On Austrian economics

Most standard economics assumes that the relationships we are trying to understand can be captured by a continuous function that’s smooth and twice differentiable. What the Austrian analytics suggests is that life is not actually a continuous and smooth function that’s twice differentiable, but instead a lumpy function, a discrete function, in which there are all kinds of difficulties in the ability for us to model them the way our standard approach does.

Peter Boettke

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2 Responses to On Austrian economics

  1. Pingback: Need a primer in Austrian economics? | Publius Online

  2. Pingback: Need a primer in Austrian economics? [video clip] | Publius Online

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