Why are there no Austrian social democrats?

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Abstract

This chapter argues that if Austrian economics is to attain the influence, impact, and esteem enjoyed by comparable traditions, it cannot continue to produce research that only and always reaches free market conclusions. While the foundational principles of Austrian economics are incompatible with socialism, this does not settle every policy question in favor of laissez-faire. Factors such as historical circumstances and the particularities of local contexts should lead Austrians to take seriously some arguments in favor of government intervention. Freed from its ideological shackles, Austrian economics can provide a powerful toolkit for positive, scientific research addressing the most important questions in contemporary political economy.

Original languageEnglish
Pages (from-to)89-100
Number of pages12
JournalAdvances in Austrian Economics
Volume24
DOIs
Publication statusPublished - 28 Oct 2019

Keywords

  • Austrian economics
  • Ideology
  • Interventionism
  • Laissez-faire
  • Social democracy
  • Value-freedom

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