Austrian economics at the cutting edge
Austrian economists today have a valuable opportunity to rejoin the mainstream of the economics profession. As Colander, Holt, and Rosser have argued, neoclassical orthodoxy is no long mainstream. What I call the “heterodox mainstream” is an emerging new orthodoxy. The five leading characteristics of the emerging new orthodoxy are bounded rationality, rule following, institutions, cognition, and evolution. When listed in this order, they suggest the acronym BRICE. The Austrian school is also an example of BRICE economics. The shared themes of BRICE economics create an opportunity for intellectual exchange between Austrians and other elements of the heterodox mainstream. Although Austrians should engage the heterodox mainstream energetically, they should also defend the essential elements of an early version of neoclassical economics, elements at risk of becoming half-forgotten themes of an earlier era. These elements are supply and demand, marginalist logic, opportunity-cost reasoning, and the elementary theory of markets. Copyright Springer Science + Business Media, LLC 2006
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lewin, Peter, 2001. "The Development of Austrian Economics: Revisiting the Neoclassical Divide," The Review of Austrian Economics, Springer, vol. 14(4), pages 239-50, December.
- David Colander & Ric Holt & Barkley Rosser, 2003.
"The Changing Face of Mainstream Economics,"
Middlebury College Working Paper Series
0327, Middlebury College, Department of Economics.
- Vernon L. Smith, 2003.
"Constructivist and Ecological Rationality in Economics,"
American Economic Review,
American Economic Association, vol. 93(3), pages 465-508, June.
- Smith, Vernon L., 2002. "Constructivist and Ecological Rationality in Economics," Nobel Prize in Economics documents 2002-7, Nobel Prize Committee.
- William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer, vol. 16(4), pages 291-307, December.
- Roger Koppl & J. Barkley Rosser Jr, 2002. "All That I Have to Say Has Already Crossed Your Mind," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 339-360, November.
- Law, John, 1705. "Money and Trade Considewred With a Proposal for Supplying the Nation with Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number law1705.
- Sheri M. Markose, 2005.
"Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS),"
Royal Economic Society, vol. 115(504), pages F159-F192, 06.
- Markose, Sheri M, 2004. "Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS)," Economics Discussion Papers 3730, University of Essex, Department of Economics.
- Roger Koppl, 2002. "Custom and Rules," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 531-537, 04.
- Baird, Charles W, 2000. "Alchian and Menger on Money," The Review of Austrian Economics, Springer, vol. 13(2), pages 115-20, September.
- Kevin McCabe, 2005. "Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?," The Review of Austrian Economics, Springer, vol. 18(3), pages 241-280, December.
- Wohlgemuth, Michael, 2002. "Evolutionary Approaches to Politics," Kyklos, Wiley Blackwell, vol. 55(2), pages 223-46.
- Thomas McQuade & William Butos, 2005. "The Sensory Order and other Adaptive Classifying Systems," Journal of Bioeconomics, Springer, vol. 7(3), pages 335-358, December.
- Susan Anderson & Peter Boettke, 2004. "The Development Set: The Character of the _Journal of Development Economics_ 2002," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 306-318, August.
- Vaughn Karen I., 1999. "Hayek’S Theory Of The Market Order As An Instance Of The Theory Of Complex, Adaptive Systems," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(2-3), pages 16, June.
- R. W. Souter, 1933. ""The Nature and Significance of Economic Science" in Recent Discussion," The Quarterly Journal of Economics, Oxford University Press, vol. 47(3), pages 377-413.
- David Colander (ed.), 2000. "The Complexity Vision and the Teaching of Economics," Books, Edward Elgar Publishing, number 1955, April.
- Mulligan, Robert F. & Lombardo, Gary A., 2004. "Maritime businesses: volatile stock prices and market valuation inefficiencies," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(2), pages 321-336, May.
- William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
- Roger Koppl, 2005. "Epistemic Systems," Game Theory and Information 0510001, EconWPA.
- Mulligan, Robert F., 2004. "Fractal analysis of highly volatile markets: an application to technology equities," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(1), pages 155-179, February.
- Roger Koppl & Barkley Rosser, 2002. "All that I have to say will already have crossed your mind," Computing in Economics and Finance 2002 185, Society for Computational Economics.
When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:19:y:2006:i:4:p:231-241. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.