October, 2019

On the Status of Austrian Economics

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A successful scholarly movement must have thick vertical relationships, there must be an actual scholarly community comprising teacher/student relationships as well as regular seminars, conferences, journals, and book series. A successful movement must also have rich horizontal relationships, members in the community must have connections to others in the broader scholarly community. Boettke has argued that the Austrian tradition is failing to maximize its impact because, though rich in vertical relationships, it is short on horizontal relationships. Like Boettke, the author argues that our natural dialogical partners might not be economists but philosophers, sociologists, anthropologists, and historians. Moreover, the author argues, it is unclear that Austrian economists can expect to be influential, if by influential we mean acceptance by mainstream economists, without abandoning Austrian economics. As such, each Austrian economist should doggedly pursue the truth, even if it does not bring market share in the marketplace of ideas.