RESEARCH IN THE HISTORY OF ECONOMIC THOUGHT AND METHODOLOGY, Vol. 26-A, pp. 15-30, Emerald Group Publishing, 2008
16 Pages Posted: 23 May 2011
Date Written: May 17, 2011
There is something of an underground debate going on within Austrian economic circles over conferring the best synonym to this school of thought. Here, "best" is an attempt to uncover the most accurate description of the economic strain of analysis that stems from Menger (1871). That is the first purpose of the present paper, and our attempt to answer this is the burden of the first section. In the second section, we apply our choice for the appellation "singularism" to supply and demand, and in the third section to indifference. The fourth section is given over to a singularistic analysis of a challenge which has also led a subterranean existence, this time in the neoclassical division of the economics profession: the issue of why some people stand on escalators, allowing these contraptions to carry them upward or downward, while no one treats stairs in any such manner. Specifically, we maintain that it is illegitimate to even draw supply and demand curves, and that there are grave difficulties with indifference and the debate concerning walking up the escalator versus using the staircase.
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