The Revival of Modern Austrian Economics: A Critical Assessment of Its Subjectivist Origins

This insightful book critically assesses the subjectivist metatheoretical origins of the revival of modern Austrian economics. It examines the ideas of the main contributors to the Austrian school, including von Mises, von Hayek and Lachmann. Allen Oakley analyses the contribution to subjectivist philosophy made by the key founders of the neo-Austrian revival. He argues that while von Mises and von Hayek each confronted mainstream microeconomics with restricted subjectivist alternatives, Lachmann played the 'devil's advocate' for a more comprehensive range of subjectivist principles. The author finds that ultimately, although all three provided analyses that reached well beyond the confines of neoclassical economics, none fully applied the tenets of a complete subjectivism. Their contributions to the 1970s revival of interest in Austrian themes, and their legacies for neo-Austrian schools of thought, have thus left a great need for further methodological development if economics as a human science is to be reconstructed on subjectivist foundations. The Revival of Modern Austrian Economics will be of central interest to students and scholars of Austrian economics and to historians of economic thought and methodology more generally.