ABSTRACT
The contemporary interest in Austrian economics is a remarkable phenomenon. From the period from the end of the last war until the mid-1970s all that was thought to be significant (for example, the account of the market, the subjectivist value theory and the theory of capital) had been incorporated into the mainstream of economic thought and its distinctive characteristics had been confined to the more arcane texts in the history of the discipline: a position validated by a prominent sceptic of its claim to originality, Milton Friedman, who once declared that ‘there is no Austrian economics, there are only good economics and bad economics’ (see Dolan 1976: 4).
