Labor Economics from an Austrian Perspective
57 Pages Posted: 17 Aug 2012 Last revised: 18 Oct 2017
Date Written: August 16, 2012
The compelling case offered by Austrians regarding the recent economic downturn has no doubt encouraged many to take a closer look at the broader Austrian perspective. Similarly, the jobless recovery has prompted some soul searching in labor economics. We briefly review the history and methodology of the Austrian school and describe major contributions to labor economics from those working in the Austrian tradition. Then, we offer a sketch of the Austrian theory of labor markets and discuss its implications. In doing so, we hope to have helped the interested reader along both lines.
Keywords: Austrian, Austrian business cycle theory, Böhm-Bawerk, entrepreneurship, Hayek, labor, labor theory of value, marginalism, Mises, search, uncertainty, unemployment
JEL Classification: B53, E00, E2, E3, E4, E5, E6, J00, J2, J3, J5, J6, J7, J8
Suggested Citation: Suggested Citation