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Boettke'S Austrian Critique Of Mainstream Economics: An Empiricist'S Response

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  • Thomas Mayer

    (Department of Economics, University of California Davis)

Abstract

Many of Boettke''s criticisms of formalist economics are justified. However, he defines it so broadly that it becomes practically synonymous with mainstream economics. Yet he blames it for the specific sins of formalist economics more narrowly defined. And since he treats Austrian econornics as the only viable alternative to mainstream economics he incorrectly awards victory to Austrian economics. It has some valuable ideas to contribute to mainstream econornics, but is not a good replacement for it, since it has serious deficiencies.

Suggested Citation

  • Thomas Mayer, 2003. "Boettke'S Austrian Critique Of Mainstream Economics: An Empiricist'S Response," Working Papers 188, University of California, Davis, Department of Economics.
    • Handle: RePEc:cda:wpaper:188
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    References listed on IDEAS

    as
    1. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
    2. Thomas Mayer, 1995. "Doing Economic Research," Books, Edward Elgar Publishing, number 305.
    3. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
    4. Peter J. Boettke & David L. Prychitko (ed.), 1994. "The Market Process," Books, Edward Elgar Publishing, number 54.
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    Cited by:

    1. Paul Lewis, 2005. "Boettke, The Austrian School and the Reclamation of Reality in Modern Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(1), pages 83-108, January.

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