Are Austrian Economics Mises, Rothbard, etc., Taken Seriously by Academic Economists and Taught as Plausible in Major Universities?

Introduction

Austrian economics, particularly the works of figures like Ludwig von Mises and Murray Rothbard, has a niche but significant presence within the field of economics. While it is not as widely accepted as mainstream economic theories such as Keynesianism or neoclassical economics, it is studied and discussed within certain academic circles, particularly those focused on heterodox approaches.

Academic Presence

Institutions

Some universities and institutions, such as George Mason University and the Ludwig von Mises Institute, actively promote Austrian economics. These institutions offer courses on Austrian economics that attract students interested in alternative economic theories.

Scholarly Work

Austrian economics has its own academic journals and conferences, such as the Review of Austrian Economics and events organized by the Austrian Economics Research Conference. These venues provide a platform for scholars to publish and discuss research related to Austrian theory, ensuring that the discipline remains a fertile ground for academic discourse.

Influence

While many mainstream economists critique Austrian economics, some of its fundamental principles are acknowledged and integrated into broader economic discourse. These include the emphasis on entrepreneurship, the importance of subjective value, and critiques of central planning. These ideas continue to shape discussions among economists and policymakers.

Teaching and Acceptance

Curricula

Austrian economics is often included in the curriculum of economics programs that focus on heterodox theories. However, in most mainstream economics departments, it is not a core part of the curriculum. Instead, it may be covered briefly or as part of a broader survey of economic thought.

Criticism

Mainstream economists often criticize Austrian economics for its methodological individualism and lack of empirical testing. This has contributed to a perception that the discipline is less rigorous compared to other economic schools of thought. However, these critiques also highlight the need for ongoing critical inquiry and discussion within the broader academic community.

Conclusion

In summary, while Austrian economics is not as widely accepted as mainstream theories, it is taken seriously within certain academic circles and is taught at some universities. Its influence persists, particularly among scholars who advocate for free-market principles and critique government intervention in the economy. As the field continues to evolve, the role of Austrian economics within the broader academic landscape remains an interesting and important area of study.

References:
- Review of Austrian Economics
- Austrian Economics Research Conference
- George Mason University Department of Economics
- Ludwig von Mises Institute