An inexhaustive criticism of the standard economic theory from an Austrian perspective related to growth and development
AbstractThe main purpose of this paper is to underline the downfalls of neoclassical growth theory. The narrow and artificial framework given by the neoclassical economists have no correspondent in real life. With a 'refreshed breath' the Austrian School of Economics tried to explain the dynamic and competitive market process in a constantly changing world. Aspects like time in the decision- making process, imperfect knowledge and the nature of market coordination to the changing circumstances are just some of the many key notions which offered us a different perspective over reality. The ideational contact with the brightest minds which Austrian School of Economics provided, allows us to perceive in a different light the neoclassical judgments.
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Bibliographic InfoArticle provided by Pro Global Science Association in its journal Published in Review of Applied Socio-Economic Research.
Volume (Year): 3 (2012)
Issue (Month): 1 (July)
neoclassic theory; Austrian School of Economics; development; environment;
Find related papers by JEL classification:
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
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- Arild Vatn & Daniel Bromley, 1997. "Externalities — A market model failure," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 9(2), pages 135-151, March.
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