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Carl Menger, F.A. Hayek and the evolutionary strand in Austrian economics

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  • Viktor J. Vanberg

    (Walter Eucken Institut)

Abstract

Taking the Misesian and the Hayekian versions of the “Austrian paradigm” as the principal rivals in today’s Austrian economics, the paper argues in support of three claims. The claim that the “causal-genetic method”, advocated by the school’s founder, Carl Menger, suggests itself as nucleus of an evolutionary research program. The claim that among Menger’s heirs F.A. Hayek is the one who most systematically advanced the “evolutionary elements” in the founder’s work, making them a central part of his own research efforts. And the claim that, if Austrian economics aspires to be recognized as an empirical social science, it is the Mengerian-Hayekian evolutionary paradigm, not Misesian praxeology, that qualifies for this purpose.

Suggested Citation

  • Viktor J. Vanberg, 2022. "Carl Menger, F.A. Hayek and the evolutionary strand in Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(4), pages 481-515, December.
    • Handle: RePEc:kap:revaec:v:35:y:2022:i:4:d:10.1007_s11138-020-00531-8
    DOI: 10.1007/s11138-020-00531-8
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    References listed on IDEAS

    as
    1. Hayek, F. A., 2010. "Studies on the Abuse and Decline of Reason," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321127 edited by Caldwell, Bruce, Febrero.
    2. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320540 edited by Caldwell, Bruce, Febrero.
    3. Beck, Naomi, 2018. "Hayek and the Evolution of Capitalism," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556000, December.
    4. Richard N. Langlois, 1985. "Knowledge and Rationality in the Austrian School: An Analytical Survey," Eastern Economic Journal, Eastern Economic Association, vol. 11(4), pages 309-330, Oct-Dec.
    5. Hayek, F. A. & Vanberg, Viktor J., 2017. "The Sensory Order and Other Writings on the Foundations of Theoretical Psychology," University of Chicago Press Economics Books, University of Chicago Press, number 9780226436425 edited by Vanberg, Viktor J., December.
    6. Vanberg, Viktor, 1986. "Spontaneous Market Order and Social Rules," Economics and Philosophy, Cambridge University Press, vol. 2(1), pages 75-100, April.
    7. Vanberg, Viktor J., 2004. "Austrian Economics, Evolutionary Psychology and Methodological Dualism: Subjectivism Reconsidered," Freiburg Discussion Papers on Constitutional Economics 04/3, Walter Eucken Institut e.V..
    8. Hayek, F. A., 2010. "Studies on the Abuse and Decline of Reason," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321097 edited by Caldwell, Bruce, December.
    9. Viktor Vanberg, 1997. "Institutional Evolution through Purposeful Selection: The Constitutional Economics of John R. Commons," Constitutional Political Economy, Springer, vol. 8(2), pages 105-122, June.
    10. Kirzner, Israel M, 1996. "Reflections on the Misesian Legacy in Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(2), pages 143-154.
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    More about this item

    Keywords

    Menger; Hayek; von Mises; Evolutionary economics; Praxeology;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • B - Schools of Economic Thought and Methodology

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