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Market Theoretical Frameworks—Which One?

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  • NAOMI MOLDOFSKY

Abstract

The problem of choice between theoretical frameworks forms the focal point of this paper. Its intention is to discuss a possible choice between two distinct approaches to the market order—the ‘neoclassical’ and the ‘Austrian’. Firstly, the basis upon which the two theoretical frameworks are distinguished is explained. Secondly, an attempt is made to show that the two are indeed different and to derive the implications of their differences for policy, for the practice of economics as a social science and for human well‐being. Finally, a defensible criterion is suggested along with the ensuing choice, and an explanation is offered as to the relevance of such a choice.

Suggested Citation

  • Naomi Moldofsky, 1982. "Market Theoretical Frameworks—Which One?," The Economic Record, The Economic Society of Australia, vol. 58(2), pages 152-168, June.
    • Handle: RePEc:bla:ecorec:v:58:y:1982:i:2:p:152-168
    DOI: 10.1111/j.1475-4932.1982.tb00361.x
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    References listed on IDEAS

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