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The domain of Austrian economics

In: What is so Austrian about Austrian Economics?

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  • David Colander

Abstract

Modern mainstream economics is a plurocracy in which there is no orthodoxy of ideas, only an orthodoxy of method. Given the training it provides its students, mainstream economics' natural domain is science. With the mainstream's acceptance of complexity views of the economy, Austrian economist's views can now get a hearing within the mainstream. Thus, within the science of economics, there is no need for a separate Austrian economics. However, there is a need for Austrian economics in political economy, the branch of economics that takes the insights of science and relates them to policy. The paper urges Austrian economics to embrace political economy as its domain and to position its work within political economy.

Suggested Citation

  • David Colander, 2010. "The domain of Austrian economics," Advances in Austrian Economics, in: What is so Austrian about Austrian Economics?, pages 29-41, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-2134(2010)0000014005
    DOI: 10.1108/S1529-2134(2010)0000014005
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