The difficulty of applying the economics of time and ignorance

The difficulty of applying the economics of time and ignorance The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The difficulty of applying the economics of time and ignorance

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Publisher
Springer US
Copyright
Copyright © 2012 by Springer Science+Business Media, LLC
Subject
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-012-0178-4
Publisher site
See Article on Publisher Site

Abstract

The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Mar 11, 2012

References

  • Political Foundations of Development: The Case of Botswana
    Beaulier, S; Subrick, JR

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