1998/01/01 by Thomas Mayer · 9 citations
Economics, Econometrics and Finance · Social Sciences · #Economic Theory and Institutions #Political Economy and Marxism #Mainstream economics #Mainstream #Austrian School #Heterodox economics #Positive economics #Economics #Empiricism #Schools of economic thought #Victory #Applied economics #Neoclassical economics #Formalism (music) #Institutional economics #Political science #Epistemology #Law #Philosophy #Politics
paper · doi:10.1080/08913819808443491
published in Critical Review 12(1-2), 151-171 (Taylor & Francis)
openalex publication_date 1998/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/29
Many of Boettke's criticisms of formalist economics are justified. However, he defines formalism so broadly that it becomes practically synonymous with mainstream economics, while his criticisms primarily target the sins of formalist economics more narrowly defined. And since he treats Austrian economics as the only viable alternative to mainstream economics, he incorrectly awards victory to Austrian economics. While Austrian economics has some valuable ideas to contribute to mainstream economics, it has serious deficiencies of its own.