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Journal of Economic Perspectives: Vol. 11 No. 4 (Fall 1997)

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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

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.

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Authors

Rosen, Sherwin (U Chicago)

JEL Classifications

D40: Market Structure and Pricing: General
B41: Economic Methodology

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