I recently had the pleasure of attending a workshop on Austrian economics at Texas Tech University. The conveners have asked people to reflect on Austrianism and how that tradition addresses sociality. Some of us offered criticisms while others explored and expanded Austrian ideas. In addition to writing my own piece, which uses spontaneous order theory to think about autonomy, I spent a lot of time thinking about the social position of Austrianism within the economics profession.
Classic Austrianism (1800s-1940s): There was a time when Austrianism was a Big Deal in economics. The early figures were extremely influential and their ideas were assimilated into the mainstream. For example, Carl Menger was a big proponent of marginal utility theory, which is now econ 101. Another example is FA Hayek. In polls of economists, his article, The Use of Information in Society,remains one of the most mentioned and it provides the standard…
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