The Difficulty of Applying the Economics of Time and Ignorance
11 Pages Posted: 6 Nov 2013
Date Written: March 11, 2012
"The Economics of Time & Ignorance" (1985) is a key text within Austrian economics. Among the so-called "third generation" of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several possible reasons are considered, including a disagreement with the substantive claims made in "Time & Ignorance" or the possibility that "Time & Ignorance" has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where "Time & Ignorance" has relatively less to offer.
Keywords: Austrian, economics,applied research
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