Author Archives: Andris Birkmanis

2012 in review

The stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

4,329 films were submitted to the 2012 Cannes Film Festival. This blog had 19,000 views in 2012. If each view were a film, this blog would power 4 Film Festivals

Click here to see the complete report.

Methodological Individualism Meets Math, Part 2 the previous post I tried to convince the reader that Theory of Games and Economic Behavior may be of some value even to a strict follower of the Austrian school. As one reader commented (thanks, Anthony!) Morgenstern was an Austrian himself. But does it mean everything he wrote is absolutely compatible with, say, Human Action of Ludvig von Mises?

The topic of today’s post is chapter 3: The Notion of Utility. Some people think that the stance on utility can quickly separate Austrians from adherents of other schools. And no, this is not as simple as just asking whether utility is cardinal or ordinal.
Test yourself on these questions, too. Continue reading

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Methodological Individualism Meets Math

Adherents of the Austrian school of economic thought are often accused of inability to use mathematical methods. The Austrians themselves often mistrust math applied to economic theory, if it’s anything more complicated than arithmetic or basic algebra, either on the grounds that “utility is not cardinal” or simply because “Mises never used calculus”.
Therefore, it may seem that Theory of Games and Economic Behavior, by mathematician John von Neumann and economist Oskar Morgenstern, is incompatible with Austrian views. Or is it?
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