Austrian School Methodology: A Forgotten Perspective?

 
PIIS086904990011442-8-1
Publication type Article
Status Published
Authors
Occupation: Associate Professor
Affiliation:
Centre for Business Education, Kazimieras Simonavicius University (Vilnius, Lithuania)
Department of Management, Belarusian National Technical University (Minsk, Republic of Belarus)
Address: Vostochnaya st., 39–84, Minsk, 220040
Journal nameObshchestvennye nauki i sovremennost
EditionIssue 1
Pages108-118
Abstract

The article contains analysis of the Austrian school methodology. Despite to popular beliefs, methodological individualism is neither atomism nor reductionism. It is shown that human interaction in the tradition of the school is analyzed through the prism of the institutional environment. The real man in his economic activity, not the hypothetical Homo Economicus is considered. The role of methodological subjectivism as a basis for understanding the reality is underlined. It is emphasized that it is impossible to compare and summarize the subjective estimates of individuals. The concept of subjectivity of information leads to a rejection of the general economic equilibrium approach and the maximizing public welfare policy. Author agrees with presented criticism of the concept of social liberalism by other representatives of the Austrian school and supplements the criticism with two more aspects. Firstly, on the way of the transition from individual to public interest the problem of the value comparability does not solved. The second question is on the correctness to use the basic term "liberalism" for this concept.

Keywordsmethodological individualism, methodological subjectivism, institutions, Austrian school, social liberalism
Received11.09.2020
Publication date29.01.2018
Number of characters1162
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