2013 | 3 (24) | 11-25
Article title

Ekonomia jako nauka o celowym działaniu. Paradygmat szkoły austriackiej oraz krytyka keynesizmu i monetaryzmu

Title variants
Economics as praxeology. The paradigm of the austrian school of economics and the critique of keynesian economics and monetarism
Languages of publication
The article presents key assumptions of the research paradigm of the Austrian School of Economics (ASE), pointing to their logical cohesion and interdependence, and then highlights the key differences between ASE and Keynesian economics and monetarism. The article starts with methodological considerations; in ASE approach economics is praxeology, a science of purposeful human action, and methodological individualism – looking at economic actions from the point of view of the acting man – is a basic feature of the Austrian method. The axiom of purposeful action is extended using verbal deduction, which allows to build a whole system of economic statements. The ASE approach to economic goods, and their role in the economic system is highlighted then, which leads to the conclusion that in a free, unhampered market economy the key determinant of allocation of resources and income in the economy are decisions of the consumer. The key elements of the Mises monetary theory are then discussed, including the regulatory role of interest rate. These considerations lead to displaying of mechanics of Austrian Business Cycle Theory (ABCT), where the key driving force behind business fluctuations are interventions into the regulatory mechanism of interest rate via credit expansion. The following part of the text highlights the key similarities and differences between ASE and economics of Keynes and monetarism. The key critique of ASE vs. Keynes’ theory regards the interest rate mechanism (concept of liquidity preference), which – in his theory - was devoid of its role of intertemporal coordination. Another point of critique is too high a level of aggregation (of economic data), which – according to Hayek (as well as many other members of ASE) does not allow to see critically important interdependencies in economic phenomena. The critique of monetarism is based on Bellante and Garrison, who pointed to numerous similarities between the two approaches, which stem from putting monetary considerations in the center of attention. When it comes to the differences, monetarism puts different mechanism of monetary impulse’s impact on the economy. It is hard for conclusive, quantitative verdict on the merits of these methodologies, due to lack of relevant statistical data. The article concludes with pointing out to the elements of ASE paradigm that could be especially interesting in the context of the current economic crisis, as well as in the context of crisis in ”mainstream” economic theory. According to the author of this article, methodological individualism of ASE could be a very interesting concept. One example of that could be the development of “economics of complexity”, which perceives acting agents in a way which is very similar to ASE, and at the same time shares several other key methodological assumptions.
  • Uniwersytet Ekonomiczny w Krakowie
  • Beinhocker E.D., The Origin of Wealth, Evolution, Complexity, and the Radical Remaking of Economics, Harvard Business School Press, Cambridge, Mass. 2006.
  • Bellante D., Garrison R.W., Phillips curves and Hayekian triangles: Two perspectives on monetary dynamics, ,,History of Political Economy” 1988, vol. 20, no. 2.
  • Benes J., Kumhof M., The Chicago Plan Revisited, International Monetary Fund WP/12/202, 2012.
  • Clark B., Political-Economy: A Comparative Approach, Preager, Westport, CT 1998.
  • De Soto J.H., Money, Bank Credit and Economic Cycles, Ludwig von Mises Institute, Auburn, Alabama 2009.
  • Garrison R.W., The Austrian School: Capital based macroeconomics, [w:] B. Snowdon, H.R. Vane (red.), Modern Macroeconomics: Its Origins, Development and Current State, Edward Elgar, Aldershot 2005.
  • Garrison R.W., Time and Money. The Macroeconomics of Capital Structure, Routledge, London – New York 2001.
  • Godłów-Legiędź J., Doktryna społeczno-ekonomiczna Friedricha von Hayeka, PWN, Warszawa 1992.
  • Greenspan A., Hearings before the U.S. House of Representatives’ Committee on Financial Services, U.S. House of Representatives’ Committee on Financial Services, Washington D.C., 25 July 2000.
  • Hayek F.A., A Rejoinder to Mr. Keynes, ,,Economica 11”, no. 34, 1931.
  • Hayek F.A., Full Employment at Any Price?, Institute of Economic Affairs, 1975.
  • Hayek F.A., New Studies in Philosophy, Politics, Economics and the History of Ideas, Routledge and Kegan Pauls, London 1978.
