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Austrian economics at the cutting edge

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  • R. Koppl

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Abstract

Austrian economists today have a valuable opportunity to rejoin the mainstream of the economics profession. As Colander, Holt, and Rosser have argued, neoclassical orthodoxy is no long mainstream. What I call the “heterodox mainstream” is an emerging new orthodoxy. The five leading characteristics of the emerging new orthodoxy are bounded rationality, rule following, institutions, cognition, and evolution. When listed in this order, they suggest the acronym BRICE. The Austrian school is also an example of BRICE economics. The shared themes of BRICE economics create an opportunity for intellectual exchange between Austrians and other elements of the heterodox mainstream. Although Austrians should engage the heterodox mainstream energetically, they should also defend the essential elements of an early version of neoclassical economics, elements at risk of becoming half-forgotten themes of an earlier era. These elements are supply and demand, marginalist logic, opportunity-cost reasoning, and the elementary theory of markets. Copyright Springer Science + Business Media, LLC 2006

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Bibliographic Info

Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 19 (2006)
Issue (Month): 4 (December)
Pages: 231-241

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Handle: RePEc:kap:revaec:v:19:y:2006:i:4:p:231-241

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Web page: http://www.springerlink.com/link.asp?id=100335

Related research

Keywords: Austrian school; BRICE; Heterodox mainstream; Neoclassical economics;

References

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  1. Kevin McCabe, 2005. "Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?," The Review of Austrian Economics, Springer, vol. 18(3), pages 241-280, December.
  2. William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer, vol. 16(4), pages 291-307, December.
  3. Smith, Vernon L., 2002. "Constructivist and Ecological Rationality in Economics," Nobel Prize in Economics documents 2002-7, Nobel Prize Committee.
  4. Roger Koppl & J. Barkley Rosser Jr, 2002. "All That I Have to Say Has Already Crossed Your Mind," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 339-360, November.
  5. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages F159-F192, 06.
  6. David Colander & Richard Holt & Barkley Rosser, 2004. "The changing face of mainstream economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 485-499.
  7. Mulligan, Robert F., 2004. "Fractal analysis of highly volatile markets: an application to technology equities," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(1), pages 155-179, February.
  8. Roger Koppl, 2002. "Custom and Rules," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 531-537, 04.
  9. Law, John, 1705. "Money and Trade Considewred With a Proposal for Supplying the Nation with Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number law1705.
  10. Wohlgemuth, Michael, 2002. "Evolutionary Approaches to Politics," Kyklos, Wiley Blackwell, vol. 55(2), pages 223-46.
  11. Mulligan, Robert F. & Lombardo, Gary A., 2004. "Maritime businesses: volatile stock prices and market valuation inefficiencies," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(2), pages 321-336, May.
  12. Lewin, Peter, 2001. " The Development of Austrian Economics: Revisiting the Neoclassical Divide," The Review of Austrian Economics, Springer, vol. 14(4), pages 239-50, December.
  13. Roger Koppl & Barkley Rosser, 2002. "All that I have to say will already have crossed your mind," Computing in Economics and Finance 2002 185, Society for Computational Economics.
  14. William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
  15. Susan Anderson & Peter Boettke, 2004. "The Development Set: The Character of the _Journal of Development Economics_ 2002," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 306-318, August.
  16. Baird, Charles W, 2000. " Alchian and Menger on Money," The Review of Austrian Economics, Springer, vol. 13(2), pages 115-20, September.
  17. Roger Koppl, 2005. "Epistemic Systems," Game Theory and Information 0510001, EconWPA.
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Citations

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Cited by:
  1. Stephan Boehm, 2013. "Reflections on The economics of time and ignorance coming of age," The Review of Austrian Economics, Springer, vol. 26(1), pages 7-15, March.
  2. Roger Koppl & William Luther, 2012. "Hayek, Keynes, and modern macroeconomics," The Review of Austrian Economics, Springer, vol. 25(3), pages 223-241, September.
  3. David Colander, 2009. "“What is so Austrian about Austrian Economics?”," Middlebury College Working Paper Series 0910, Middlebury College, Department of Economics.
  4. Guinevere Nell, 2010. "Competition as market progress: An Austrian rationale for agent-based modeling," The Review of Austrian Economics, Springer, vol. 23(2), pages 127-145, June.
  5. Minniti, Maria & Lévesque, Moren, 2008. "Recent developments in the economics of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 603-612, November.
  6. David Colander & Richard P.F. Holt & J. Barkley Rosser, Jr., 2007. "Live and Dead Issues in the Methodology of Economics," Middlebury College Working Paper Series 0704, Middlebury College, Department of Economics.
  7. Thierry Aimar, 2009. "The curious destiny of a heterodoxy: The Austrian economic tradition," The Review of Austrian Economics, Springer, vol. 22(3), pages 199-207, September.
  8. Rosser, J. Barkley, 2012. "Emergence and complexity in Austrian economics," Journal of Economic Behavior & Organization, Elsevier, vol. 81(1), pages 122-128.
  9. Douhan, Robin & Henrekson, Magnus & Eliasson, Gunnar, 2006. "Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship," Working Paper Series 678, Research Institute of Industrial Economics.
  10. Jamie Morgan & Ioana Negru, 2012. "The Austrian perspective on the global financial crisis: a critique," Economic Issues Journal Articles, Economic Issues, vol. 17(2), pages 27-55, September.

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