Equilibrium versus Process: A Confrontation between Mainstream and Austrian Ontology
We confront mainstream and Austrian economics from a history of economic analysis point of view in order to identify the main reasons of their divergent interests on the concepts of, respectively, equilibrium and processes. The result of this confrontation attributes a decisive role to ontological considerations: mainstream central focus on equilibrium is the consequence of the adoption of specific mathematical tools. But the claim for a mathematical approach to economics is a doctrine that is independent from any study on the nature of the underlying economic system and real phenomena that are non-tractable are either reinterpreted in an amenable to reason form or are simply ignored. The choice of the tools determine the orthodox vision of the economic world as a closed system of interacting autonomous atoms. Austrians proceed exactly the other way round: ontological investigations are the starting point and as a consequence, they choose the relevant tools so to be coherent with their ontology where social reality is apprehended along an open processual view.
|Date of creation:||Oct 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.gredeg.cnrs.fr
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nicola Giocoli, 2001. "Fixing the point: the contribution of early game theory to the tool-box of modern economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(1), pages 1-39.
- Nicolaas J. Vriend, 1999.
"Was Hayek an Ace?,"
403, Queen Mary University of London, School of Economics and Finance.
- Oprea, Ryan D & Wagner, Richard E, 2003. " Institutions, Emergence, and Macro Theorizing: A Review Essay on Roger Garrison's Time and Money," The Review of Austrian Economics, Springer, vol. 16(1), pages 97-109, March.
- Gloria-Palermo, Sandye, 1999. " An Austrian Dilemma: Necessity and Impossibility of a Theory of Institutions," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 31-45.
- Blaug, Mark, 2003. "The Formalist Revolution of the 1950s," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(02), pages 145-156, June.
- Sandye Gloria-Palermo, 2010. "Introducing Formalism in Economics: The Growth Model of John von Neumann," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 153-172, June.
- Bruce Caldwell, 2004. "Some Reflections on F.A. Hayek's The Sensory Order," Journal of Bioeconomics, Springer, vol. 6(3), pages 239-254, October.
- Chad Seagren, 2011. "Examining social processes with agent-based models," The Review of Austrian Economics, Springer, vol. 24(1), pages 1-17, March.
- Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
When requesting a correction, please mention this item's handle: RePEc:gre:wpaper:2013-39. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Patrice Bougette)
If references are entirely missing, you can add them using this form.