Best of the Podcast! — Israel Kirzner on the Revival of Austrian Economics
Hayek Program Podcast
00:00
The Revisionist History of the Austrian School
The mainstream of economic thought during this period certainly did not appreciate these defenses of the Austrian positions in the socialist calculation debate. Mises and Hayek realized, or at least sensed, when confronted with the Langie learner-type refutations that microeconomic theory focused almost exclusively on equilibrium outcomes. What they now sensed was that significant elements of basic economic understanding must be restated to emphasize social benefits derived from the rivalrous market process.
Transcript
Play full episode
