More Timely Than Ever!

Saturday, January 08, 2011

The Austrians and the Classicals

It is not without wisdom that Lionel Robbins says, in his introduction to Wicksteed’s Common Sense of Political Economy, “a very good case could be made out for the view that, with all their differences, the systems which seem to make the clearer break with the past are, in fact, nearer in spirit to the classical system than those which have preserved more closely the classical terminology and apparatus.” The system making the clearer break, of course, is that of Austrian economics. The one more closely preserving the classical terminology is that of Alfred Marshall.

No comments: