Tuesday, November 19, 2019

Another Defense of Austrian Welfare Economics

In their article published in a recent issue of Wroclaw Economic Review, Wysocki and Megger attempt to undermine Rothbard’s welfare theory as articulated in his classic essay on the subject. More specifically, they suggest that the theory in question generates some fatally counterintuitive conclusions and relies on viciously circular arguments. In this response, I argue that the objections raised by the abovementioned authors miss their mark by failing to grasp the praxeological essence of certain crucial points that constitute Rothbard’s analytical edifice, which is grounded in the broader insights of the Austrian School into the nature of human action, the market process and transactional efficiency.

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