Review of Austrian Economics, 11: 1–4 (1998) ° c 1998 Kluwer Academic Publishers Is There an Intellectual Market Niche for Austrian Economics? PETER J. BOETTKE bviously my answer is “yes,” otherwise I would not have assumed the edito- rial responsibilities of a journal devoted to social science research from the perspective of Austrian economics. In a recent exchange on this subject pub- lished in the Journal of Economic Perspectives Sherwin Rosen (1997) argues that Austrian economists made signiﬁcant contributions to the development of economic thought in the past, and do concentrate on areas of research that other economists neglect (namely, entrepreneurship and innovation). Since Mises and Hayek, however, the Austrian School of Economics has largely failed the market test. In response Leland Yeager (1997) argues that the academic test is not a true “market” test, and, instead, that academic popu- larity at any moment in time mainly relies on a sort of second-handism in intellectual affairs that is detrimental to the growth of knowledge. Rosen is correct to say that those of us persuaded about the value of Austrian insights need to get our hands dirtier and demon- strate to our fellow economists that there is a pay-off in
The Review of Austrian Economics – Springer Journals
Published: Sep 30, 2004
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