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An inexhaustive criticism of the standard economic theory from an Austrian perspective related to growth and development

Author

Listed:
  • Ana Iolanda Voda

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration)

  • Catalin Chiriac

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration)

Abstract

The main purpose of this paper is to underline the downfalls of neoclassical growth theory. The narrow and artificial framework given by the neoclassical economists have no correspondent in real life. With a 'refreshed breath' the Austrian School of Economics tried to explain the dynamic and competitive market process in a constantly changing world. Aspects like time in the decision- making process, imperfect knowledge and the nature of market coordination to the changing circumstances are just some of the many key notions which offered us a different perspective over reality. The ideational contact with the brightest minds which Austrian School of Economics provided, allows us to perceive in a different light the neoclassical judgments.

Suggested Citation

  • Ana Iolanda Voda & Catalin Chiriac, 2012. "An inexhaustive criticism of the standard economic theory from an Austrian perspective related to growth and development," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 3(1), pages 195-202, July.
    • Handle: RePEc:rse:wpaper:v:3:y:2012:i:1:p:195-202
    as

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    File URL: http://reaser.eu/RePec/rse/wpaper/23_Rev3_Voda_Chiriac_AustriaPersp.pdf
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    References listed on IDEAS

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    1. Slavíková, Lenka & Kluvánková-Oravská, Tatiana & Jílková, Jirina, 2010. "Bridging theories on environmental governance: Insights from free-market approaches and institutional ecological economics perspectives," Ecological Economics, Elsevier, vol. 69(7), pages 1368-1372, May.
    2. Peter J. Boettke & David L. Prychitko (ed.), 1994. "The Market Process," Books, Edward Elgar Publishing, number 54.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. Arild Vatn & Daniel Bromley, 1997. "Externalities — A market model failure," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 9(2), pages 135-151, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    neoclassic theory; Austrian School of Economics; development; environment;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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