NGRAM — NEOCLASSICAL ECONOMICS VS AUSTRIAN ECONOMICS

The key event in the post-war rise of the word “neoclassical economics” seems to be Paul Simpson’s 1949 AER article, “Neoclassical Economics and Monetary Problems”, which defines neoclassical economics as:

“[A] body of analysis derived from postulates concerning individual behavior in its efforts to maximize well-being.  Individualistic and hedonistic in its approach, as formulated . . . → Read More: NGRAM — NEOCLASSICAL ECONOMICS VS AUSTRIAN ECONOMICS

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.. that central question of all social sciences: How can the combination of fragments of knowledge existing in different minds bring about results which, if they were to be brought about deliberately, would require a knowledge on the part of the directing mind which no single person can possess? — F. A. Hayek

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