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1、THEONGOINGMETHODENSTREITOFTHEAUSTRIANSCHOOL*JesusHuertadeSoto0"WhatdistinguishestheAustrianSchoolandwilllenditimmortalfameispreciselythefactthatitcreatedatheoryofeconomicactionandnotofeconomicequilibriumornon-action."11.IntroductionThefallofrealsocialismafewyearsagoandthecrisisoftheWelfar
2、eState'hasmeantaheavyblowforthemainlyneoclassicalresearchprogramthathassupportedsocialengineeringtodate,atthesametimeastheconclusionsoftheAustriantheoreticalanalysisontheimpossibilityofsocialismseemstobelargelyconfirmed.Inaddition,1996hasbeenthe125thanniversaryoftheAustrianSchoolwhich,asw
3、eknow,cameintoofficialexistencein1871withthepublicationofCarlMenger'sGrundsat~e.~Itseems,therefore,thatthisistheappropriatemomenttoreturntoananalysisofthedifferencesbetweenthetwoapproaches,Austrianandneoclassical,togetherwiththeircomparativeadvantages,inthelightofboththelatesteventsandthe
4、mostrecentevolutionofeconomicthought.Thispaperisdividedintothefollowingsections.Firstly,thecharacteristicsthatdistinguishthetwoapproaches(Austrianandneoclassical)willbeexplainedanddiscussedindetail.Secondly,asummarizedaccountoftheMethodenstreitwhichtheAustrianSchoolhasbeenmaintainingsince
5、1871todatewillbepresenteddiscussingitsdifferent"rounds"andimplications.AreplytothemostcommoncriticismsmadeoftheAustrianapproach,togetherwithanevaluationofthecomparativeadvantagesofthetwopointsofview,willconcludethepaper.*IthankLelandYeager,IsraelM.Kirznerandtwoanonymousrefereesfortheirkin
6、dremarksonthispaper.ApreviousversionofitscontentwaspresentedattheMontPelerinSocietyMeetinginVienna,September1996."Prcfesscrsf?c!itica!Ec~ncmy~UniversitadCcmphtensedeMadrid,Spain.Mises-1978,p.36.Volume8,nume'ro1,Mars1998,pp75-113.76JournaldesEconomistesetdesEtudesHumaines2.TheessentialdHfe
7、rencesbetweentheAustrianandneoclassicalschoolsPerhapsoneofthemainfeatureswhichislackinginthestudyprogramsoftheschoolsofeconomicsisthat,todate,theyhavenotgivenacompleteintegratedviewoftheessentialelementsofthemodernAustrianparadigmvis-ii-visthemainstreamneoclassicala
