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Is the economics of time and ignorance a “classic”?

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  • Anthony Endres

Abstract

A history of economic thought perspective on The Economics of Time and Ignorance reveals that the book rehabilitates some major themes in the Austrian tradition that were all but lost subsequent to the formalist revolution in economics that took place in the middle of the twentieth-century. The book also anticipates some important ideas that were extended and applied in Austrian economics after it was first published. Reviews have claimed that the book was a “classic” and also “original”. The book is too close in a temporal sense to judge whether or not future generations will canonize it as a “classic”. Using Stigler’s criteria as to what constitutes scientific “originality”, it is concluded that, taken as a whole, the book was not original. From the vantage point of the overall discipline of economics, it was a work advancing controversial ideas that would not easily change the beliefs, practices and interests of economists in general but it offered sound reasons for taking the Austrian thought-trajectory more seriously. It would be more fitting to view the authors as providers of many innovations contributing to the mature Austrian economics of the twenty-first century. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    • Handle: RePEc:kap:revaec:v:26:y:2013:i:1:p:17-25
    DOI: 10.1007/s11138-012-0176-6
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    References listed on IDEAS

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    More about this item

    Keywords

    Pattern coordination; Originality; Innovativeness; B25; B49; B53;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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