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In Search Of Empirical Content – The Austrian Way To Go Beyond Pure Theory

Author

Listed:
  • Tereza Šímová

    () (University of Economics, Prague)

  • Josef Šíma

    () (CEVRO Institute [school of legal and social studies])

Abstract

The Austrian School has always represented a leading approach in social sciences emphasizing the power of logical deduction and key importance of pure theory. The lack of empirical content, however, often prevented the acknowledgement of correct theoretical and policy conclusions by fellow economists. This paper introduces the concept of analytical narrative and argues that this approach developed by Peter Boettke and his followers from the Virginia branch of the Austrian School can enrich the pure theory by empirical content without compromising the power of the Austria explanation.

Suggested Citation

  • Tereza Šímová & Josef Šíma, 2012. "In Search Of Empirical Content – The Austrian Way To Go Beyond Pure Theory," Romanian Economic Business Review, Romanian-American University, vol. 7(1), pages 50-59, March.
  • Handle: RePEc:rau:journl:v:7:y:2012:i:1:p:50-59
    as

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    File URL: http://www.rebe.rau.ro/RePEc/rau/journl/SP12/REBE-SP12-A6.pdf
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    References listed on IDEAS

    as
    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    2. Coase, R. H., 1990. "The Firm, the Market, and the Law," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226111018.
    3. Peter T. Leeson, 2006. "Self-Enforcing Arrangements and Heterogeneous Groups," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(4), pages 891-907, October.
    4. Peter T. Leeson, 2007. "Trading with Bandits," Journal of Law and Economics, University of Chicago Press, vol. 50, pages 303-321.
    5. Scott A. Beaulier & J. Robert Subrick, 2007. "Limited Government and Economic Growth in Botswana," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 23(Fall 2007), pages 52-66.
    6. Robert H. Bates & Avner Greif & Margaret Levi & Jean-Laurent Rosenthal, 1998. "Analytic Narratives," Economics Books, Princeton University Press, edition 1, number 6355, June.
    7. Peter T. Leeson, 2010. "The Political Economy of Peter Boettke," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 26(Fall 2010), pages 47-55.
    8. Stringham, Edward & Boettke, Peter & Clark, J.R., 2008. "Are regulations the answer for emerging stock markets? Evidence from the Czech Republic and Poland," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(3), pages 541-566, August.
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