On Friday, November 02, 2001 8:57 AM Fred Foldvary [EMAIL PROTECTED] wrote: > Austrian economics is not specifically capital-based, as there is > much more to it, and has more fundamental features, but as a > distinction from other schools of thought, indeed Austrian > capital-goods theory has not been integrated into the mainstream and > hence makes Austrian theory distinctive.
I agree, though the Austrian school has a more developed capital theory than any other school. IIRC, capital theory was basically abandoned by the other schools in the 1930s... (Perhaps someone more widely read could tell us if I'm misinformed here.) > As to one's approach to economics, is it not the best course to > attempt to integrate the warranted theory from all schools to create > a universalist school? I agree here, though the focus on capital pays dividends in spades, in my opinion, just as, e.g., evolutionary theory does not explain or exhaust all biological phenomena, but it helps with so much. Cheers! Daniel Ust http://uweb.superlink.net/neptune/
