I'll rephrase what Sherwin Rosen said in some speeches and articles before his death. He argued that Austrian economics includes a number of ideas, which have varying degrees of acceptance in the market place of ideas. The subjective theory of value is accepted by most economists as are other Austrian concepts such as the "price as a signal" concept. Some ideas are "too big" for currrent economics to handle. The idea of a spontaneous moral and economic order is one such "big idea".
Caplan (where is Bryan when you need him?) has a similar take. He also says that many Austrian ideas have been accepted in mainstream economics but that other ideas are untenable and difficult to defend, like the outright rejection of all mathematical economics. If you take Rosen and Caplan together, then the answer they suggest is that Austrian economics has gotten what it deserves - we take the good and drop the bad. Fabio > > If Austrians believe in the sanctity of the market and market > >outcomes, > >how do they view the fact that the market is repudiating Austrian theory > >and > >methodology?
