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11 – 20 of over 4000This chapter argues that if Austrian economics is to attain the influence, impact, and esteem enjoyed by comparable traditions, it cannot continue to produce research that only…
Abstract
This chapter argues that if Austrian economics is to attain the influence, impact, and esteem enjoyed by comparable traditions, it cannot continue to produce research that only and always reaches free market conclusions. While the foundational principles of Austrian economics are incompatible with socialism, this does not settle every policy question in favor of laissez-faire. Factors such as historical circumstances and the particularities of local contexts should lead Austrians to take seriously some arguments in favor of government intervention. Freed from its ideological shackles, Austrian economics can provide a powerful toolkit for positive, scientific research addressing the most important questions in contemporary political economy.
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Menger′s Grundsätze is explored; the Aristotelianbackground of the discourse is probed, as is the problematic image ofMenger sketched in the secondary literature as soon as it is…
Abstract
Menger′s Grundsätze is explored; the Aristotelian background of the discourse is probed, as is the problematic image of Menger sketched in the secondary literature as soon as it is confronted with this Aristotelanism and with the subjective value theory and the motif of time, error and uncertainty. The conflicting elements of this picture are pieced together.
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For nearly 80 years, the field of macroeconomics has largely been shaped by the aftermath of the Keynesian revolution. Many economists have argued that this revolution and the…
Abstract
For nearly 80 years, the field of macroeconomics has largely been shaped by the aftermath of the Keynesian revolution. Many economists have argued that this revolution and the subsequent internal and external disputes it has sparked have had the unfortunate side effect of crowding out much of what was good in macro-level analysis before it, leading to the dissatisfactory state of macroeconomics we have today. In the search for alternative paths for macroeconomics, I focus on two separate but compatible traditions: monetary disequilibrium (MD) theory and the Austrian business cycle theory (ABCT). I argue that scholars in these traditions employed a far richer micro-theoretic explanation for the business cycle well before Keynes’s General Theory. Unfortunately, their ideas were not united in time to mount a sufficient counterattack to the Keynesian crusade. My goal is to unite the best elements of these two traditions by providing what I believe is the “missing link” that can help connect these alternative paths: free banking theory.
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This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for…
Abstract
Purpose
This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for understanding the dynamics of property market processes.
Design/methodology/approach
This paper sets out the basic principles of the Austrian economics thesis, including an outline of the entrepreneurial discovery approach to market processes, a core precept of the Austrian thesis. It then relates the core assumptions of the Austrian school to the workings of the property market.
Findings
It is argued that the driving force of property market process is provided by the entrepreneurial and profit-seeking speculative activities of human agents as they are confronted with incomplete information in an uncertain property market context. Thus, Austrian economics offers a sound and practical alternative theoretical approach to the study of property market, which places the market within its socio-economic context.
Originality/value
In-depth examination of the provisions, assumptions, philosophical orientation and limitations of the Austrian tradition of economic thought toward a better understanding of the workings of the property market.
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The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an…
Abstract
The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an analysis of nine basic features of the evolutionary process and evolutionary approach, including a dynamical view of economic phenomena (seen from a historical perspective), a focus on far-from-equilibrium analysis, a proper and realistic perception of time, and a population perspective (to what extent emergent properties are results of interaction among economic agents). The relevant features of the evolutionary process are the heterogeneity and behavior of economic agents, the search for novelty based on a concept of economic agents’ hereditary information, a selection process (based on the concept of rivalry), spontaneity of development, and the presence of decision-making procedures (how economic agents make decisions, and to what extent their subjective values play a role). The goal of the comparative analysis is to estimate the level of “evolutionary content” of the three schools. My subjective evaluation suggests that only the Austrian school can be called entirely evolutionary. Slightly less evolutionary are the neo-Schumpeterians, and the least evolutionary are the institutionalists.
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Using recent literature, examines developments in seven macroeconomic schools of thought: orthodox Keynesian, monetarist, new classical, real business cycle theory, new Keynesian…
Abstract
Using recent literature, examines developments in seven macroeconomic schools of thought: orthodox Keynesian, monetarist, new classical, real business cycle theory, new Keynesian, Austrian and post‐Keynesian. Describes all of these and classifies them as orthodox, new or radical. After setting out the differences, discusses the degree of agreement between the schools of thought. Concludes that macroeconomics is constantly evolving, resulting in new disagreements requiring a new consensus.
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Roger Koppl (2009, p. 1) argues that “Austrian economics is a school of thought within the broader complexity movement in economics.” Is he correct? Although there are many who…
Abstract
Roger Koppl (2009, p. 1) argues that “Austrian economics is a school of thought within the broader complexity movement in economics.” Is he correct? Although there are many who have argued for some overlapping between the two, I shall argue that this is probably an overly strong statement. The main reason is that there are substantial elements and strands within Austrian economics that do not fit in with any of the multiple varieties of complexity theory, even though there are some that clearly do.
Per L. Bylund, Mark D. Packard and David J. Rapp
The purpose of this paper is to illustrate how research on the intersection of public policy and entrepreneurship has been bounded by its static approach and how a processual…
Abstract
Purpose
The purpose of this paper is to illustrate how research on the intersection of public policy and entrepreneurship has been bounded by its static approach and how a processual analysis based on Austrian economics can advance the understanding of the subject matter.
Design/methodology/approach
Rooted in the Austrian school of economics, this conceptual paper adopts a processual approach in order to unveil the effects that public policy exerts upon entrepreneurship and the market process.
Findings
The authors argue that by interfering with the market process, public policy detrimentally alters what otherwise would have been the market's natural evolution reflecting acting individuals' subjective valuations. It causes progressively self-reinforcing market distortions which result in comparatively lower levels of both capital accumulation and societal wealth.
Research limitations/implications
The paper urges future research to rethink public policy's effects on entrepreneurship and to explore them more comprehensively, utilizing market process analysis.
Practical implications
This research suggests that public policy can never be neutral but necessarily comes with distortive and often detrimental effects. That is, public policy comes at the innate expense of hampering the entrepreneurial process. Thus, new public policies and those already in place should be carefully reconsidered in light of these effects.
Originality/value
This paper offers a novel take on how to best understand the effects public policy has on entrepreneurship and the market process.
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Being a relatively newer member to the school of Austrian economics, I have seen the world of the economics profession and its many schools of thought through many lenses. Having…
Abstract
Being a relatively newer member to the school of Austrian economics, I have seen the world of the economics profession and its many schools of thought through many lenses. Having this different perspective, I disagree with Pete Boettke on his ideas for ways to change the procedural way the Austrian school does economics. We need to be empirical about not just the economy, but of the history of economic thought. I believe the main goal should not be higher impact factors, but true progression of scientific knowledge. More focus on what we are doing, and less on counting articles.
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