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Critique of Austrian Economics

Abstract

The Quarterly Journal of Austrian Economics mission statement (Block, Hoppe & Salerno 1998) claims that “This forum is open... to articles expressing cogent criticisms of Austrian economics that are useful in provoking a rethinking and clarification of critical points of its theory, policy, or method.  As was the case during our tenure with the Review of Austrian Economics, we will not shy away from controversy, regardless of whose oxen are gored.”
The purpose of this paper is to provoke a rethinking of Austrian economics and perhaps to gore a few oxen.  I have tried to be cogent.

Table of Contents

INTRODUCTION		1
Part I		2
I II III IV V VI VII VIII IX	The Aggregate Production Structure Wealth or Income? Sideways and Backwards? The Average Period of Production Roundaboutness The Natural Rate of Interest The Severity and Recalcitrance of Depressions The Naïveté of Austrian Economists Summary of the Critique of Hayek	2 3 6 8 15 17 21 25 27
Part II		29
X XI XII XIII XIV	The Severity and Recalcitrance of Depressions Explained The Meaninglessness of Price Indexes The Originary Rate of Interest Mises’ Regression Theorem Mises’ Pseudo-Axiomatic Praxeological Method	29 29 30 31 33
Part III		36
	Appendix References Illustrations	42 44 48