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The difficulty of applying the economics of time and ignorance


  • Solomon Stein


  • Virgil Storr



The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Solomon Stein & Virgil Storr, 2013. "The difficulty of applying the economics of time and ignorance," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 27-37, March.
  • Handle: RePEc:kap:revaec:v:26:y:2013:i:1:p:27-37
    DOI: 10.1007/s11138-012-0178-4

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    References listed on IDEAS

    1. Edward P. Stringham, 2010. "Economic Value and Costs are Subjective," Chapters,in: Handbook on Contemporary Austrian Economics, chapter 4 Edward Elgar Publishing.
    2. Benjamin Powell & David Skarbek, 2006. "Sweatshops and Third World Living Standards: Are the Jobs Worth the Sweat?," Journal of Labor Research, Transaction Publishers, vol. 27(2), pages 263-274, April.
    3. Virgil Henry Storr, 2015. "Weber’s spirit of capitalism and the Bahamas’ Junkanoo ethic," Chapters,in: Culture and Economic Action, chapter 11, pages 243-266 Edward Elgar Publishing.
    4. Emily Chamlee-Wright & Virgil Henry Storr, 2010. "The Role of Social Entrepreneurship in Post-Katrina Community Recovery," Chapters,in: The Political Economy of Hurricane Katrina and Community Rebound, chapter 6 Edward Elgar Publishing.
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    7. Storr Virgil Henry, 2002. "All We've learnt: Colonial Teachings and Caribean Underdevelopment," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(4), pages 1-29, December.
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    9. Emily Chamlee-Wright & Justus Myers, 2008. "Discovery and social learning in non-priced environments: An Austrian view of social network theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 151-166, September.
    10. Virgil Storr, 2010. "Schütz on meaning and culture," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 147-163, June.
    11. John, Arielle & Storr, Virgil Henry, 2011. "Which institutions matter? Separating the chaff from the wheat," Journal of Institutional Economics, Cambridge University Press, vol. 7(04), pages 583-588, December.
    12. Virgil Henry Storr, 2010. "The Facts of the Social Sciences are what People Believe and Think," Chapters,in: Handbook on Contemporary Austrian Economics, chapter 3 Edward Elgar Publishing.
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    14. Scott A. Beaulier, 2003. "Explaining Botswana’s Success: The Critical Role of Post-Colonial Policy," Cato Journal, Cato Journal, Cato Institute, vol. 23(2), pages 227-240, Fall.
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