Title: The Individualist Subjectivism of Austrian Economics
Abstract: Austrian economists consider subjectivism central to economic theory because Carl Menger's contribution to the marginal revolution formed the foundation of the modern Austrian school's dynamic model. Our thesis will be that while the Austrian interpretation of "the subjectivism that developed out of the pioneering insights of Carl Menger who founded the Austrian school" (p. 41) is indeed more dynamic and more true to real-world economic systems than that of the other "doctrinal traditions within modern economics," it still suffers from the limitation of rooting all human action—not merely the strictly economic—in a methodological individualism that isolates the individual and depends on self-interest.
Publication Year: 2016
Publication Date: 2016-11-28
Language: en
Type: book-chapter
Indexed In: ['crossref']
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