Austrian Economics As a Basis for a General Marketing Theory: Potentials and Limitations

In the field of marketing a number of theories compete for recognition, academic support and theoretical credibility. It follows that research on marketing is highly fragmented. The work at hand is a study on possibilities and obstacles of "Austrian economics" - which emphasises the coordinating role of information (mostly via price-signals) in dynamic markets - as a general marketing-theory. The aim of this book is threefold: Firstly, to show different concepts and problems of marketing and marketing-theory; secondly, to discuss epistemological principles and criteria towards marketing theories in general and Austrian economics in particular; finally, to apply epistemological criteria on Austrian economics. It is found that in spite of its epistemological weaknesses in regard to Popper''s criteria, Austrian economics offers important insights for marketing theory in regard to its descriptive and explicative properties. For instance, without marketing, the market process would come to a halt in a state of disequilibrium. Thus, it is the informational role of marketing that improves the choices of alert consumers and helps the market to reach equilibrium.