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For one semester survey courses in general economics Teach your
students how to think like economists. The Economic Way of Thinking
goes beyond explaining the basic principles of micro- and
macroeconomic analysis by showing students a method of reasoning
that teaches them how to apply these principles as tools. The
authors expose students to a method of reasoning that makes them
think like an economist through example and application and also
shows them how not to think, by exposing errors in popular economic
reasoning. The latest edition has been thoroughly updated with
current material.
The Socialist Calculation debate was one of the defining moments of
20th-century economics, opening fundamental questions about the
market economy and the possibility of a non-market economy. Was a
socialist economy really feasible? Advocates like Lange and Taylor
clearly thought so, but their critics led by Mises and Hayek were
implacable in their opposition. During the '30s and '40s the
Socialists clearly appeared to have won the day: 50 years later,
with the collapse of communism, a different consensus emerged. This
set contains material which should provide an understanding of the
debate itself, as well as giving a critical insight into the
relative merits of capitalism, socialism, and the alternative
market socialism.
The third volume of The Collected Works of Israel M Kirzner
presents a collection of writings on capital theory that serve both
as a discourse in the history of economic thought and as conceptual
clarification in one of the most complex subjects in economics.
This edition explores the notions of capital and interest in light
of the controversies surrounding these topics. The first essay in
this volume is Kirzner's introduction to the 1996 edition. The
second essay was published as a stand-alone book in 1966 and
presents Kirzner's capital theory, focusing on multi-period
production plans. In the third essay Kirzner offers an
interpretation of Ludwig von Mises's view of capital and interest.
The fourth essay, written in the late 1980s, is Kirzner's attempt
to clarify the difficulties found in interest theory. Finally, the
fifth essay deals with Sir John Hick's capital theory in light of
Kirzner's own Austrian position.
No other economist in recent times has been so closely identified
with the Austrian School of economics as Israel M Kirzner,
professor emeritus of economics at New York University. A leader of
the generation of Austrian economists after Ludwig von Mises and F
A Hayek, Kirzner has been recognised as one of the minds behind the
revival of entrepreneurship and market process theory in the
twentieth century. This book defines Israel M Kirzners unique
contribution to the economics profession. Pointing out the
shortcomings of the traditional microeconomic model, Kirzner offers
an alternative and complementary view, which illuminates and
enriches the way economists think of the market process.
Recognising that economics cannot explain sheer novelty and
ultimately social change by referring only to productive factors
already in use, Kirzner develops a theory of the market process
that focuses on the role of the pure entrepreneurial element in
human action.This leads him to reconstruct the theory of price in
order to understand, as he puts it, how the decisions of individual
participants in the market interact to generate the market forces
which compel changes in prices, outputs, and methods of production
and in the allocation of resources. In doing so, Kirzner offers a
new appraisal of competition moving the entrepreneurial function
back to centre stage, thereby shedding new light on issues such as
monopoly pricing, cartels, and pure profit.
The third volume of The Collected Works of Israel M Kirzner
presents a collection of writings on capital theory that serve both
as a discourse in the history of economic thought and as conceptual
clarification in one of the most complex subjects in economics.
This edition explores the notions of capital and interest in light
of the controversies surrounding these topics. The first essay in
this volume is Kirzner's introduction to the 1996 edition. The
second essay was published as a stand-alone book in 1966 and
presents Kirzner's capital theory, focusing on multi-period
production plans. In the third essay Kirzner offers an
interpretation of Ludwig von Mises's view of capital and interest.
The fourth essay, written in the late 1980s, is Kirzner's attempt
to clarify the difficulties found in interest theory. Finally, the
fifth essay deals with Sir John Hick's capital theory in light of
Kirzner's own Austrian position.
"Market Theory and the Price System" was published in 1963 as
Kirzner's first (and only) textbook. This volume presents an
integrated view of Austrian price theory. The basic aim of the book
is to utilise the tools of economic reasoning to explain the market
process. The unique framework Kirzner develops for microeconomic
analysis, following Mises and Hayek, examines error in
decision-making, entrepreneurial profit, and competition as a
process of discovery and learning.
"Market Theory and the Price System" was published in 1963 as
Kirzner's first (and only) textbook. This volume presents an
integrated view of Austrian price theory. The basic aim of this
book is to utilise the tools of economic reasoning to explain the
market process. The unique framework Kirzner develops for
microeconomic analysis, following Mises and Hayek, examines error
in decision-making, entrepreneurial profit, and competition as a
process of discovery and learning.
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 the evaluations 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, and
is 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 and continued 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 a heterodox 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 and students 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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