Critical Review 11 (1):11-64 (1997)
|Abstract||Abstract F. A. Hayek's realistic economic theory has been replaced by the formalistic use of equlibrium models that bear little resemblance to reality. These models are as serviceable to the right as to the left: they allow the economist either to condemn capitalism for failing to measure up to the model of perfect competition, or to praise capitalism as a utopia of perfect knowledge and rational expectations. Hayek, by contrast, used equilibrium to show that while capitalism is not perfect, it contains error?correcting institutions that bring it closer to perfection than is intuitively apparent.|
|Keywords||No keywords specified (fix it)|
|Through your library||Configure|
Similar books and articles
Tony Lawson (1997). Economics and Reality. Routledge.
Mark Blaug (1993). Hayek Revisited. Critical Review 7 (1):51-60.
Thomas Mayer (1998). Boettke's Austrian Critique of Mainstream Economics: An Empiricist's Response. Critical Review 12 (1-2):151-171.
Lukasz Hardt (2010). Criticizing the Critique. Some Methodological Insights Into the Debate on the State of Economic Theory in the Face of the Post 2008 Crisis. Bank&Credit 41 (4):7-22.
Peter J. Boettke (1990). Individuals and Institutions. Critical Review 4 (1-2):10-26.
Douglas W. Hands (1984). What Economics is Not: An Economist's Response to Rosenberg. Philosophy of Science 51 (3):495-503.
Neri Salvadori & Rodolfo Signorino (2007). Piero Sraffa: Economic Reality, the Economist and Economic Theory: An Interpretation. Journal of Economic Methodology 14 (2):187-209.
Robert Heilbroner (1998). The Self‐Deception of Economics. Critical Review 12 (1-2):139-150.
Richard Bradley (2000). Models and Reality in Economics, Steven Rappaport. Edward Elgar, 1998, VI + 233 Pages. [REVIEW] Economics and Philosophy 16 (1):147-174.
Henry K. H. Woo (1986). What's Wrong with Formalization in Economics?: An Epistemological Critique. Victoria Press.
Gustavo Cevolani (2011). Hayek in the Lab. Austrian School, Game Theory, and Experimental Economics. Logic and Philosophy of Science 9 (1):429-436.
Peter J. Boettke (1998). Formalism and Contemporary Economics: A Reply to Hausman, Heilbroner, and Mayer. Critical Review 12 (1-2):173-186.
Added to index2011-10-18
Total downloads6 ( #145,673 of 549,128 )
Recent downloads (6 months)1 ( #63,361 of 549,128 )
How can I increase my downloads?