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On Austrian Economics and the Economics of Carl Menger

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  • Reinhard Neck

Abstract

This paper gives an overview of the work of Carl Menger, the founding father of the Austrian School of Economics. Menger’s theoretical and methodological positions are compared and contrasted with those of contemporary Austrian Economics. The idea of the unintended consequences of individual purposive actions is seen as a key to Menger’s economics. Although many elements of contemporary Austrian Economics can be found already in the work of Menger, we argue that there are some differences with respect to economic theorizing and economic policy recommendations. We propose to bring Austrian Economics closer to mainstream economics, especially with respect to the analytical tools to be used. Copyright International Atlantic Economic Society 2014

Suggested Citation

  • Reinhard Neck, 2014. "On Austrian Economics and the Economics of Carl Menger," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 217-227, September.
    • Handle: RePEc:kap:atlecj:v:42:y:2014:i:3:p:217-227
    DOI: 10.1007/s11293-014-9422-6
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    References listed on IDEAS

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    1. Hansjoerg Klausinger, 2014. "Academic Anti-Semitism and the Austrian School: Vienna, 1918–1945," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 191-204, June.
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    6. Hansjörg Klausinger, 2006. ""In the Wilderness”: Emigration and the Decline of the Austrian School," History of Political Economy, Duke University Press, vol. 38(4), pages 617-664, Winter.
    7. Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521671347, September.
    8. Leonid Hurwicz, 2008. "But Who Will Guard the Guardians?," American Economic Review, American Economic Association, vol. 98(3), pages 577-585, June.
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    Cited by:

    1. 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.
    2. Dieter Bögenhold, 2018. "Schumpeter’s Split Between “Pure” Economics and Institutional Economics: Why Methodological Individualism Was Not Fully Considered," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 24(3), pages 253-264, August.
    3. Reinhard Neck, 2021. "Methodological Individualism: Still a Useful Methodology for the Social Sciences?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 49(4), pages 349-361, December.

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