Map of Schwendt

Map of Schwendt on Many Austrians reject the use of mathematics to represent economic thinking. Some reject the use of statistics to test theories. Neoclassical economics, as practiced and taught for most of the 20th century, became a theory of static resource allocation. Capital and population are treated as given parameters. It is not that neoclassical economists are uninterested in growth and development; rather, in the formal theory the mathematical methods ushered in by the marginal revolution resulted in a truncation of the subject matter to fit the available methods. A question for the future is whether economics will be driven by its methods or by its subject matter. Insiders and outsiders have long questioned the adequacy of comparative static to represent a dynamic world. Map of Schwendt 2016.

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Map of Schwendt

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