Here again, the Misesian
model leads to a different conclusion.
The third section analyzes Rothbard's effort to reconstruct welfare economics along lines consistent with Misesian
foundations; it also considers Kirzner's coordination norm.
Today I would like to discuss four of these Misesian
insights that pertain to macroeconomic issues.
Value equivalencies are rather alien to Misesian
thinking, in my view, overplays 100%-type claims.
The near-demonization of Hayek and Lachmann for alleged deviations from an asserted Misesian
orthodoxy is a most distressing phenomenon.
The question in Boettke's title was a rhetorical one; he wasn't actually proposing a Misesian
When one pierces the superficial differences arising from alternative terminologies and unimportant stylistic or expositional idiosyncracies, one must surely recognize that the dynamic entrepreneurial process central to the Misesian
theory of the market is simply that very process of competitive discovery through which, for Hayek, the market solves its knowledge problems.
Even if we suppose that such arguments are too contentious to count as appropriate inputs at this stage, it is nonetheless the case that Misesian
and Hayekian points about the impossibility of socialist calculation and the knowledge problems confronting all attempts to plan on a top-down basis render liberal democratic socialism a nonstarter and pose serious problems for property-owning democracy.
Hayekian spontaneous order theory shorn of Misesian
microfoundations floats adrift into a near-mystical account of social coordination, while a Hayekian reading of Mises pays due diligence to the institutional contingencies that shape patterns of human interaction.
23) In turn, this might also be useful as an explanatory hypothesis for why later attempts to relate Misesian
praxeology, the Austrian School, and Husserl did not succeed.
Of course, the Misesian
case against interpersonal utility comparisons is based not on "skepticism concerning the possibility of knowledge of the states of mind of other people"--Putnam rightly dismisses this--but on the fact (pointed out by Mises in 1912, a full two decades before Robbins) that utilities are ordinal rather than cardinal, and so lack a common unit for interpersonal comparison.