This chapter argues that if Austrian economics is to attain the influence, impact, and esteem enjoyed by comparable traditions, it cannot continue to produce research that only and always reaches free market conclusions. While the foundational principles of Austrian economics are incompatible with socialism, this does not settle every policy question in favor of laissez-faire. Factors such as historical circumstances and the particularities of local contexts should lead Austrians to take seriously some arguments in favor of government intervention. Freed from its ideological shackles, Austrian economics can provide a powerful toolkit for positive, scientific research addressing the most important questions in contemporary political economy.
I am grateful to Samuel DeCanio, Paul Lewis, and David Skarbek, as well as the Editors of this journal, for their comments on earlier versions of this chapter.
Meadowcroft, J. (2019), "Why are There no Austrian Social Democrats?", D'Amico, D.J. and Martin, A.G. (Ed.) Assessing Austrian Economics (Advances in Austrian Economics, Vol. 24), Emerald Publishing Limited, pp. 89-100. https://doi.org/10.1108/S1529-213420190000024009Download as .RIS
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