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

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  • Thomas Mayer

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 economics as the only viable alternative to mainstream economics he incorrectly awards victory to Austrian economics. It has some valuable ideas to contribute to mainstream economics, but is not a good replacement for it, since it has serious deficiencies.

Suggested Citation

  • Thomas Mayer, "undated". "Boettke'S Austrian Critique Of Mainstream Economics: An Empiricist'S Response," Department of Economics 97-31, California Davis - Department of Economics.
    • Handle: RePEc:fth:caldec:97-31
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    File URL: http://www.econ.ucdavis.edu/working_papers/97-31.pdf
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    References listed on IDEAS

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