The Austrian school rejected state intervention and economic mathematization alike

Evidence

For these theorists—Ludwig Von Mises and Friedrich Hayek being the most prominent, along with Joseph Schumpeter as the Austrian émigré voice in the United States—the free market has a long-run evolutionary structure that government intervention can only harm. Siding firmly with the “can’t live without it” school, the Austrian school rejected the state as having any positive or necessary role in the economy. They also rejected the increasing mathematization of economics that was underway at that time. Seeing the economy as evolutionary, disequilibrial, and driven by entrepreneurs acting in uncertainty, they preferred historical analysis to differential calculus. — Mark Blyth, Austerity, 383

Categorization

• DEFINE: Defines the core Austrian-school epistemology: evolutionary, disequilibrial, entrepreneurial, anti-mathematical, anti-statist.
• XREF: connects to: Austrian economics constituted the original reactionary rejection of state-managed liberalism — Mark Blyth, Austerity: The History of a Dangerous…, 315; Austrian economics originated as a reaction against state-led development — Mark Blyth, Austerity: The History of a Dangerous…, 382; Schmölders rejected Hayek’s deductive economics in favor of empirical social-science methods — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 329 (+4 more)

Broader Connections

• Austrian economics constituted the original reactionary rejection of state-managed liberalism #expands (0.92) — Mark Blyth, Austerity, 315
• Schmölders rejected Hayek’s deductive economics in favor of empirical social-science methods #exemplifies (0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 329
• Hayek rejected social and economic rights as incoherent and unenforceable #expands (0.82) — Jessica Whyte, The Morals of the Market, 145
• Hayek treated inherited inequality as natural and rejected state correction as impracticable #exemplifies (0.80) — Jessica Whyte, The Morals of the Market, 222
• Austrian economics originated as a reaction against state-led development #corroborates (0.78) — Mark Blyth, Austerity, 382
• German ordoliberalism kept neoclassical equilibrium theory while the Austrian school diverged from it #complicates (0.75) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 551
• Chicago economists resisted Hayek’s Austrian methodology, demanding empirical research instead. #complicates (0.72) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 734