IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v36y2012i5p1073-1090.html
   My bibliography  Save this article

Austrian economics and the limits of markets

Author

Listed:
  • O’Neill John

Abstract

Sagoff’s recent criticisms of the shadow pricing of environmental goods deploy arguments from within the Austrian tradition of economics against market- mimicking approaches to public policy. His arguments against market mimicry by public authorities do not lead him to scepticism about markets. Rather, they form part of an Austrian argument for solutions to environmental problems within actual markets themselves. In this paper I argue that it is not only shadow pricing, but the use of actual markets that is open to Austrian forms of criticism. Hayek’s epistemic arguments against central planning and in defence of market economies are more ambivalent than is often supposed. The paper examines the ways in which the premises in Hayek’s own arguments point in the opposite direction—to the epistemic limits of markets and in particular their limitations for the resolution of environmental problems. Copyright , Oxford University Press.

Suggested Citation

  • O’Neill John, 2012. "Austrian economics and the limits of markets," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(5), pages 1073-1090.
    • Handle: RePEc:oup:cambje:v:36:y:2012:i:5:p:1073-1090
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/bes042
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

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

    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Ecological Economics > History of Ecological Economic Thought

    More about this item

    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:oup:cambje:v:36:y:2012:i:5:p:1073-1090. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    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.