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Austrian Economics in America : The Migration of a Tradition (Historical Perspectives on Modern Economics) |
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Reviews |
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Rating: Summary: Helping to Better Understand the World as We Know It Review: My introduction to the Austrian School of Economics came with a chance encounter of a publication from the Institute of Economic Affairs of London. This one monograph helped me to discover more of their particular publications and other similar books and pamphlets at the Laissez Faire Bookshop where one could often overhear at the very least some strenuous debates about economics and politics etc. My real academic introduction came with a paper by Peter Wynarczyck presented at a Newcastle upon Tyne Polytechnic Conference which drew together some of the historic strands of the school and some of the controversial ideas which it had generated.
I came back to Karen Vaughn's book while preparing another review for Amazon although in a slightly different field and, from the point of view of an educated layman, I have to say that I find this particular volume to be an excellent and succint piece of work but which perhaps at the time of writing requires a new edition.
I do not claim to be au fait with all of the various controversies within the Austrian School but I understand that there are some dogmatic fissures between certain groups some of whom claim that there's alone is the one true faith and who resist criticism especially from outside the academic arena.
My purpose in this brief review is to highlight what I believe is to be one of the best introductions to this particular field that I have read which is generally accessible to anyone with a reasonable grasp of economic and political ideas and who is at least a little sceptical of the current state of neoclassical economic theory. For readers who would like to sample the Austrian tradition without delving into a book of this size I would heartily recommend Stephen Littlechild's 'Fallacy of the Mixed Economy' even though it too is showing it's age.
Austrian Economics in America is a story of a set of ideas who's time has come. The pretentions of economics as science are seen every day while the failures are glossed over. I hasten to add that I am not engaged in a sweeping generalisation against all economics. I certainly believe that it has some usefulness but it appears to me that other than providing a means by which we may view the world there are some serious shortcomings to it's applicability.
Vaughn shows how a different perspective, originating with Carl Menger, can illuminate some of the shortcomings of the science of economics and offer a different and more richer view, but which too has it's attendant problems and issues. She sets out carefully and with the appropriate level of detail, the development of those ideas over a 120 year period and their gradual acceptance, albeit in a limited number of academic centres, in America primarily but increasingly across a post Communist world. She traces out the essential differences between some of the rival camps within the school and suggests links between them and even offers some suggestions to move forward. One of the things that I really like about this book is the openess with which she draws comparisons with other areas in economics which are looking into similar areas of study although from different perspectives and political or ideological viewpoints. In the onclusion particularly she quietly suggests that the implications for future developments in the Austrian tradition may be a lot more radical than the protaganists in the tradition expect.
Reading the book is a pleasant enough task because of the author's prose style but reader's beware of the radical notions which are introduced. As an historical document and summary it really has much to commend it. As a statement of somewhat revolutionary ideas it is a great introduction to some of the mostsignificant academic thinkers of our time who are held in great esteem. My only, very minor reservation is that the contributions of some other pioneers in this field are not included such as the sterling work of Arthur Seldon at the Institute of Economic Affairs in London and for the Atlas Foundation in brining these ideas to a wider and younger audience across the world, but that is a minor quibble.
It certainly works for me at least in helping the reader taker a broader look at economics and motivate one to delve deeper into the treasures of the Austrian tradition. I would urge anyone working for an undergraduate or graduate degree in Economics to broaden their horizons with theis very clear and succinct book.
Rating: Summary: Past Events, Current Trends Review: The author of this book does an excellent job of explaining the development of Austrian economics in the US. Vaughn illustrates the importance of the Calculation and Capital debates, both in the development of the Austrian paradigm and in the decline of its reputation during the 1930's. Her views on Mises, Kirzner and Rothbard are bound to cause controversy, but she develops her critiques carefully. Vaughn explains Hayek's contributions clearly, and demonstrates the importance of his work on psychology and social theory to the Austrian paradigm. Vaughn also brings her readers up to date by discussing many of the most recent developments in Austrian economics. However, the most important contribution of this book is in her discussions of lesser-known Austrians. Vaughn gives Weiser the credit that he deserves for developing the concept of opportunity cost and for raising the issue of calculation under socialism. Vaughn also explores the ideas of one of the least understood and most mysterious figures in Austrian economics- Ludwig Lachmann. Vaughn's arguments against equilibrium theorizing and for process orientated paradigms are unlikely to bring about an immediate revolution in economic science, but her case is compelling.
Rating: Summary: Past Events, Current Trends Review: The author of this book does an excellent job of explaining the development of Austrian economics in the US. Vaughn illustrates the importance of the Calculation and Capital debates, both in the development of the Austrian paradigm and in the decline of its reputation during the 1930's. Her views on Mises, Kirzner and Rothbard are bound to cause controversy, but she develops her critiques carefully. Vaughn explains Hayek's contributions clearly, and demonstrates the importance of his work on psychology and social theory to the Austrian paradigm. Vaughn also brings her readers up to date by discussing many of the most recent developments in Austrian economics. However, the most important contribution of this book is in her discussions of lesser-known Austrians. Vaughn gives Weiser the credit that he deserves for developing the concept of opportunity cost and for raising the issue of calculation under socialism. Vaughn also explores the ideas of one of the least understood and most mysterious figures in Austrian economics- Ludwig Lachmann. Vaughn's arguments against equilibrium theorizing and for process orientated paradigms are unlikely to bring about an immediate revolution in economic science, but her case is compelling.
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