The Two Faces of Realism in Austrian Economics
The Two Faces of Realism in Austrian Economics

Author(s): Jakub Bożydar Wiśniewski
Subject(s): Governance, Economic policy, Political economy
Published by: Addleton Academic Publishers
Keywords: Walter Block; economics; realism; two faces; causal-realistic orientation;
Summary/Abstract: One of the major defining features of Austrian economics is its causal-realistic orientation (Salerno 2010). It stands for, on the one hand, the application of strict logical deduction from the action axiom, and, on the other hand, the focus on real-world economic phenomena as opposed to idealized abstractions and contrived equilibrium models (Klein 2008).

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