Quarterly Journal of Austrian Economics
Author:
Roderick T. Long
Online Publish Date:
Volume 9, No. 3 (Fall 2006) Austrians have frequently criticized neoclassical economics for the unrealistic character of its assumptions. Neoclassical models are typically “idealized”; that is, they leave out such features of the real-world economy as rivalry, imperfect information, nonmonetary incentives, and the passage of time. In his