Austrian and Neoclassical Economics
Any Gains From Trade
Bibliographic Data
| ID | 4745947 |
|---|---|
| Authors | Sherwin Rosen (Bergman Distinguished Service Professor of Economics, University of Chicago, Chicago, Illinois, and Senior Fellow, Hoover Institution, Stanford, California., corresponding author) |
| Year | 1997 |
| Volume | 11 |
| Issue | 4 |
| Pages | 139-152 |
| Publication date | 1997-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.11.4.139 |
| OpenAlex | W1982741784 |
| Language | EN |
| Citations received | 25 |
| References cited | 13 |
The systems aspects of Austrian economic thought pertaining to the process of competition deserve a prominent place in modern economic thinking. The paper develops the differences between the Austrian view of competition as an evolutionary process, and the neoclassical emphasis on determining market equilibrium under known or given conditions. These bear importantly on the fundamental way we think about decentralization of economic activities among highly specialized agents with incomplete knowledge and information. The role of competition as a selection device that often encourages survival of the fittest and solves some types of agency problems is well worth thinking about
Austrian School · Decentralization · Economics · Market economy · Microeconomics · Neoclassical economics · Positive economics · Social science · Sociology · Survival of the fittest · Economic theories and models · Economic Theory and Institutions · Game Theory and Voting Systems
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Retrospectives
| Unique citing works | 25 |
|---|---|
| Citations per year | 0,86 |
| Citation span | 1997 - 2019 (23) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 17 |