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Comment on Horwitz's Article

Published online by Cambridge University Press:  11 June 2009

Allin Cottrell
Allin Cottrell
Affiliation:
Wake Forest University.
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Extract

Austrian economics is arousing increasing interest, not to say enthusiasm, these days. No doubt this is in part due to the collapse of the planned economies of the Soviet type, which has lent credibility to the claims of Ludwig von Mises and Friedrich Hayek regarding the impossibility of rational economic calculation under socialism-claims which were disputed by the mainstream neoclassical economists of a generation ago. The phenomenon also reflects a relatively long-standing dissatisfaction with neoclassical economics. For many years it was the radical critics of capitalism who felt most keenly the attractions of alternative approaches in economics. Now, increasingly, champions of the market are coming to believe that neoclassical theory does not offer a deep and firm enough basis for asserting the virtues of the market system, and the counterproductive effects of government intervention therein.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 18 , Issue 2 , Fall 1996 , pp. 308 - 313
Copyright
Copyright © Cambridge University Press 1996

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References

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