publication . Article . 2006

austrian economics at the cutting edge

R. Koppl;
  • Published: 19 Jun 2006 Journal: The Review of Austrian Economics, volume 19, pages 231-241 (issn: 0889-3047, eissn: 1573-7128, Copyright policy)
  • Publisher: Springer Science and Business Media LLC
Austrian economists today have a valuable opportunity to rejoin the mainstream of the economics profession. As Colander, Holt, and Rosser have argued, neoclassical orthodoxy is no long mainstream. What I call the “heterodox mainstream” is an emerging new orthodoxy. The five leading characteristics of the emerging new orthodoxy are bounded rationality, rule following, institutions, cognition, and evolution. When listed in this order, they suggest the acronym BRICE. The Austrian school is also an example of BRICE economics. The shared themes of BRICE economics create an opportunity for intellectual exchange between Austrians and other elements of the heterodox mai...
free text keywords: General Economics, Econometrics and Finance, Economics, Orthodoxy, media_common.quotation_subject, media_common, Public finance, Mainstream economics, Public economics, Neoclassical economics, Heterodox economics, Social science, Schools of economic thought, Bounded rationality, Austrian School, Mainstream
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