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A great transformation is more than a cluster of reforms and also more than a mere transition between regimes. A sufficiently clear and specific conception of a great transformation not only yields a convenient shorthand term for comprehensive change, but also may contribute to asking the right questions regarding theoretical challenges and practical difficulties associated with comprehensive change.

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This paper provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. After looking back, we review the contemporary development of the Austrian school and, in doing so, discuss the tensions, alternative paths, and the promising future of Austrian economics.

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The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics.
The Oxford Handbook of Austrian Economics provides an overview of this school and its theories.

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Robert Sugden has recently elaborated upon the case for a normative standard of freedom as „opportunity“ that is supposed to cope with the problem of how to realign normative economics – with its traditional rational choice orientation – with behavioral economics. His approach however lacks psychological substance.