I am just beginning to study a Bachelor of Economics and a Bachelor of Finance, however I’ve been into economics for quite some time. I have noticed that the Austrian school and the Neoclassical school are quite similar, though the Austrian school approaches these problems using Praxeology, they still reach a lot of the same results.
So my question is, what are the points of contention which underlie the differences between these two ideologies?
Lecture by Robert Murphy: “Austrian vs. Neoclassical Analytics”
I’m pretty sure we austrians don’t have any use for indifference curves and we believe the income effect is just a special type of substitution effect. I’m also pretty sure that all of austrian macroeconomics is totally at odds with new classical macroeconomics.
Give this a read.
Great responses guys, I’ve been reading through the PDF you recommended, and it’s been an awesome read. I’ll have a listen to that lecture a bit later.