Abstract
This entry describes the role of Austrian Economics as a branch of economics which has enriched economic theory with important concepts and theoretical alternatives. After focusing on main representatives and their ideas (specifically uncertainty, entrepreneurship, evolution, insufficient knowledge, and “rules”) it stresses some differences to mainstream neoclassical economics and possible applications to the discipline of Law and Economics. It argues that some discussions within Austrian Economics (e.g. social design of rules vs. evolutions of rules, the role of markets and institutions, and a specific understanding of efficiency and rationality) have a direct bearing on this discipline and should therefore be analyzed in more detail.
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Litschka, M. (2019). Austrian School of Economics. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_92
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DOI: https://doi.org/10.1007/978-1-4614-7753-2_92
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