Understanding Market Processes : An Austrian View of 'Knowing'

This paper argues that the approach to economics that is characteristic of Austrian economists emerged out of the interaction of continental thought and classical economics. This approach begins with reflection upon the purposive action of living men, and views the market as an ongoing process of learning and discovery. The paper concludes that Austrian economists, as a result of this process perspective, possess a greater appreciation for, and are able to explain the complex phenomena of social interactions better than the standard Neo-classical economics