Reviews

Reviews 98 MAIER-RIGAUD Austrian with General Equilibrium analysis are viewed as systematically sacrificing that which lies at the heart of Austrian economics, and are characterized as responsible for the intellectual stalemate of modern Austrian theory. According to Gloria-Palermo the faithful belief in the functioning of the market left “too many questions ... unanswered” (p. 115). Given this important and very detailed criticism, the first six chapters of the book can justly be interpreted as setting the stage for the main argument of the book: the necessity of a shift in research in Austrian economics forcefully advocated by the author. What follows is less on the “Evolution of Austrian Economics” but more on the proper selection crite- ria for its future evolution. Chapter nine deals with Lachmann, who, along with Wieser’s earlier contributions, stands for the only efforts undertaken in the direction indicated by Menger. The last section “Which way forward?”, starts with a rather negative assessment of the modern revival of Austrian economics. According to Gloria-Palermo, the only fruitful direction Austrian economics can take is to work on an elaboration of the contributions made by Lachmann since “Rothbard’s loyal path to praxeology ends up being little more than the theoretical http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals
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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2001 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1007863723474
Publisher site
See Article on Publisher Site

Abstract

98 MAIER-RIGAUD Austrian with General Equilibrium analysis are viewed as systematically sacrificing that which lies at the heart of Austrian economics, and are characterized as responsible for the intellectual stalemate of modern Austrian theory. According to Gloria-Palermo the faithful belief in the functioning of the market left “too many questions ... unanswered” (p. 115). Given this important and very detailed criticism, the first six chapters of the book can justly be interpreted as setting the stage for the main argument of the book: the necessity of a shift in research in Austrian economics forcefully advocated by the author. What follows is less on the “Evolution of Austrian Economics” but more on the proper selection crite- ria for its future evolution. Chapter nine deals with Lachmann, who, along with Wieser’s earlier contributions, stands for the only efforts undertaken in the direction indicated by Menger. The last section “Which way forward?”, starts with a rather negative assessment of the modern revival of Austrian economics. According to Gloria-Palermo, the only fruitful direction Austrian economics can take is to work on an elaboration of the contributions made by Lachmann since “Rothbard’s loyal path to praxeology ends up being little more than the theoretical

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 9, 2004

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