I am just beginning to study a Bachelor of Economics and a Bachelor of Finance, however I've been into economics for quite some time. I have noticed that the Austrian school and the Neoclassical school are quite similar, though the Austrian school approaches these problems using Praxeology, they still reach a lot of the same results.
So my question is, what are the points of contention which underlie the differences between these two ideologies?
Lecture by Robert Murphy: "Austrian vs. Neoclassical Analytics"
LibertarianAnarchy.com - Government is immoral, unnecessary, and doesn't work!
Give this a read.
To darkness I condemn you...
uriah: So my question is, what are the points of contention which underlie the differences between these two ideologies?
I'm pretty sure we austrians don't have any use for indifference curves and we believe the income effect is just a special type of substitution effect. I'm also pretty sure that all of austrian macroeconomics is totally at odds with new classical macroeconomics.
Great responses guys, I've been reading through the PDF you recommended, and it's been an awesome read. I'll have a listen to that lecture a bit later.
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