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Austrian Economics is Still Not Institutional Enough

In: Assessing Austrian Economics

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  • Geoffrey M. Hodgson

Abstract

In his article on “What Is Still Wrong with Austrian economics?,” Peter Boettke considers matters of strategy for the Austrian school and stresses the importance of institutions and institutional analysis. This comment takes up both themes. Two possible strategies for institutional research are considered. Then the place and role of institutions in Austrian analysis are addressed. It is argued that Austrian thinking has been caught in a dilemma between making theory as general as possible, or of taking on board the historically specific character of key institutions in market economies. The different approaches of Ludwig Mises and Carl Menger to this quandary are compared, with attention to the central concepts of property and capital.

Suggested Citation

  • Geoffrey M. Hodgson, 2019. "Austrian Economics is Still Not Institutional Enough," Advances in Austrian Economics, in: Assessing Austrian Economics, volume 24, pages 101-110, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-213420190000024010
    DOI: 10.1108/S1529-213420190000024010
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