I am to some extent an Austrian, on three counts.This really puzzled me. I sincerely wonder how anyone could regard the first two points as uniquely — or even especially — Austrian.[*] Subjective valuation and role of the price mechanism are fundamental concepts to virtually every school of economic thought, and certainly those found within the mainstream corpus. It's true that matters are complicated by the consideration of (say) externalities, but if these qualities are characteristic of Austrians... well, then basically all of us would qualify.First, I subscribe to the notion that value is subjective; that goods’ and services’ values differ according to different individuals because they serve various uses to various users, and that value is entirely in the eye of the beholder.Second, I subscribe to the notion that free markets succeed because of the sensitive price feedback mechanism that allocates resources according to the real underlying shape of supply and demand and conversely the successful long-term allocation of labour, capital and resources by a central planner is impossible (or extremely unlikely), because of the lack of a market feedback mechanism.Third, I subscribe to the notion that human thought is neither linear nor rational, and the sphere of human behaviour is complicated and multi-dimensional, and that attempts to model it using linear, mechanistic methods will in the long run tend to fail.
At this point, I don't wish to be too unkind to John. I enjoyed his post and judging by his response to me in the comments section, he was mostly trying to strike a conciliatory tone before moving on to his criticisms. However, this sort of thing is far too prevalent in the economic debates that I find myself in, with heterodox schools being especially guilty... and I say that as someone with strong sympathies for a number of heterodox positions. Unfortunately, despite a number of valid criticisms against the mainstream, many supporters of heterodox economics continue to demonstrate a very poor understanding of the fact that many of “their” ideas are actively embraced and shared by the rest of the profession. (Nick Rowe is another person recently given to exasperation after dealing with one too many lazy jibes from armchair critics, although in this case I can think of at least one person who is holding firm.)