The Difficulty of Applying the Economics of Time and Ignorance

11 Pages Posted: 6 Nov 2013

See all articles by Solomon M. Stein

Solomon M. Stein

George Mason University

Virgil Henry Storr

George Mason University - Department of Economics; George Mason University - Mercatus Center; University of Arizona Center for the Philosophy of Freedom

Date Written: March 11, 2012

Abstract

"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

Suggested Citation

Stein, Solomon M. and Storr, Virgil Henry, The Difficulty of Applying the Economics of Time and Ignorance (March 11, 2012). Review of Austrian Economics, Vol. 26, No. 1, 2013. Available at SSRN: https://ssrn.com/abstract=2350839

Solomon M. Stein

George Mason University ( email )

4400 University Drive
Fairfax, VA 22030
United States

Virgil Henry Storr (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

HOME PAGE: http://virgilstorr.org/

George Mason University - Mercatus Center ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

HOME PAGE: http://virgilstorr.org/

University of Arizona Center for the Philosophy of Freedom ( email )

Department of History
Tucson, AZ 85721
United States

HOME PAGE: http://virgilstorr.org/

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