The Austrian School of Economics at Harvard University: Fact or Fiction?

For those interested in the Austrian School of Economics, one common question is whether it has any representation at Harvard University. In this article, we will explore whether there are any economists from the Austrian School on the faculty at Harvard, and why or why not.

Current Faculty at Harvard Economics

As of my last update in August 2023, Harvard University does not have any prominent faculty members who are explicitly identified as part of the Austrian School of Economics. The faculty at Harvard tends to focus on a variety of economic theories and methodologies, including neoclassical economics, behavioral economics, and institutional economics. However, individual faculty members may engage with Austrian ideas in their research or teaching even if they do not identify strictly with the Austrian School. Checking Harvard's economics department website or faculty pages directly for the most current information is recommended.

Reasons Why

There are several reasons why the Austrian School is not prominently represented at Harvard:

1. Academic Preferences:
Harvard's economics faculty is known for its diverse range of academic preferences, ranging from neoclassical economics to behavioral economics. The focus is often on theoretical and empirical research, with a strong emphasis on using mathematical models and rigorous quantitative analysis to test economic theories. The Austrian School, while valuable in its own right, does not fit into these frameworks as tightly as other theories do.

2. Research Publications:
A prominent aspect of academic faculty positions is the ability to publish in top-tier academic journals. The Austrian approach to economics often lacks the focus on mathematical rigor and empirical testing that is required for publication in highly regarded journals. Therefore, even if there are economists who hold Austrian views, they may find it challenging to secure faculty positions at top institutions like Harvard.

3. School Traditions:
Harvard is often referred to as a "saltwater" school, emphasizing more Keynesian and traditional economic methodologies. In contrast, institutions like George Mason University and the Ludwig von Mises Institute are known as "freshwater" schools, where the Austrian approach thrives. Traditional saltwater schools tend to have a broader and more diversified focus on economic theories, which can sometimes exclude the Austrian School.

Occasional Influences

While there may not be a large number of faculty members identified as Austrian School economists at Harvard, it's worth noting that the influence of the Austrian approach can still be found in the work of individual faculty members. Some researchers may draw from Austrian sources and integrate their ideas into their broader economic models. However, this engagement tends to be more as a source of inspiration or a critical point of reference rather than the primary focus of their research.

Conclusion

The Austrian School of Economics is not prominently represented among the faculty at Harvard University. While there may be some engagement with Austrian ideas by individual faculty members, the overall academic focus and research methodologies at Harvard are more aligned with traditional and modern economic approaches that emphasize rigorous quantitative analysis and mathematical modeling.

For the latest and most accurate information, it is always best to consult directly with Harvard's economics department website or faculty pages.