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

  • 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)

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    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.

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    Article provided by Pro Global Science Association in its journal Published in Review of Applied Socio-Economic Research.

    Volume (Year): 3 (2012)
    Issue (Month): 1 (July)
    Pages: 195-202

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    Handle: RePEc:rse:wpaper:v:3:y:2012:i:1:p:195-202
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    1. Arild Vatn & Daniel Bromley, 1997. "Externalities — A market model failure," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 9(2), pages 135-151, March.
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