6 VIHAN TO Austrian economists are fully aware that others consider their policy prescriptions often extremist and at least inconsistent with their criteria of demarcating neutral science. Still it seems pertinent to argue that the upholders of the school have not shown enough interest in the criticisms. Vaughn (1995, p. 109) hits the crux of the problem by pointing out that “Austrians have not spent much time developing a corresponding theory of welfare to support their view of the superiority of market economies over interventionist regimes.” There are attempts to ﬁnd a ﬁrm Austrian foundation for normative economics, but as Cowen (1994, p. 307) concludes his dictionary entry, “Austrian welfare economics is an area in disarray.” My aim in this paper is to take Austrian welfare economics one step away from the state of confusion. I examine in the following where the Austrians should seek for a foundation of their welfare economics or whether such a search is at all a worthwhile undertaking. The examination serves mainly the purpose of reﬁning the thought of the Austrian school, but it is of advantage to the members of other schools as well. It points out the need of carefulness that economists
The Review of Austrian Economics – Springer Journals
Published: Oct 6, 2004
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