Austrian economics and the analysis of labor markets |
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| Authors: | Steve Fleetwood |
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| Institution: | (1) Department of Organisation, Work and Technology, Lancaster University Management School, Lancaster University, Lancaster, UK |
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| Abstract: | Theory and policy relating to labor markets is dominated by the mainstream labor market model, although a less well-known,
socioeconomic version can also be identified. The mainstream model is methodologically flawed and forced, thereby, to relegate
any (serious) investigation of labor market institutions and/or social structures to the margins of its analysis. The socioeconomic
account is not so much methodologically flawed, as methodologically ambivalent. While this ambivalence does not actually prevent
the investigation of institutions and/or social structures, it does promote ambiguity whenever we inquire into the precise nature of the interaction between them and labor markets. Insights from Austrian economics, when used in collaboration with critical
realist methodology, can play a part in augmenting the socioeconomic account, generating a totally new approach to the analysis
of labor markets.
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| Keywords: | Labor markets Ontology Methodology Deductivism Embedding Institutions Social structures Rules |
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