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Austrians´ Tactical Mistakes that Prevent Them to "Conquer the Orthodoxy"

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  • Lukáš Kovanda
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    Abstract

    According to quite a number of scholars, even non-Austrian, some theories of Austrian school of economic thought do provide an increasingly relevant material to explain recent boom-and-bust economic cycles as well as financial crises. However, I argue, this development is not adequately reflected by a corresponding growth of Austrian influence within the economic orthodoxy. Quite to the contrary, many orthodox scholars have taken over rigidly Keynesian positions since the financial crisis culminated in 2008 and 2009. In my article I maintain that Austrians themselves have contributed significantly to such a situation by not preventing three major tactical mistakes, related to the domain of sociology of economics, from occurring. Firstly, they have not formed a really unified and thus influential group of scholars; instead, they have been divided into a few streams, sometimes with highly contradictory stances. Secondly, many Austrians have made bold predictions, especially with regard to possible enormous inflation stemming from the unprecedented provision of liquidity to the financial system during and in the aftermath of the financial crisis of 2008 and 2009, which have not been fulfilled at all. Thirdly, a critical number of Austrian school´s economists do not effectively communicate with the rest of the profession and even, it seems, fail to adequately comprehend the orthodox analytical tools and theories.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2013 (2013)
    Issue (Month): 3 ()
    Pages: 411-427

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    Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:905:p:411-427

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    Related research

    Keywords: sociology of economics; orthodoxy; heterodoxy; financial crisis; Austrian school;

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