Thursday, October 27, 2016

Why I Am Not an Austrian Economist; Bryan Caplan

I consider this piece by Bryan Caplan a classic.

"I do not deny that Austrian economists have made valuable contributions to economics. Rather, as the sequel will argue, I maintain that:
(a) The effort to rebuild economics along foundations substantially different from those of modern neoclassical economics fails.
(b) Austrian economists have often misunderstood modern neoclassical economics, causing them to overstate their differences with it.
(c) Several of the most important Austrian claims are false, or at least overstated.
(d) Modern neoclassical economics has made a number of important discoveries which Austrian economists for the most part have not appreciated."
Read the whole thing.

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