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How should an Austrian economist teach the theory of the firm? Do the equi-marginal conditions still apply?

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  • Peter Lewin

    (University of Texas at Dallas)

Abstract

The static model of the theory of the firm continues to be taught in economics courses in spite of its dubious relevance to how real world firms actually operate. This detracts from student interest in economics. This article explores a strategy for remedying that.

Suggested Citation

  • Peter Lewin, 2023. "How should an Austrian economist teach the theory of the firm? Do the equi-marginal conditions still apply?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(1), pages 81-89, March.
    • Handle: RePEc:kap:revaec:v:36:y:2023:i:1:d:10.1007_s11138-020-00540-7
    DOI: 10.1007/s11138-020-00540-7
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    References listed on IDEAS

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    1. Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014.
    2. Klein, Peter G, 1996. "Economic Calculation and the Limits of Organization," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(2), pages 3-28.
    3. Peter Lewin & Howard Baetjer, 2011. "The capital-based view of the firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(4), pages 335-354, December.
    4. Braun, Eduard & Lewin, Peter & Cachanosky, Nicolã S, 2016. "Ludwig von Mises's approach to capital as a bridge between Austrian and institutional economics," Journal of Institutional Economics, Cambridge University Press, vol. 12(4), pages 847-866, December.
    5. Lewin, Peter & Phelan, Steven E, 2000. "An Austrian Theory of the Firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 13(1), pages 59-79, February.
    6. Peter Lewin, 2008. "The firm in disequilibrium: A market process view of firm organization and strategy," Advances in Austrian Economics, in: Explorations in Austrian Economics, pages 167-192, Emerald Group Publishing Limited.
    7. Peter Lewin, 1997. "Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M. Lachmann," History of Political Economy, Duke University Press, vol. 29(3), pages 523-548, Fall.
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