By Guinevere Liberty Nell (eds.)
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Additional info for Basic Income and the Free Market: Austrian Economics and the Potential for Efficient Redistribution
I refer here to this sense of methodological instrumentalism, not the predictive sense which argues that any model with accurate predictive results is equally valuable. Austrian economists reject that sort of methodological instrumentalism vehemently. 15. Frank Knight expressed concern over the direction economics was going as it tried to encompass more and more of life, assuming that all decisions were made rationally, explaining that in fact life was a process of discovery—something Austrians should, but clearly do not, understand.
On the face of it, the very idea of efficiency presupposes an independently given set of wants in terms of which the comparative effectiveness of different systems of production could be estimated. If markets create the demands that they then proceed to satisfy, the argument becomes damagingly circular. The market is affected by preferences, but a tilted set. These preferences, expressed as demand in the market, create profit opportunities for those willing to fill these new and different needs.
Oxford: Clarendon Press. Lewin, Peter. 2013. ), The Elgar Companion to Hayek. Cheltenham: Edward Elgar. Lister, Andrew. 2011. ” CSSJ Working Papers Series, SJ017. Lynch, Alberto Benegas. 1971. “Property and Freedom,” in Toward Liberty: Essays in Honor of Ludwig von Mises on the Occasion of his 90th Birthday, Vol. 1. Menlo Park, CA: Institute for Humane Studies. Mackay, Thomas. 1891. A Plea For Liberty: An Argument against Socialism and Socialistic Legislation. New York: D. Appleton and Company.
Basic Income and the Free Market: Austrian Economics and the Potential for Efficient Redistribution by Guinevere Liberty Nell (eds.)