IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v33y2020i1d10.1007_s11138-019-00440-5.html
   My bibliography  Save this article

The Austrian School of Economics: A view from London

Author

Listed:
  • Peter J. Boettke

    (George Mason University)

  • Rosolino A. Candela

    (Mercatus Center)

Abstract

This paper explores the intellectual context of the Department of Economics at the London School of Economics and Political Science (LSE) during the 1930s. We will be focusing on the contributions of F.A. Hayek, along with Lionel Robbins, in fostering an intellectual environment for the transmission and incorporation of Austrian economics, particularly the works of Ludwig von Mises. In doing so we illustrate that Hayek and Robbins were attempting to craft a unified tradition of economic theory that consisted of various strands of economic thought that had either contributed to, or were consistent with, the Austrian tradition. The work done by Hayek, as well as Robbins, at the LSE not only consolidated the ideas of the Austrian tradition that had developed from Vienna. In doing so, they also rearticulated the broader theoretical contributions of classical political economy as a counterweight against an emerging neoclassical and Keynesian paradigm.

Suggested Citation

  • Peter J. Boettke & Rosolino A. Candela, 2020. "The Austrian School of Economics: A view from London," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 69-85, March.
    • Handle: RePEc:kap:revaec:v:33:y:2020:i:1:d:10.1007_s11138-019-00440-5
    DOI: 10.1007/s11138-019-00440-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11138-019-00440-5
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11138-019-00440-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Edward J. Nell & Willi Semmler (ed.), 1991. "Nicholas Kaldor and Mainstream Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-10947-0.
    2. Israel M. Kirzner, 2017. "The Entrepreneurial Market Process—An Exposition," Southern Economic Journal, John Wiley & Sons, vol. 83(4), pages 855-868, April.
    3. Friedrich A. Hayek, 2012. "The Transmission of the Ideals of Economic Freedom," Econ Journal Watch, Econ Journal Watch, vol. 9(2), pages 163-169, May.
    4. J. K. Galbraith, 1991. "Nicholas Kaldor Remembered," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 2, pages 48-49, Palgrave Macmillan.
    5. Lanny Ebenstein, 2018. "Hayek’s Divorce and Move to Chicago," Econ Journal Watch, Econ Journal Watch, vol. 15(3), pages 301–321-3, September.
    6. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, September.
    7. Dekker,Erwin, 2019. "The Viennese Students of Civilization," Cambridge Books, Cambridge University Press, number 9781107565661.
    8. Boettke, Peter J. & Candela, Rosolino A., 2017. "Price theory as prophylactic against popular fallacies," Journal of Institutional Economics, Cambridge University Press, vol. 13(3), pages 725-752, September.
    9. Erwin Dekker, 2016. "Left luggage: finding the relevant context of Austrian Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(2), pages 103-119, June.
    10. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528.
    11. Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320656 edited by Caldwell, Bruce, September.
    12. Lord Robbins, 1971. "Autobiography of an Economist," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-01164-3.
    13. Eric Maskin, 2015. "Friedrich von Hayek and mechanism design," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(3), pages 247-252, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Peter J. Boettke & Rosolino A. Candela, 2020. "Where Chicago meets London: James M. Buchanan, Virginia Political Economy, and cost theory," Public Choice, Springer, vol. 183(3), pages 287-302, June.
    2. Alexander Dow & Sheila Dow, 2021. "Coase and the Scottish Political Economy Tradition," Department Discussion Papers 2005, Department of Economics, University of Victoria.
