IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Austrian economics at the cutting edge

  • R. Koppl

    ()

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

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://hdl.handle.net/10.1007/s11138-006-9246-y
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 19 (2006)
Issue (Month): 4 (December)
Pages: 231-241

as
in new window

Handle: RePEc:kap:revaec:v:19:y:2006:i:4:p:231-241
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100335

References listed on IDEAS
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.:

as in new window
  1. David Colander & Richard Holt & Barkley Rosser, 2004. "The changing face of mainstream economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 485-499.
  2. 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.
  3. 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.
  4. 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.
  5. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages F159-F192, 06.
  6. 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.
  7. William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer, vol. 16(4), pages 291-307, December.
  8. David Colander (ed.), 2000. "The Complexity Vision and the Teaching of Economics," Books, Edward Elgar, number 1955, December.
  9. Baird, Charles W, 2000. " Alchian and Menger on Money," The Review of Austrian Economics, Springer, vol. 13(2), pages 115-20, September.
  10. 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.
  11. Wohlgemuth, Michael, 2002. "Evolutionary Approaches to Politics," Kyklos, Wiley Blackwell, vol. 55(2), pages 223-46.
  12. 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.
  13. 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.
  14. Smith, Vernon L., 2002. "Constructivist and Ecological Rationality in Economics," Nobel Prize in Economics documents 2002-7, Nobel Prize Committee.
  15. 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.
  16. Roger Koppl, 2005. "Epistemic Systems," Game Theory and Information 0510001, EconWPA.
  17. 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.
  18. William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
  19. Roger Koppl, 2002. "Custom and Rules," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 531-537, 04.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

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: (Guenther Eichhorn)

or (Christopher F. Baum)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.