The Oxford Handbook of Austrian Economics

Hardcover | October 15, 2015

EditorPeter J. BoettkebyChristopher J. Coyne

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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. Individual choices are indeed made on the margin, but theevaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, andis open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century andcontinued 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. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of aheterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars andstudents working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.

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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. Individual choices are indeed made on the margin, but theevaluations of rank ordering of ends sought in...

Peter J. Boettke is University Professor of Economics and Philosophy at George Mason University and Director of The F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. Christopher J. Coyne is the F.A. Harper Professor of Economics at George Mason University ...

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Format:HardcoverDimensions:824 pages, 9.88 × 7.01 × 2.09 inPublished:October 15, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199811768

ISBN - 13:9780199811762

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Table of Contents

1. Peter Boettke and Christopher Coyne: IntroductionMETHODOLOGY2. Adam Martin: Austrian Methodology: A Review and SynthesisMICROECONOMICS3. Lynne Kiesling: The Knowledge Problem4. Frederic Sautet: Market Theory and the Price System5. Jesus Huerta de Soto: Austrians Versus Market Socialists6. Daniel D'Amico: Spontaneous OrderMACROECONOMICS AND MONETARY ECONOMICS7. Peter Lewin and Howard Baetjer: The Capital Using Economy8. John P. Cochran: Capital-Based Macroeconomics: Austrians, Keynes, and Keynesians9. Andrew Young: Austrian Business Cycle Theory: A Modern Appraisal10. Kevin Dowd: Free BankingINSTITUTIONS AND ORGANIZATIONS11. Emily Chamlee-Wright and Virgil Storr: Social Economy as an Extension of the Austrian Research Program12. Nicolai J. Foss, Peter G. Klein, and Stefan Linder: Organizations and Markets13. Bruce Benson: The Evolution of Property Rights Systems14. Edward Stringham: On the Origins of Stock MarketsPUBLIC POLICY AND INTERVENTIONISM15. Roger Koppl: The Rule of Experts16. Mario Rizzo: The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral Economics17. Sanford Ikeda: Dynamics of InterventionismPOLITICAL ECONOMY18. Stefan Kolev: Ordoliberalism and the Austrian School19. Richard Wagner: The Tax State as Source of Perpetual Crisis20. Mark Pennington: Constitutional Political Economy and Austrian Economics21. Randall Holcombe: Public Choice and Austrian Economics22. Paul Dragos Aligica: The Market Process Theory Perspective of Capitalism: Normative Facets and ImplicationsAUSTRIAN CONNECTIONS AND EXTENSIONS23. Maria Minnitti: On the Economy Wide Implications of Kirznerian Alertness24. Ryan Langrill and Virgil Storr: Contemporary Austrian Economics and the New Economic Sociology25. Gregory Dempster: The Austrian Theory of Finance: Is It a Unique Contribution to the Field?26. Ulrich Witt and Naomi Beck: Austrian Economics and the Evolutionary Paradigm27. J. Barkley Rosser: Complexity and Austrian Economics28. Bill Butos and Thomas McQuade: The Sensory Order, Neuroeconomics and Austrian EconomicsDEVELOPMENT, TRANSITION, AND SOCIAL CHANGE29. Peter Boettke and Olga Nicoara: What Have we Learned from the Collapse of Communism?30. Thomas K. Duncan and Christopher Coyne: The Political Economy of Foreign Intervention31. G.P. Manish and Benjamin Powell: From Subsistence to Advanced Material Production: Austrian Development Economics32. Scott A. Beaulier and Daniel J. Smith: On Your Mark, Get Set, Develop! Leadership and Economic DevelopmentAPPLICATIONS: THE 2007 FINANCIAL CRISIS33. Steven Horwitz: The Financial Crisis in the United States34. Anthony J. Evans: The Financial Crisis in the UK: Uncertainty, Calculation and Error