TY  - CHAP
AB  - The logic of economic inquiry requires two distinct research programs. One program treats economic life in terms of invariant formal categories across time and place. The other program treats the continual generation of novelty and turbulence through time and human interaction. These programs are not commensurable: one cannot be reduced to the other. The former program must be conveyed by a theory of equilibrium; the latter program requires a process-based theory of emergent phenomena. Roy Weintraub articulated a neo-Walrasian research program in his General Equilibrium Analysis, and here I sketch a complementary neo-Mengerian program. In presenting this sketch, I also explain that needless analytical confusion and antagonism can result from a failure to recognize that economic analysis requires two distinct research programs. As a historical side-bar, Carl Menger probably recognized this situation, as evidenced by his correspondence with Léon Walras.
VL  - 14
SN  - 978-0-85724-261-7, 978-0-85724-262-4/1529-2134
DO  - 10.1108/S1529-2134(2010)0000014012
UR  - https://doi.org/10.1108/S1529-2134(2010)0000014012
AU  - Wagner Richard E.
ED  - Roger Koppl
ED  - Steven Horwitz
ED  - Pierre Desrochers
PY  - 2010
Y1  - 2010/01/01
TI  - Change within permanence: time and the bivalent logic of economic analysis
T2  - What is so Austrian about Austrian Economics?
T3  - Advances in Austrian Economics
PB  - Emerald Group Publishing Limited
SP  - 181
EP  - 203
Y2  - 2024/05/08
ER  -