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Austrian Economics, Neoclassicism, and the Market Test

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  • Leland B. Yeager

Abstract

Professor Sherwin Rosen correctly suggests that the Austrian and neoclassical schools can be complementary, each accepting much from the other. However his recognition of Austrian strengths needs to be amplified and his criticisms need softening. His appeal to the market test risks encouraging anti-intellectual attitudes and practices

Suggested Citation

  • Leland B. Yeager, 1997. "Austrian Economics, Neoclassicism, and the Market Test," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 153-165, Fall.
  • Handle: RePEc:aea:jecper:v:11:y:1997:i:4:p:153-65
    Note: DOI: 10.1257/jep.11.4.153
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.4.153
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    References listed on IDEAS

    as
    1. Sherwin Rosen, 1997. "Austrian and Neoclassical Economics: Any Gains from Trade?," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 139-152, Fall.
    2. Leland Yeager, 1995. "Tacit preachments are the worst kind," Journal of Economic Methodology, Taylor & Francis Journals, vol. 2(1), pages 1-33.
    3. Laband, David N & Taylor, Christopher N, 1992. "The Impact of Bad Writing in Economics," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 673-688, October.
    4. Summers, Lawrence H, 1991. " The Scientific Illusion in Empirical Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(2), pages 129-148.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Zafirovski, Milan, 2002. "Reconsidering equilibrium: a socio-economic perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(5), pages 559-579.
    2. Zafirovski, Milan, 1999. "A socio-economic approach to market transactions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(3), pages 309-334.
    3. Richard Wagner, 2012. "Viennese kaleidics: Why it’s liberty more than policy that calms turbulence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 283-297, December.
    4. Hsiung Bingyuan, 2009. "Benchmarks and Economic Analysis," Review of Law & Economics, De Gruyter, vol. 5(1), pages 75-99, March.
    5. William J. Rieber, 2016. "Ludwig Von Mises’ Neoclassical Analysis of Dumping," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(4), pages 447-455, December.

    More about this item

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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