The Austrian Theory of Efficiency and the Role of Government

The point to be emphasized in this paper is that if one starts with a different view of efficiency and market optimality, an entirely different set of conclusions relative to government intervention can be reached. In particular we will examine the approach to economics taken by the Austrian School and detail how that approach is applied to arrive at the Austrian theory of efficiency. In addition, we will examine how Austrians view government interventions into the market and their ultimate conclusions on the role of government in society.

Volume 4, Number 4 (1980)