Why are There no Austrian Social Democrats?

Abstract

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.

Citation

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, Leeds, pp. 89-100. https://doi.org/10.1108/S1529-213420190000024009