IDEAS home Printed from https://ideas.repec.org/h/eme/aaeczz/s1529-2134(2010)0000014012.html
   My bibliography  Save this book chapter

Change within permanence: time and the bivalent logic of economic analysis

In: What is so Austrian about Austrian Economics?

Author

Listed:
  • Richard E. Wagner

Abstract

The logic of economic inquiry requires two distinct research programs. One program treats economic life in terms of invariant formal categories across time and place. The other program treats the continual generation of novelty and turbulence through time and human interaction. These programs are not commensurable: one cannot be reduced to the other. The former program must be conveyed by a theory of equilibrium; the latter program requires a process-based theory of emergent phenomena. Roy Weintraub articulated a neo-Walrasian research program in his General Equilibrium Analysis, and here I sketch a complementary neo-Mengerian program. In presenting this sketch, I also explain that needless analytical confusion and antagonism can result from a failure to recognize that economic analysis requires two distinct research programs. As a historical side-bar, Carl Menger probably recognized this situation, as evidenced by his correspondence with Léon Walras.

Suggested Citation

  • Richard E. Wagner, 2010. "Change within permanence: time and the bivalent logic of economic analysis," Advances in Austrian Economics, in: What is so Austrian about Austrian Economics?, pages 181-203, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-2134(2010)0000014012
    DOI: 10.1108/S1529-2134(2010)0000014012
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/S1529-2134(2010)0000014012/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://www.emerald.com/insight/content/doi/10.1108/S1529-2134(2010)0000014012/full/epub?utm_source=repec&utm_medium=feed&utm_campaign=repec&title=10.1108/S1529-2134(2010)0000014012
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://www.emerald.com/insight/content/doi/10.1108/S1529-2134(2010)0000014012/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1108/S1529-2134(2010)0000014012?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.

    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:eme:aaeczz:s1529-2134(2010)0000014012. 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: Emerald Support (email available below). General contact details of provider: .

    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.