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Welfare in the Austrian Marketplace: Bridging Austrian and Market Socialist Economics

In: Basic Income and the Free Market

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  • Guinevere Liberty Nell

Abstract

Austrian economics is nearly synonymous with “free market” economics and politics—libertarianism—to almost anyone familiar with the label. It also defines the methodology of Menger, Mises, Hayek, and others; but an admiration for markets and criticism of government is almost universally expected of adherents. Of course, this was not always the case. As Hayek told Axel Leijonhufvud during his famous 1979 series of interviews conducted by other economists, “The meaning of the term has changed. At that time, we would use the term Austrian school quite irrespective of the political consequences which grew from it. It was the marginal utility analysis which to us was the Austrian school.”1

Suggested Citation

  • Guinevere Liberty Nell, 2013. "Welfare in the Austrian Marketplace: Bridging Austrian and Market Socialist Economics," Exploring the Basic Income Guarantee, in: Guinevere Liberty Nell (ed.), Basic Income and the Free Market, chapter 0, pages 7-47, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-1-137-31593-9_2
    DOI: 10.1057/9781137315939_2
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    Cited by:

    1. Guinevere Liberty Nell, 2014. "The Internal and the External Freedoms: How Hayek’s Ideas On Mind And Society Can Help Achieve Marx’s Utopian Dreams," Palgrave Macmillan Books, in: Guinevere Liberty Nell (ed.), Austrian Economic Perspectives on Individualism and Society, chapter 0, pages 141-171, Palgrave Macmillan.

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