Actually, I am not making (or trying to make) an argument, I am simply
interested in responses from this list given the range of ideologies. I
agree wholly with previous statements made on this list that Austrian
economics has made large contributions to economics. My question deals more
with one I posed to Don Lavoie last year: "Is there a need to differentiate
Austrian economics from the rest of the profession?" I understand and accept
Pete Boettke's arguments, most notable of them pertaining to the sins of
omission and commission. But is there a viable market niche for Austrian
economics? This might simply be deemed an empirical question, so I ask in
large part because there are really only two schools that specialize in
Austrian economics for undergraduates and only one for graduates, at least
that I am aware of. (By specialize I mean that they promote it as one of
their market niches, not just that they offer a course or it is promoted as
part of a larger class.) Does this limit the choices of these students when
they graduate, either as undergrads or grads?
In a similar vein, there is a market niche for the Libertarian party, but
obviously it is not a viable party in that it can never sell
itself well enough to garner more than one percent of the vote,
notwithstanding that I fully believe their tenets. Does maintaining their
separatism help or does it hinder good ideas from being incorporated into
"mainstream" thought?
Mark Steckbeck
On 11/26/01 10:19 AM, "Peter Boettke" <[EMAIL PROTECTED]> wrote:
> Mark,
>
> I am surprised you would be making this argument ... do you believe that the
> "market" for legislation is efficient because it exists? Whatever is, isn't
> necessarily efficient. The market for ideas in economics is a distorted
> market. Fads and fashions come and go all the time. Science is not like a
> market because it lacks certain institutions which are the backdrop against
> which markets operate.
>
> Nobody ever said individuals pursuing their self interest, under whatever
> conceivable set of institutions you could imagine, would generate a
> desirable social order. The invisible hand postulate is specified within an
> institutional environment. Of course, some really fascinating research has
> been done on the application of invisible hand processes to the framework
> itself.
>
> I have a paper with Bill Butos which examines the nature of science and its
> relationship to entrepreneurship and if anyone is interested just send me an
> email and I will send you the attached file.
>
> Pete Boettke
>
>
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