Hey guys sorry I only post here occasionally but I’ve been thinking about something relevant.
Among academic Austrian economists there seems to be a much greater willingness to cite or explore non-Austrian thinkers than among lay people. Academics seem to treat Austrian economics as in dialog with the mainstream while I can’t count the number of times I’ve seen lay Austrians post denunciations of all non-Austrian economists or talk as though Keynesians dominate the economic profession (they don’t).
Much of the Austrian school theory has been incorporated into mainstream economics and many neo-classical economists believe that Alfred Marshall sucessfully incorporated both theories in his Principles of Economic**s. Austrians understandably emphasize the ways that they differ from mainstream economists. Austrians differ much more from Keynesians than from neo-classical economists (the hotbed of neo-classical theory, Chicago, is only on the shore of a lake; Harvard is on the shore of an ocean; so, when Keynesians fall in the water, they sink much deeper). While Keynesians don’t dominate the economics profession, they do more damage and require harsher criticism.
If there is a disconnect, perhaps it occurs in the difference between economic theory vs. economic policy. That is, the outcry is perhaps a response to today’s economic policy environment, which by many accounts is thoroughly Keynesian. If mainstream economic doctrine drives economic policy, then mainstream economic doctrine is viewed as being, in essence, Keynesian.
The presumption would be that mainstream doctrine drives policy.
I’m sorry if I am completely digressing from the main question, and if it would be better to make another thread I definitely will. But since Chicago was referenced it brought up a question I have been meaning to ask. I was just wondering, because I am very interested in economics, if it would be beneficial to major at the University of Chicago for economics, or if it would be better to major in a different field all together such as philosophy? Since there is no university that teaches Austrian Economics at the undergraduate level.
I disagree with this statement. I’m no expert on mainstream economics (nor on Austrian economics), but to my knowledge there remain a number, if not many, significant differences.
I majored in economics in college as well (10 years ago), and the economics I learned was largely incorrect, imo. I doubt very much things have changed significantly since.