  • Hayek F.A., Prices and Production, Routledge and Sons, London 1931.
  • Hayek F.A., The Counter-Revolution of Science: Studies on the Abuse of Reason, The Free Press, Glencoe, Ill. 1952.
  • Hayek F.A., The Flow of Goods and Services, [w:] J.C.B. Mohr (red.), Der Strom der Gueter und Leistungen, Tuebingen 1984.
  • Hayek F.A., The Pure Theory of Capital, wyd. 1, Macmillan and Co., London 1941, reprint University of Chicago Press, red. L. H. White, Chicago 2007.
  • Hayek F.A., The use of knowledge in society, [w:] F.A. Hayek, Individualism and Economic Order, University of Chicago Press, Chicago 1948.
  • Holcombe R.G., Fifteen Great Austrian Economists, Ludwig von Mises Institute, Auburn, Alabama 1999.
  • Keynes J.M., A Treatise on Money, Macmillan, London 1930.
  • Keynes J.M., Ogólna teoria zatrudnienia, procentu i pieniądza, wyd. 2, tłum. M. Kalecki, S. Rączkowski, PWN, Warszawa 1985.
  • Keynes J.M., The General Theory of Employment, Interest and Money, Macmillan, London 1973.
  • Leijonhufvud A., Information and Co-ordination. Essays in Macroeconomic Theory, Oxford University Press, Oxford 1981.
  • Leijonhufvud A., Outside the Mainstream: An Interview with Axel Leijonhufvud, Interview by Brian Snowdon 2002,, dostęp 6.05.2013.
  • Menger K., Principles of Economics, New York University Press, New York 1981.
  • Mises L., Epistemological Problems of Economics, Van Nostrand, Princeton, NJ 1960.
  • Mises L., Human Action: A Treatise on Economics, Yale University Press 1949.
  • Mises L., Ludzkie działanie. Traktat o ekonomii, Instytut Ludwiga von Misesa, Warszawa 2007.
  • Mises L., Monetary Stabilization and Cyclical Policy, 1928, [reprint w:] P.L. Greaves (red.), On the Manipulation of Money and Credit. Essays by Ludwig von Mises, Free Market Books, Dobbs Ferry, New York 1978.
  • Mises L., The Theory of Money and Credit, wyd. 2, H.E. Batson, Liberty Classics, Indianapolis, Ind. 1981.
  • Nishiyama Ch., The Essence of Hayek, Hoover Institution Press, Stanford 1984.
  • O’Driscoll G.P., Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek, wyd. 1, Sheed Andrews and McMeel, Kansas City 1977.
  • Phelps E., Seven Schools of Macroeconomic Thought, Oxford University Press, Oxford 1990.
  • Robbins L., The Great Depression, Macmillan and Co., London 1934.
  • Rothbard M., America’s Great Depression, wyd. 5, Ludwig von Mises Institute, 2000.
  • Rothbard M., Man, Economy and State. A Treatise on Economic Principles, Ludwig von Mises Institute, Auburn, Alabama 2004.
  • Rothbard M., Praxeology; The Methodology of Austrian Economics, [w:] M. Rothbard, The Logic of Action One: Method, Money and the Austrian School, Edward Elgar, Cheltenham, UK 1997.
  • Schumpeter J.A., Carl Menger, [w:] Ten Great Economists: From Marx to Keynes, New York University Press, New York 1969.
  • Skousen M., The Structure of Production, wyd. 1, New York University Press, New York 1990.
  • Snowdon B., Vane H., Wynarczyk P., Współczesne nurty teorii makroekonomii, Wydawnictwo Naukowe PWN, Warszawa 1998.
  • Steele G.R, Keynes and Hayek. The Money Economy, Routledge, London – New York 2000.
  • Wood J.C., Wood R.N. (red.), Friedrich A. Hayek: Critical Assesments, vol. 1, Routledge, London – New York 1991.
  • Wojtyna A., Ewolucja keynesizmu a główny nurt ekonomii, Wydawnictwo Naukowe PWN, Warszawa 2000.
  • Wojtyna A., Współczesna ekonomia – kontynuacja czy poszukiwanie nowego paradygmatu?, „Ekonomista” 2008, nr 1.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.