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The Austrian School of Economics: A view from London

  • Peter J. Boettke
  • Rosolino A. CandelaEmail author
Article
  • 11 Downloads

Abstract

This paper explores the intellectual context of the Department of Economics at the London School of Economics and Political Science (LSE) during the 1930s. We will be focusing on the contributions of F.A. Hayek, along with Lionel Robbins, in fostering an intellectual environment for the transmission and incorporation of Austrian economics, particularly the works of Ludwig von Mises. In doing so we illustrate that Hayek and Robbins were attempting to craft a unified tradition of economic theory that consisted of various strands of economic thought that had either contributed to, or were consistent with, the Austrian tradition. The work done by Hayek, as well as Robbins, at the LSE not only consolidated the ideas of the Austrian tradition that had developed from Vienna. In doing so, they also rearticulated the broader theoretical contributions of classical political economy as a counterweight against an emerging neoclassical and Keynesian paradigm.

Keywords

F.A. Hayek Lionel Robbins London School of Economics 

JEL classification

B25 B31 B53 

Notes

Acknowledgements

This paper was presented on October 12, 2018 at the 7th Biennial Workshop on Austrian Economics sponsored by the Wirth Institute for Austrian and Central European Studies at the University of Alberta in Edmonton, Canada. We thank Alfred Wirth for sponsoring this workshop, and the participants of the workshop for their valuable feedback and comments. We also thank Professor Tim Besley for an invitation to present this paper at a seminar hosted by the Spinoza Foundation, the Department of Economics of the London School of Economics and Political Science (LSE), and the Suntory and Toyota Internationale Centres for Economics and Related Disciplines (STICERD) Institutions, Organizations and Growth Programme on February 18, 2019. In addition, we thank the archivists of the LSE library for granting us access to the special collection of the papers of Lionel Robbins in preparation of this article. In addition, we gratefully acknowledge Marcus Shera for his helpful feedback and comments. Any remaining errors are entirely our own.

We also acknowledge the financial support of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA
  2. 2.F.A. Hayek Program for Advanced Study in Philosophy, Politics, and EconomicsMercatus CenterFairfaxUSA

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