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
The Review of Austrian Economics – Springer Journals
Published: Oct 9, 2004
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