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Austrian economics and development: The case of Sudha Shenoy’s analysis

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  • Giandomenica Becchio

    (University of Torino)

Abstract

The aim of this paper is to describe Sudha Shenoy’s use of Menger, Mises, and Hayek (she explicitly called them ‘the older Austrians’) to explain development and growth. Her aim was to show that the application of Austrian economics, based on the notions of capital structure and division of labor, embedded in a specific legal framework (common law), historically promoted development and growth (as in early modern England); and can promote development and growth in underdeveloped countries (her specific focus was India). Shenoy also claimed that any policymaking as well as government’s intervention are either useless or dangerous, having two main dysfunctional effects, which are often interrelated; namely, make development slower (or even stop it), and increase corruption.

Suggested Citation

  • Giandomenica Becchio, 2018. "Austrian economics and development: The case of Sudha Shenoy’s analysis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(4), pages 439-455, December.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:4:d:10.1007_s11138-017-0409-9
    DOI: 10.1007/s11138-017-0409-9
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. White,Lawrence H., 2012. "The Clash of Economic Ideas," Cambridge Books, Cambridge University Press, number 9781107012424.
    3. G. Manish & Benjamin Powell, 2014. "Capital Theory and the Process of Inter-Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 133-142, June.
    4. Padma Desai, 1963. "The Development Of The Indian Economy: An Exercise In Economic Planning," Oxford Economic Papers, Oxford University Press, vol. 15(3), pages 308-317.
    5. Machlup, Fritz, 1978. "Methodology of Economics and Other Social Sciences," Elsevier Monographs, Elsevier, edition 1, number 9780124645509 edited by Shell, Karl.
    6. G. P. Manish & Shruti Rajagopalan & Daniel Sutter & Lawrence H. White, 2015. "Liberalism in India," Econ Journal Watch, Econ Journal Watch, vol. 12(3), pages 432–459-4, September.
    7. Peter Bauer, 1998. "B. R. Shenoy: Stature and Impact," Cato Journal, Cato Journal, Cato Institute, vol. 18(1), pages 1-10, Spring/Su.
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    Cited by:

    1. Sarah F. Small, 2023. "Infusing Diversity in a History of Economic Thought Course: An Archival Study of Syllabi and Resources for Redesign," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(3), pages 276-311, June.

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    More about this item

    Keywords

    Development; Capital structure; Division of labor; Catallaxy; Common law; Economic plan;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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