF Preprints uhwmn, Center for Open Science.
    13. Hsiung Bingyuan, 2009. "Benchmarks and Economic Analysis," Review of Law & Economics, De Gruyter, vol. 5(1), pages 75-99, March.
    14. Anthony Carilli & Gregory Dempster, 2008. "Is the Austrian business cycle theory still relevant?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 271-281, December.
    15. William J. Rieber, 2016. "Ludwig Von Mises’ Neoclassical Analysis of Dumping," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(4), pages 447-455, December.

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    More about this item

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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