Network Explorer

Austrian economics stans would do well to drop the victimhood over being ignored, and instead claim victory, because the best of that tradition — above all, its microeconomic insight — was so well-integrated into mainstream economics. You don't get Alfred Marshall and supply and demand charts, or neoclassical price theory, without Carl Menger (both a marginalist and an Austrian) and the subjective theory of value. Price lies at the intersection of supply and demand — i.e., subjective valuations. Price theory as we know it now doesn't ignore what the Austrians learned. Instead, it gives it all more rigorous foundations and expression using calculus. And fergodssake, Hayek won a Nobel prize (shared), and remains one of the most widely quoted and cited economists, by economists, to this day. Mises, I'll concede was "quietly buried". Imagine an Aristotle scholar complaining that logic classes don't focus on categorical syllogisms anymore. Of course they don't; we can do all that and more, now, using Fregean and post-Fregean notation and mathematics. We see the superset now, and teach it first.