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Journal of Economic Perspectives: Vol. 11 No. 4 (Fall 1997)
JEP Volume. 11, Issue 4 | 
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Austrian and Neoclassical Economics: Any Gains from Trade?
Article Citation
Rosen, Sherwin. 1997. "Austrian and Neoclassical Economics: Any Gains from Trade?."
Journal of Economic Perspectives,
11(4): 139-152.
DOI: 10.1257/jep.11.4.139
DOI: 10.1257/jep.11.4.139
Abstract
The systems aspects of Austrian economic thought pertaining to the process of competition deserve a prominent place in modern economic thinking. The paper develops the differences between the Austrian view of competition as an evolutionary process, and the neoclassical emphasis on determining market equilibrium under known or given conditions. These bear importantly on the fundamental way we think about decentralization of economic activities among highly specialized agents with incomplete knowledge and information. The role of competition as a selection device that often encourages survival of the fittest and solves some types of agency problems is well worth thinking about.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Rosen, Sherwin (U Chicago)
JEL Classifications
D40: Market Structure and Pricing: General
B41: Economic Methodology
B41: Economic Methodology
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