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


Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter


JEP - All Issues

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


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)


Rosen, Sherwin (U Chicago)

JEL Classifications

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


View Comments on This Article (0) | Login to post a comment

Journal of Economic Perspectives

Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)


JEP - All Issues

Virtual Field Journals

AEA Member Login:

AEAweb | AEA Journals | Contact Us