Philosophy Dictionary of ArgumentsHome
| |||
|
| |||
| Author | Concept | Summary/Quotes | Sources |
|---|---|---|---|
|
Austrian School on Knowledge - Dictionary of Arguments
Parisi I Knowledge/Austrian School: Karen Vaughn, while describing the overall Austrian approach, wrote that it was “impossible to think of Austrian economics as anything but the economics of time and ignorance” (Vaughn, 1994(1), p. 134). Rizzo clarifies that it is the economics of individuals coping with real time and radical ignorance (O’Driscoll and Rizzo, 1996(2), xiii). The problem of decentralized knowledge and uncertainty is at the very core of the Austrian approach to economics, especially the Austrian approach to law and economics. If individuals were not continuously faced with uncertainty and ignorance, a system of legal rules would be quite different. If one takes seriously the fact that all knowledge is decentralized, institutions must have certain characteristics to solve the problem of dispersed knowledge in society. Legal institutions play an important role in coordinating plans and expectations of different individuals in a market economy, as they help individuals overcome problems of exchange. Perhaps the most important contribution of Austrian economics, as exemplified especially in the work of F. A. Hayek, is the understanding that individual behavior and social cooperation take place in the face of decentralized knowledge. >Knowledge/Hayek. 1. Vaughn, K. I. (1994). Austrian Economics in America: The Migration of a Tradition. New York: Cambridge University Press. 2. O’Driscoll, G. P. and M. J. Rizzo (1996). The Economics of Time and Ignorance. New York: Routledge Press. Podemska- Rajagopalan, Shruti and Mario J. Rizzo “Austrian Perspectives on Law and Economics.” In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University. _____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Austrian School | ||
> Counter arguments against Austrian School
> Counter arguments in relation to Knowledge
Ed. Martin Schulz, access date 2024-04-27