Heterodox Economics: The Austrian School

This paper explores the nature of Economics, examining its core definitions and delving into its philosophical underpinnings. Unlike the natural sciences, Economics lacks a universally accepted object of study and relies on fabricated indicators like GDP and inflation. The discussion highlights the Austrian School of Economics, which, rooted in praxeology and the a priori principles of human action as articulated by Ludwig Von Mises, presents a heterodox view. This perspective challenges conventional Neoclassical and Keynesian approaches, emphasizing logical deduction over empirical methods. Additionally, the paper critiques the use of mathematics in Economics from the Austrian viewpoint, arguing that mathematical models oversimplify human behavior and fail to capture the dynamic, subjective nature of economic interactions.

State intervention in the economy

The article introduces the discussion on the necessity of state regulation of the market through a micro level and at a macro level using mainly the statements of Keynes and Friedman, two opposite economists on the topic. The essay goes through the pros and cons of each part and ends up on a state intervention position.

¿El mercado surge del egoísmo?

Autor: LUIS SANAGUSTÍN BALLESTEROS Descarga el artículo completo en PDF a continuación: Muchos son los economistas que definen la economía como una ciencia meramente descriptiva. Así, se obvian los factores normativos, como la moral, considerándose variables exógenas al ámbito de la disciplina. Sin embargo, ¿esto siempre fue así? No lo parece en el caso del…

A review of modern business cycle models

A critic’s perspective about mainstream assumptions in economics Autores: FERRÁN GARCÍA, LUIS SANAGUSTÍN, DARIO CORTABITARTE, NÚRIA MASSANÉS, POL COMAS Descarga el artículo en PDF a continuación: John Maynard Keynes’ General Theory changed the framework through which  macroeconomics was conceived, substituting the monetary theory (see Laidler, 1999, or Dimand, 2008).  Keynes’ aim in the book was…