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The Austrian school is a heterodox [1] [2] [3] school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest.
Debunking Economics: The Naked Emperor of the Social Sciences is a book by the economist Steve Keen about the problems with mainstream economics. The book was initially published by Zed Books in 2001, and a revised and updated version was published in 2011. [1]
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics seeking to explain how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. [1]
Austrian economics in the tradition of Ludwig von Mises relies heavily on praxeology in the development of its economic theories. [12] Mises considered economics to be a sub-discipline of praxeology. [13] Austrian School economists, following Mises, use praxeology and deduction, rather than empirical studies, to determine economic principles.
The economic calculation problem is a criticism of socialist economics or, more precisely, of centralized socialist planned economies. It was first proposed by Austrian School economist Ludwig von Mises in 1920 and later expounded by Friedrich Hayek. [47] [48] The problem referred to is that of how to distribute resources rationally in an economy.
Methodenstreit (German for "method dispute"), in intellectual history beyond German-language discourse, was an economics controversy commenced in the 1880s and persisting for more than a decade, between that field's Austrian School and the (German) Historical School. The debate concerned the place of general theory in social science and the use ...
Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific, and empirically unsupported.
[27] [28] [29] In explaining why he is not an Austrian School economist, anarcho-capitalist economist Bryan Caplan argues that while the economic calculation problem is a problem for socialism, he denies that Mises has shown it to be fatal or that it is this particular problem that led to the collapse of authoritarian socialist states. Caplan ...