January 1, 1987

Understanding Market Processes

An Austrian View of 'Knowing'
  • Peter J. Boettke

    Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
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This paper argues that the approach to economics that is characteristic of Austrian economists emerged out of the interaction of continental thought and classical economics. This approach begins with reflection upon the purposive action of living men, and views the market as an ongoing process of learning and discovery. The paper concludes that Austrian economists, as a result of this process perspective, possess a greater appreciation for, and are able to explain the complex phenomena of social interactions better than the standard Neo-classical economics.

Citation: Boettke, Peter J. “Understanding Market Processes: An Austrian View of ‘Knowing’,” in Marketing Theory: American Marketing Association Winter Educators’ Conference Papers and Proceedings (Chicago: American Marketing Association, 1987): 195-199.