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Austrian Economics and the "Market Test": A Comment on Laband and Tollison

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Volume 3, No. 3 (Fall 2000)

 
While criticizing the behavior of Austrian economists, Laband and Tollison assert that their purpose is not to “knock” Austrian economics. However, even though they assert that Austrian economics has failed the academic “market test,” they never explain just what it is that makes the Austrian paradigm such a pariah. At the same time, one can easily charge that they make no appeal to any meaningful “market test,” but rather commit the informal fallacy of argumentum ad verecundiam. To put it another way, Austrian economics passes the market test given by those who must actually study this discipline. Austrians not only challenge the existing neoclassical paradigms, but they make economics more interesting than do many of those who reject Austrian thinking out of hand. In other words, modern neoclassicals flunk the “market test” that matters with students.
 
 

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Cite This Article

Anderson,William L. " Austrian Economics and the "Market Test": A Comment on Laband and Tollison." The Quarterly Journal of Austrian Economics 3, No. 5 (Fall 2000): 63–73.