Reappraising Austrian Economics' Basic Tenets in the Light of Aristotelian Ideas

Abstract

This paper sustains that reappraising Austrian economics in the light of Aristotelian ideas is not only possible but also fruitful. First, the paper draws a sketch of the essential features of Austrian economics. Next, it argues about the necessity for a thorough analysis of the notion of freedom, and it analyzes Mises's conception. Next, the paper exposes Aristotle's social, epistemological and economic thought related to Austrian main traits. An account of how the exercise of Aristotelian virtues may be synergic with economic coordination and a sketch of the consequences of the proposal on the teaching of economics are then provided. Finally, the conclusion shortly sums up the content and relevance of Aristotle's contribution.

Keywords: Aristotle's Thought, epistemology of Austrian Economics

JEL Classification: A13, A2, B11, B20, B41