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The Austrian School forms a concise but comprehensive exposition of
the main tenets of the modern Austrian School of Economics while
also providing a detailed explanation of the differences between
the Austrian and the neoclassical (including the Chicago School)
approaches to economics. The book also includes: * reviews of the
contributions of the main Austrian economists, critical analysis of
the major objections to Austrian economics and an evaluation of its
likely future development * complete exposition on the concepts and
implications of entrepreneurship and dynamic competition * a new
concept of dynamic efficiency (as an alternative to the standard
Paretian criterion) and a generalised definition of socialism (as a
systematic aggression against entrepreneurship) * evaluation of the
role of Spanish Scholastics of the 16th century as forerunners of
the Austrian School, as well as the influence and contributions of
the main Austrian Scholars of the 19th and 20th centuries. This
book will most notably appeal to Austrian economists but also to
other free market economists as well as researchers and academics
of economic methodology, the history of economic thought,
institutional economics and comparative economic systems.
This highly topical book presents a new theory on the
characteristics of entrepreneurial knowledge. It explores the
recent shift among professional economists and scholars in their
evaluation of the debate of socialism. Socialism, Economic
Calculation and Entrepreneurship presents an application of Israel
M. Kirzner's theory of entrepreneurship to the theory of the
impossibility of socialism. It discusses the influence of the fall
of socialism, with particular reference to the evolution of
economic thought.
The Austrian School forms a concise but comprehensive exposition of
the main tenets of the modern Austrian School of Economics while
also providing a detailed explanation of the differences between
the Austrian and the neoclassical (including the Chicago School)
approaches to economics. The book also includes: * reviews of the
contributions of the main Austrian economists, critical analysis of
the major objections to Austrian economics and an evaluation of its
likely future development * complete exposition on the concepts and
implications of entrepreneurship and dynamic competition * a new
concept of dynamic efficiency (as an alternative to the standard
Paretian criterion) and a generalised definition of socialism (as a
systematic aggression against entrepreneurship) * evaluation of the
role of Spanish Scholastics of the 16th century as forerunners of
the Austrian School, as well as the influence and contributions of
the main Austrian Scholars of the 19th and 20th centuries. This
book will most notably appeal to Austrian economists but also to
other free market economists as well as researchers and academics
of economic methodology, the history of economic thought,
institutional economics and comparative economic systems.
This book gathers a collection of English language essays by Jesus
Huerta de Soto over the past ten years, examining the dynamic
processes of social cooperation which characterize the market, with
particular emphasis on the role of both entrepreneurship and
institutions. The author's multidisciplinary approach to the
subject is in keeping with a trend in economic thought established
by the Austrian school of economics; a discourse that had witnessed
a significant revival over the last thirty years. Areas covered in
this book include an introduction to the theory of dynamic
efficiency as an alternative to the standard paretian criteria, an
explanation of the differences between the Austrian and the
neoclassical approach to economics, a generalized definition of
socialism that allows the joint application of the analysis of
interventionism, a dynamic Austrian approach to the analysis of
free market environmentalism, nationalism, the reform of Social
Security and the theory of banking and an evaluation of the role of
Spanish Scholastics of the Sixteenth Century.
This highly topical book presents a new theory on the
characteristics of entrepreneurial knowledge. It explores the
recent shift among professional economists and scholars in their
evaluation of the debate of socialism. Socialism, Economic
Calculation and Entrepreneurship presents an application of Israel
M. Kirzner's theory of entrepreneurship to the theory of the
impossibility of socialism. It discusses the influence of the fall
of socialism, with particular reference to the evolution of
economic thought.
This book gathers a collection of English language essays by
Jesus Huerta de Soto over the past ten years, examining the dynamic
processes of social cooperation which characterize the market, with
particular emphasis on the role of both entrepreneurship and
institutions. The author s multidisciplinary approach to the
subject is in keeping with a trend in economic thought established
by the Austrian school of economics; a discourse that had witnessed
a significant revival over the last thirty years.
Areas covered in this book include an introduction to the theory
of dynamic efficiency as an alternative to the standard paretian
criteria, an explanation of the differences between the Austrian
and the neoclassical approach to economics, a generalized
definition of socialism that allows the joint application of the
analysis of interventionism, a dynamic Austrian approach to the
analysis of free market environmentalism, nationalism, the reform
of Social Security and the theory of banking and an evaluation of
the role of Spanish Scholastics of the Sixteenth Century.
LARGE PRINT EDITION More at LargePrintLiberty.com
Philipp Bagus, professor of economics at Universidad Rey Juan
Carlos in Madrid, is a young scholar with a large influence, having
forecast all the problems with the Euro and having persuaded many
economists on the Continent that this currency is no better than
any fiat currency. In some ways it is much worse because it has
cartelized the management of European monetary regimes and created
a terrible moral hazard. We often hear analysis of the workings of
the Fed. Discussion of the European Central Bank is more rare.
Bagus compares the two institutions to show a fundamental
difference. Member states of the ECB can run deficits and expect
them to be financed by the ECB. This is not true with the Fed. So
Europe has a tragedy of the commons at work with its monetary
policy that sets up very dangerous incentives for member states.
For this reason, the system is unworkable. With this book,
Professor Bagus brings his scholarship to English readers,
explaining the background to the idea of European unity and its
heritage of sound money. He explains that the Euro is not what the
older classical liberals had hoped for but instead is a politically
managed money that is destined for failure. He writes with a keen
sense for economic analytics and empirical detail, offering one of
the most accessible and yet rigorous accounts of the emergence of
the Euro. He predicts its downfall due to political pressures, bad
banking practices, and exploding public-sector liabilities. The
analogies with the dollar are indeed close, but with welfare states
at a more advanced stage, it will be a race to see which paper
currency will crumble first. Professor Bagus brings theoretical
power to investigating one of the most important topics in
economics today. His arguments and evidence convinced even Jesus
Huerta de Soto to withdraw support for the Euro. For this reason,
de Soto has written the introduction to this important work.
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