    3. Art Carden & M. Scott King & Audrey Redford & James E. Hanley, 2021. "James M. Buchanan’s Constrained Vision in Cost and Choice ," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 36(Fall 2021), pages 91-109.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bruce Caldwell, 2020. "The Road to Serfdom after 75 Years," Journal of Economic Literature, American Economic Association, vol. 58(3), pages 720-748, September.
    2. Victor I. Espinosa & Miguel A. Alonso Neira & Jesús Huerta de Soto, 2021. "Principles of Sustainable Economic Growth and Development: A Call to Action in a Post-COVID-19 World," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    3. Victor I. Espinosa & José Antonio Peña-Ramos & Fátima Recuero-López, 2021. "The Political Economy of Rent-Seeking: Evidence from Spain’s Support Policies for Renewable Energy," Energies, MDPI, vol. 14(14), pages 1-16, July.
    4. Roger E. Backhouse, 2014. "Hayek and Keynes," Chapters, in: Roger W. Garrison & Norman Barry (ed.), Elgar Companion to Hayekian Economics, chapter 5, pages 94-115, Edward Elgar Publishing.
    5. Peter J. Boettke & Rosolino A. Candela, 2020. "Where Chicago meets London: James M. Buchanan, Virginia Political Economy, and cost theory," Public Choice, Springer, vol. 183(3), pages 287-302, June.
    6. Kristina Spantig, 2013. "Keynesian Dominance in Crisis Therapy," Global Financial Markets Working Paper Series 45-2013, Friedrich-Schiller-University Jena.
    7. Gilles Dostaler, 2001. "L'école autrichienne dans le panorama de la pensée économique," Cahiers de recherche du Département des sciences économiques, UQAM 20-06, Université du Québec à Montréal, Département des sciences économiques.
    8. Paul Lewis & Richard E. Wagner, 2017. "New Austrian macro theory: A call for inquiry," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 1-18, March.
    9. Peter G. Klein, 2010. "F.A. Hayek," Chapters, in: Peter G. Klein & Michael E. Sykuta (ed.), The Elgar Companion to Transaction Cost Economics, chapter 8, Edward Elgar Publishing.
    10. William R. Morgan, 2023. "Finance Must Be Defended: Cybernetics, Neoliberalism and Environmental, Social, and Governance (ESG)," Sustainability, MDPI, vol. 15(4), pages 1-21, February.
    11. Jael, Paul, 2015. "Socialist Calculation and Market Socialism," MPRA Paper 64255, University Library of Munich, Germany.
    12. Loïc Sauce, 2017. "Market process(es) and (un)knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(3), pages 305-321, September.
    13. Przemyslaw Zbierowski, 2015. "Positive Entrepreneurship: Antecedents and Outcomes of Entrepreneurship within Positive Organizational Scholarship (Przedsiebiorczosc pozytywna – przyczyny i rezultaty przedsiebiorczosci z zakresu poz," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 13(56), pages 38-54.
    14. Juan Manuel Ospina, 2019. "Economía para no economistas. Un regalo de la formación del pensamiento económico," Books, Universidad Externado de Colombia, Facultad de Ciencias Sociales y Humanas, number 136, August.
    15. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
    16. Jo Michell, 2017. "Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 354-377, May.
    17. Thiago Dumont Oliveira & Carlos Eduardo Suprinyak, 2016. "Lionel Robbins’ first-step individualism and the prehistory of microfoundations," Textos para Discussão Cedeplar-UFMG 537, Cedeplar, Universidade Federal de Minas Gerais.
    18. de Ayala, Amaia & Hoyos, David & Mariel, Petr, 2015. "Suitability of discrete choice experiments for landscape management under the European Landscape Convention," Journal of Forest Economics, Elsevier, vol. 21(2), pages 79-96.
    19. Giovanna Tranfo & Lidia Caporossi & Daniela Pigini & Silvia Capanna & Bruno Papaleo & Enrico Paci, 2018. "Temporal Trends of Urinary Phthalate Concentrations in Two Populations: Effects of REACH Authorization after Five Years," IJERPH, MDPI, vol. 15(9), pages 1-13, September.
    20. Shastitko, Andrey & Golovanova, Svetlana, 2016. "Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?," Russian Journal of Economics, Elsevier, vol. 2(1), pages 86-110.

    More about this item

    Keywords

    F.A. Hayek; Lionel Robbins; London School of Economics;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:33:y:2020:i:1:d:10.1007_s11138-019-00440-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.