ABSTRACT OF PAPER
Title: History and equilibrium as a perfect match: Austrian Economics and the neo-Walrasian paradigm - A study in the case of money
Author: Molavi Vasséi Arash
The purpose of this paper is to appease the neo-Walrasian paradigm with Austrian Economics and thereby to show that there is no such thing as an insurmountable antagonism between the concepts of ’history’ and ’equilibrium.’ Whereas genuine Austrian insights are discovered and enhanced by impeding the Walrasian intrusion into the unique mark which the Austrian School’s founding father left on the Marginalist Revolution, it will be argued that there is a common vision of economics shared by both, the heirs of Menger and of Walras. It will rather become evident that the Lausanne tradition is only able to withstand the critique of competing visions of economic theory, if it is vindicated from an Austrian point of view. This is exemplified for the case of money. It is shown in how far Austrian Economics depends on the rigor offered by the neo-Walrasian paradigm to conceptualize the realm of purposeful action, whereas general equilibrium analysis is in need of the causal framework provided by Austrian economics.
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