September, 2003

Swedish Influences, Austrian Advances: The Contributions of the Swedish and Austrian Schools to Market Process Theory

  • Christopher Coyne

    Associate Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
  • Peter J. Boettke

    Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
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In this working paper, Boettke and Coyne examine the history and evolution of the Austrian step-by-step analysis and the Swedish period analysis. In doing so, they highlight the similarities between the two methodologies, as well as the clear distinctions. It is their contention that, while both methodologies are similar in foundation--especially in terms of their analytical opposition to static general equilibrium analysis--the Austrians market process analytical framework is far more comprehensive.