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“What is so Austrian about Austrian Economics?”

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  • David Colander

Abstract

Modern mainstream economics is a plurocracy in which there is no orthodoxy of ideas, only an orthodoxy of method. Given the training it provides its students, mainstream economic’s natural domain is science. With the mainstream’s acceptance of complexity views of the economy, Austrian economist’s views can now get a hearing within the mainstream. Thus, within the science of economics, there is no need for a separate Austrian economics. However, there is a need for Austrian economics in political economy, that branch of economics that takes the insights of science and relates them to policy. The paper urges Austrian economics to embrace political economy as its domain, and to position its work as within political economy.

Suggested Citation

  • David Colander, 2009. "“What is so Austrian about Austrian Economics?”," Middlebury College Working Paper Series 0910, Middlebury College, Department of Economics.
    • Handle: RePEc:mdl:mdlpap:0910
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    File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/0910.pdf
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    References listed on IDEAS

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    1. K. Vela Velupillai, 2007. "Taming the Incomputable, Reconstructing the Nonconstructive and Deciding the Undecidable in Mathematical Economics," Department of Economics Working Papers 0722, Department of Economics, University of Trento, Italia.
    2. David Colander, 2005. "The Making of an Economist Redux," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 175-198, Winter.
    3. Colander, David & Klamer, Arjo, 1987. "The Making of an Economist," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 95-111, Fall.
    4. Colander, David, 2003. "The Aging of an Economist," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(2), pages 157-176, June.
    5. V. V. Chari & Patrick J. Kehoe, 2006. "Modern Macroeconomics in Practice: How Theory Is Shaping Policy," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 3-28, Fall.
    6. David Colander, 2018. "The Death Of Neoclassical Economics," Chapters, in: How Economics Should Be Done, chapter 5, pages 46-62, Edward Elgar Publishing.
    7. David Colander, 2007. "What Was “It” that Robbins Was Defining?," Middlebury College Working Paper Series 0706, Middlebury College, Department of Economics.
    8. David Colander, 2009. "How Did Macro Theory Get So Far off Track, and what Can Heterodox Macroeconomists Do to Get it Back On Track?," Middlebury College Working Paper Series 0911, Middlebury College, Department of Economics.
    9. Robbins, Lionel [Lord], 1981. "Economics and Political Economy," American Economic Review, American Economic Association, vol. 71(2), pages 1-10, May.
    10. David Colander, 2003. "Post Walrasian Macroeconomics and Heterodoxy : Thinking Outside the Heterodox Box," International Journal of Political Economy, Taylor & Francis Journals, vol. 33(2), pages 68-81.
    11. R. Koppl, 2006. "Austrian economics at the cutting edge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(4), pages 231-241, December.
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