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

 

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.