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Journal

2018 | 2 | 209-238

Article title

Austrian and Mainstream Economics: How Do They Differ?

Title variants

EN
Austrian and Mainstream Economics: How Do They Differ?
RU
Австрийская школа и экономический мейнстрим: в чем их различие?

Languages of publication

EN

Abstracts

EN
In the aftermath of the 2008 financial and economic crisis, mainstream economics (ME) was accused of being unable to predict, prevent, and alleviate it. In this situation, one might be curious if alternatives to mainstream economics are of any value. The aim of this paper is to answer whether the theory of the Austrian school of economics (ASE) can be considered a serious alternative to ME. This is done by examining its methodology and especially its attitude towards the use of mathematics in economic theory. Some shortcomings of the ASE's methodology are considered that make it a less attractive alternative than might initially be assumed. Next, the arguments of the ASE economists against the use of mathematics in economics are reviewed; careful examination indicates that they are not sound. All of this shows that the ASE cannot be considered a serious alternative to ME. Finally, this conclusion is illustrated with a comparison of methods with which theories of business cycles are arrived at and analyzed in the two approaches.
PL
W następstwie kryzysu finansowego i gospodarczego z 2008 r. ekonomia głównego nurtu była oskarżana o nieumiejętność przewidzenia, uniknięcia i złagodzenia tegoż kryzysu. W tej sytuacji interesujące może być rozpatrzenie, czy alternatywy dla ekonomii głównego nurtu mają jakąś wartość. Celem tego artykułu jest próba odpowiedzi na pytanie, czy teoria austriackiej szkoły ekonomii może być uznana za poważną alternatywę dla ekonomii głównego nurtu. Autor poszukuje odpowiedzi poprzez zbadanie jej metodologii, a w szczególności jej stosunku do wykorzystania metod matematycznych w teorii ekonomii. Wskazane zostały pewne słabości metodologii szkoły austriackiej, które czynią ją mniej atrakcyjną, niż można by pierwotnie sądzić. Następnie dokonano przeglądu argumentów ekonomistów austriackich przeciwko matematyce w ekonomii; dokładne badanie pokazuje, że nie są one wiarygodne. Wszystko to świadczy o tym, że austriacka szkoła ekonomii nie może zostać uznana za poważną alternatywę wobec ekonomii głównego nurtu. Ostatecznie wniosek ten jest zilustrowany porównaniem metod, którymi wyprowadza się i analizuje teorie cyklu koniunkturalnego w dwóch rozważanych tu podejściach do ekonomii.
RU
Финансовый и экономический кризис 2008 года дал повод обвинить главные течения (мейнстрим) экономической науки в неумении предвидеть, избежать и облегчить этой кризис. В этой ситуации интересно задать вопрос, имеют ли какую-либо ценность альтернативы экономического мейнстрима. Автор статьи попытался выяснить, может ли теория австрийской школы считаться серьезной альтернативой для главных теорий экономики. Ответ на этот вопрос ищется посредством исследования методологии австрийской школы и особенно ее отношения к использованию математических методов в теории экономики. Были указаны некоторые слабости методологии этой школы, которые делают ее менее привлекательной, чем можно было бы первоначально ожидать. Затем был проведен обзор аргументов австрийских экономистов против математики в экономике; сделанный анализ показывает, что они не являются убедительными. Все это свидетельствует о том, что австрийская школа экономики не может быть признана в качестве серьезной альтернативы для экономического мейнстрима. Окончательно этот вывод проиллюстрирован через сравнение методов двух рассматриваемых здесь течений экономической науки, с помощью которых выводятся и анализируются теории конъюнктурного цикла.

Journal

Year

Issue

2

Pages

209-238

Physical description

Contributors

  • Piotr Pieniążek, MA – Institute of Economics, Polish Academy of Sciences (current affiliation: European University Institute, Department of Economics, Florence, Italy)

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Document Type

Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.desklight-7240a45e-fac0-4c67-a09b-326c4f3cf2f3
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