Review of Austrian Economics, 11: 163–167 (1999) ° c 1999 Kluwer Academic Publishers Review of Nicolai J. Foss, The Austrian School and Modern Economics: Essays in Reassessment, Copenhagen: Handelshojskolens Forlag, 1994, 229 pp. ST EVEN HORWITZ ow a full 25 years after the beginning of its revival, the Austrian school seems to have reached a crucial fork in the road. Having spent much energy during the post-revival period on sorting out what the Austrian approach is all about and how it is distinct from the neoclassical mainstream, the school is now faced with the question of how that distinctive approach can be reconciled with some congenial developments in neoclassical economics. There appears to be an increasing trend within the Austrian school toward ﬁnding commonalities with these mainstream developments, rather than distancing itself from them. Nicolai Foss’s recent book is in many ways an excellent and productive example of this trend. He recapitulates many major Austrian themes while ﬁnding ways to connect them to important new work in evolutionary and neo-institutional economics. His attempts to “open up” Austrians to those insights, as well as opening up these other traditions to the contributions of Austrians, are largely successful and serve as
The Review of Austrian Economics – Springer Journals
Published: Sep 30, 2004
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