By Alexander H. Shand
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Additional info for The Capitalist Alternative: Introduction to Neo-Austrian Economics
But an important point should be noticed with regard to this matter. One of the consequences of the use of equilibrium in conventional economic theory is that we almost subconsciously look for modifications of that theory, expressed in its own terms and propounded via algebra and graphs; not being able to find many examples, we tend to conclude that Austrians have not real alternative to offer. One has also heard the Austrian school criticised as yielding 'no policy prescriptions'. But the answer to this is: why must it?
82, no. 325, March 1972, 1-10. 11. N. ', Economic Journal vol. 82, no. 325, March 1972, 73-6). 12. ). 13. For further more detailed versions of these and other criticisms see Hutchison (op. ), pp. 69-73. 14. See Bauer (1981), chapter 15, for this reference and other relevant discussion, which is taken from Norbert Wiener, God and Golem Inc. : MIT Press. 15. Tjalling Koopmans, Three Essays on the State of Economic Science, (1957), New York: McGraw Hill, p. 182. 16. See also J. F. : Free Press. 17.
These sketchy definitions will serve as a starting-point; some of their finer points will be brought out later. Equilibrium 2. g. Duns Scotus in the thirteenth century) and one eighteenth-century economist, Count Pietro Verri, appears to have grasped the idea at least as well as his illustrious successor, Adam Smith. 2 The convergence was, however, between the 'natural' price (as determined by costs of production) and the actual price on the market, and the idea, although apparently serving as a starting-point, needed much refinement.
The Capitalist Alternative: Introduction to Neo-Austrian Economics by Alexander H. Shand