Austrian Economics as a Relevant Research Program

22 Pages Posted: 10 Jan 2023

See all articles by Daniel J. Smith

Daniel J. Smith

Middle Tennessee State University - Department of Economics and Finance; Middle Tennessee State University - Jennings A. Jones College of Business

Date Written: January 9, 2023

Abstract

What is the relevancy of modern Austrian economics? Austrian economics, from its origins, has attempted to push economics towards greater relevance by developing and refining a methodological approach that enhances the operational validity of its scientific conclusions for decision-making in the real world. In a theoretical paradigm, this led to the development of theoretical insights on significant economic phenomena often excluded from static economics models. As the economics profession took an empirical turn, modern Austrian economics has demonstrated its continued relevancy through empirical methods that apply economic theory to pressing, long-standing policy issues.

Keywords: Austrian Economics, Relevancy, Robust Political Economy

JEL Classification: B10, B13, B25, B41, B53

Suggested Citation

Smith, Daniel J., Austrian Economics as a Relevant Research Program (January 9, 2023). Available at SSRN: https://ssrn.com/abstract=4320990 or http://dx.doi.org/10.2139/ssrn.4320990

Daniel J. Smith (Contact Author)

Middle Tennessee State University - Department of Economics and Finance ( email )

MTSU Box 190
1301 E. Main St.
Murfreesboro, TN 37132-0001
United States

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

Middle Tennessee State University - Jennings A. Jones College of Business ( email )

TN
United States

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