In an Intermediate Macroeconomics, we are studying the different schools of theory (Classical, Keynesian, Montarism, and Real Business Cycle). The class and book completely ignores Von Mises and Hayek. I am thinking about writing a research paper on the “Revival of the Austrian School of Economics.” I am thinking about the various subjects that make up the theory and I would ask for some help in that area.
Trade Cycle, Production structure, Capital theory, Free market, Savings = Investment, freely moving interest rate
Am I missing anything important?
I have only been acquainted with the theory for about 1 year now, but I am convinced more than ever that it is the right theory and the one that will bring our economy back. I plan to devote my economics career to promoting the theory.
If you are doing a broad overview of Austrian economics, I would also try and talk about praxeology and methodological individualism. (View everything in terms of a single actor, subjectivism, deductive thinking, shun mathematical models, etc). Those are some of the quintessential elements of Austrian econ but relate more to the methodology of Austrian economics rather than applied policy. Its completely up to you if you want to include any of that because it could make the paper quite long and stray away from a single topic (unless your goal is to do a broad overview).
However, if you just want to concentrate specifically on the Austrian Business Cycle theory, then you seem to have the right stuff.
Include the founding of the Mises Institute, its preservation and promotion of Austrian scholarship, its making available for free download its library of literature. Israel Kirzner describes the history of Austrian Economics. He states the Austrian school was dead by 1954 when he first attended the Mises seminar and describes its revival in the 1970’s. That is astounding when one thinks about it. It was Mises and Hayek in the mid-50’s, and that’s it. The entire school of Austrian economic thought could have perished, with great loss to the world, like the burning of the library at Alexandria. Here is a Mises article on the subject.
In what venue? The academic, political and business worlds do not adhere to the concept of free markets (non-intervention). Also, the methodology of AE is shunned, to say the least. Your best bet would be to become an entrepreneur, if possible, then you could freely promote free market thinking.