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The difficulty of applying the economics of time and ignorance

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  • Solomon Stein
  • Virgil Storr

Abstract

The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Solomon Stein & Virgil Storr, 2013. "The difficulty of applying the economics of time and ignorance," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 27-37, March.
    • Handle: RePEc:kap:revaec:v:26:y:2013:i:1:p:27-37
    DOI: 10.1007/s11138-012-0178-4
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    References listed on IDEAS

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    Cited by:

    1. David Harper, 2013. "“The Economics of Time and Ignorance”: A critical re-examination after 25 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 1-6, March.
    2. Eduardo Angeli, 2018. "Caminhos da Escola Austríaca: relação com ortodoxia, engajamento e produção de novo conhecimento [Paths of the Austrian School: its relationship with orthodoxy, engagement and production of new knowle," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 28(2), pages 681-704, May-Augus.

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