IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03417541.html
   My bibliography  Save this paper

Neo-Austrian Processes

Author

Listed:
  • Lionello Punzo
  • Mario Amendola

    (UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome])

  • Jean-Luc Gaffard

Abstract

The Neo-Austrian approach is a conceptual means to describe an economy, but it also implies a dynamics in which production processes are the key actors. This paper tries to clarify this twofold aspect of the Neo-Austrian approach, in particular focusing on its formalised dynamics vis-a-vis the standard formalism deployed in economics, of Frisch's and Goodwin's descent. We will discuss the analytical nature of a Neo-Austrian process and define a dynamics of production processes, so as to provide a background to evaluate it against well known formal techniques of Economic Dynamics. In particular, we will re- examine the issue: what are the requisites of a formal mathematical model to be a faithful representation of Neo-Austrian dynamics. As it will turn up clearly, the Neo- Austrian approach does not fit very well into any of the standard classifications, e.g. it is neither a long run (like growth) nor a short run theory (in the sense of business cycle theories). Its particular strategy to tackle the complexity that necessarily arises in economic dynamics will be dealt with. After discussing the evolution of the Neo-Austrian model from the Hicksian original analysis of the Traverse to its more modern versions, we will present it as the analytical framework which, following again Hicks's intuition, makes it possible to realise the unification of macroeconomics. Finally, the use of Neo-Austrian models as ‘heuristic tools' to provide light for policy interventions will be contrasted with the ‘predictive' role of standard formal dynamic models.

Suggested Citation

  • Lionello Punzo & Mario Amendola & Jean-Luc Gaffard, 1999. "Neo-Austrian Processes," Post-Print hal-03417541, HAL.
  • Handle: RePEc:hal:journl:hal-03417541
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03417541. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.