Mainstream economics and the Austrian school: toward reunification

Authors

  • Adam K. Pham University of Wisconsin-Madison

DOI:

https://doi.org/10.23941/ejpe.v10i1.267

Keywords:

philosophy of economics, Austrian school of economics, economic methodology, epistemology of economics, preferences, Ludwig von Mises

Abstract

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the 'orthodox' and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as 'extreme apriorists' (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better illustrates the underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself.

Author Biography

Adam K. Pham, University of Wisconsin-Madison

Adam K. Pham is a Ph.D. candidate in philosophy at the University of Wisconsin-Madison. He works on topics at the intersection of economics, social and political philosophy, game theory, and informationĀ ethics.

Downloads

Published

2017-08-10

How to Cite

Pham, A. K. (2017). Mainstream economics and the Austrian school: toward reunification. Erasmus Journal for Philosophy and Economics, 10(1), 41-63. https://doi.org/10.23941/ejpe.v10i1.267