s countries around the globe were rediscovering political freedom, speakers at the Federal Reserve Bank of Dallas' fourth annual South A west Conference called for greater economic freedom-free trade in markets free of artificial barriers and misguided regulations, free trade through out a continent (perhaps a hemisphere) that has discarded unnecessary restraints and is poised to emerge as a preeminent competitive force in the 21st century. The Dallas Fed conference, titled "Beyond the Border: Expanding Trade for Prosperity" and held October 24-25, 1992, brought together several hundred participants interested in the possibility of free trade throughout North America and beyond. "How far south can we go?" conference speaker Javier Murcio asked. His answer: "As far as economic reform takes hold. " Around the globe, countries were becoming engulfed in what Henry an "absolute prairie fIre of democracy. " And one of the fIrst Cisneros called places many nations were attempting to exercise this new-found political freedom was in the marketplace. As Richard Fisher put it: " . . . market capitalism is a universally accepted dogma. " "This world . . . is becoming one interdependent marketplace. State and national boundaries have become meaningless. No longer are there such things as domestic or foreign fIrms. Decisionmakers can be anywhere they wish to be because computerization and telecommunications allow people to be every where at once," Fisher said."

he 1980s began during a great upswing in the Southwest economy, but what lay ahead was a decade of plummeting oil prices, deflated real estatevaluesandunprecedentedbankfailures. Thethemeofthe Federal T Reserve BankofDallas' second annual conferenceon the Southwesteconomy, "The 1990s: A Different Decade," reflected our belief that the beginning ofthe new decade would mark a turn toward economic strength in the Southwest. The conference, held Oct. 26-27, 1989, at Loews Anatole Hotel in Dallas, Texas, brought together more than 250 interested individuals and speakers for anexchangeofinformationand ideas. Topics rangedfrom the currentcondition of the Southwest economy to the factors shaping the future. Theinfluences on the Southwest economy are diverse but interrelated. For example, the Southwest faces a complex dilemma in reforming its educational system. As conference speakers illustrated many times, education reform and the quality ofour schools are closely linked to the region's, if not the nation's, ability to compete in future world markets. These proceedings follow the basic organizational pattern of the confer ence. Keynote and luncheon addresses appear in the first section, General Meetings-The 1990s: ADifferent Decade, which includes speeches by Bobby R. Inman, admiral, United States Navy (retired), and private investor; Robert H. Boykin, president and chief executive officer of the Federal Reserve Bank of Dallas; WilliamH. Cunningham; presidentofthe UniversityofTexas, Austin;and John B. McCoy, chairman and chief executive officer of Banc One Corp. Session One, Meeting the Challenges in Education, provides insight from five experts, who survey the current state ofeducation, past attempts at reform andpossiblesolutions for problemsintheeducationalsystemsofthe Southwest."

Proceedings of the 1990 Conference on the Southwest Economy Sponsored by the Federal Reserve Bank of Dallas

The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.

Series Information:
Foundations of the Market Economy

he 1980s began during a great upswing in the Southwest economy, but what lay ahead was a decade of plummeting oil prices, deflated real estatevaluesandunprecedentedbankfailures. Thethemeofthe Federal T Reserve BankofDallas' second annual conferenceon the Southwesteconomy, "The 1990s: A Different Decade," reflected our belief that the beginning ofthe new decade would mark a turn toward economic strength in the Southwest. The conference, held Oct. 26-27, 1989, at Loews Anatole Hotel in Dallas, Texas, brought together more than 250 interested individuals and speakers for anexchangeofinformationand ideas. Topics rangedfrom the currentcondition of the Southwest economy to the factors shaping the future. Theinfluences on the Southwest economy are diverse but interrelated. For example, the Southwest faces a complex dilemma in reforming its educational system. As conference speakers illustrated many times, education reform and the quality ofour schools are closely linked to the region's, if not the nation's, ability to compete in future world markets. These proceedings follow the basic organizational pattern of the confer- ence. Keynote and luncheon addresses appear in the first section, General Meetings-The 1990s: ADifferent Decade, which includes speeches by Bobby R. Inman, admiral, United States Navy (retired), and private investor; Robert H. Boykin, president and chief executive officer of the Federal Reserve Bank of Dallas; WilliamH. Cunningham; presidentofthe UniversityofTexas, Austin;and John B. McCoy, chairman and chief executive officer of Banc One Corp. Session One, Meeting the Challenges in Education, provides insight from five experts, who survey the current state ofeducation, past attempts at reform andpossiblesolutions for problemsintheeducationalsystemsofthe Southwest.

Proceedings of the 1990 Conference on the Southwest Economy Sponsored by the Federal Reserve Bank of Dallas

s countries around the globe were rediscovering political freedom, speakers at the Federal Reserve Bank of Dallas' fourth annual South A west Conference called for greater economic freedom-free trade in markets free of artificial barriers and misguided regulations, free trade through out a continent (perhaps a hemisphere) that has discarded unnecessary restraints and is poised to emerge as a preeminent competitive force in the 21st century. The Dallas Fed conference, titled "Beyond the Border: Expanding Trade for Prosperity" and held October 24-25, 1992, brought together several hundred participants interested in the possibility of free trade throughout North America and beyond. "How far south can we go?" conference speaker Javier Murcio asked. His answer: "As far as economic reform takes hold. " Around the globe, countries were becoming engulfed in what Henry an "absolute prairie fIre of democracy. " And one of the fIrst Cisneros called places many nations were attempting to exercise this new-found political freedom was in the marketplace. As Richard Fisher put it: " . . . market capitalism is a universally accepted dogma. " "This world . . . is becoming one interdependent marketplace. State and national boundaries have become meaningless. No longer are there such things as domestic or foreign fIrms. Decisionmakers can be anywhere they wish to be because computerization and telecommunications allow people to be every where at once," Fisher said."