Labor Economics from an Austrian Perspective

57 Pages Posted: 17 Aug 2012 Last revised: 18 Oct 2017

See all articles by Peter J. Boettke

Peter J. Boettke

George Mason University - Department of Economics; Mercatus Center at George Mason University

William J. Luther

Florida Atlantic University; American Institute for Economic Research

Date Written: August 16, 2012

Abstract

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

Boettke, Peter J. and Boettke, Peter J. and Luther, William J., Labor Economics from an Austrian Perspective (August 16, 2012). GMU Working Paper in Economics No. 12-41, Available at SSRN: https://ssrn.com/abstract=2130999 or http://dx.doi.org/10.2139/ssrn.2130999

Peter J. Boettke

George Mason University - Department of Economics ( email )

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Mercatus Center at George Mason University ( email )

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William J. Luther (Contact Author)

Florida Atlantic University ( email )

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Boca Raton, FL 33431
United States

HOME PAGE: http://www.wluther.com

American Institute for Economic Research ( email )

PO Box 1000
Great Barrington, MA 01230
United States

HOME PAGE: http://www.aier.org/staff/william-j-luther

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