The original contributions in this Handbook provide an introduction to the application of Austrian economics to law. The book begins with chapters on the methodology of law and economics before moving on to chapters which discuss key concepts in Austrian economics such as; dynamic competitive processes, spontaneous order, subjective value, entrepreneurship, and the limited nature of individual knowledge - as they relate to topics in evolutionary law and basic law. This book presents contributions from both economists and legal scholars on topics ranging from methodology of analysis and the evolution of contemporary legal practice, to the teachings of basic law. Taken as a whole, this Handbook provides a strong overview of contemporary research in the Austrian school of law and economics. It is an approach that reflects both the examination of how alternative legal arrangements impact economic performance, and how to use the tools of basic economic reasoning to study the operation of legal rules. Scholars working in the fields of law, jurisprudence, economics, and public policy will find this an important resource on the cutting edge of Austrian political economy in application to law and economics. Contributors include: B.L. Benson, P.J. Boettke, D.J. Boudreaux, H.N. Butler, E.R. Claeys, C.J. Coyne, M. DeBow, M.T. Henderson, S. Horwitz, P.G. Klein, M. Krause, T.A. Lambert, P.T. Leeson, J. Parker, G.J. Postema, S. Rajagopalan, D. Skarbek, E.P. Stringham, R.E. Wagner, T.J. Zywicki

The search for alternatives to capitalism and the problem of comparative assessment of the performance of socialist and capitalist systems have inspired one of the richest and most remarkable episodes in the history of economic thought. By the mid 20th century an entire field had emerged, conceptualizing, theorizing, monitoring, and analyzing the largest and most consequential social and economic natural experiment in human history: Real-life Socialism. This research review focuses on the fundamental literature associated with the comparative study of socialist and capitalist systems. It features both a well-rounded inquiry of the modern history of economic thought, as well as a vibrant and critical disentanglement of the role of the economic system from the role of environment and policy decisions, as determinants of economic performance. This review will be an interesting and invaluable research resource for academics and students alike.

The original contributions in this Handbook provide an introduction to the application of Austrian economics to law. The book begins with chapters on the methodology of law and economics before moving on to chapters which discuss key concepts in Austrian economics such as; dynamic competitive processes, spontaneous order, subjective value, entrepreneurship, and the limited nature of individual knowledge - as they relate to topics in evolutionary law and basic law. This book presents contributions from both economists and legal scholars on topics ranging from methodology of analysis and the evolution of contemporary legal practice, to the teachings of basic law. Taken as a whole, this Handbook provides a strong overview of contemporary research in the Austrian school of law and economics. It is an approach that reflects both the examination of how alternative legal arrangements impact economic performance, and how to use the tools of basic economic reasoning to study the operation of legal rules. Scholars working in the fields of law, jurisprudence, economics, and public policy will find this an important resource on the cutting edge of Austrian political economy in application to law and economics. Contributors include: B.L. Benson, P.J. Boettke, D.J. Boudreaux, H.N. Butler, E.R. Claeys, C.J. Coyne, M. DeBow, M.T. Henderson, S. Horwitz, P.G. Klein, M. Krause, T.A. Lambert, P.T. Leeson, J. Parker, G.J. Postema, S. Rajagopalan, D. Skarbek, E.P. Stringham, R.E. Wagner, T.J. Zywicki

The Austrian school of economics was founded in 1871 with the publication of Carl Menger's Principles of Economics. In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. The home of the field moved first to Britain and then on to the US, and at present a diverse mix of intellectual traditions in economic science is obvious in contemporary Austrian school economists. While one could argue that a unique Austrian school of economics operates within the economic profession today, one could also sensibly argue that the label 'Austrian' no longer possesses any substantive meaning. This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called 'Austrians'. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences. Contributors: S.A. Beaulier, P.J. Boettke, C.J. Coyne, A.J. Evans, P.T. Leeson, S.C. Miller, B. Powell, F. Sautet, V.H. Storr, E.P. Stringham, J.R. Subrick

Challenging Institutional Analysis and Development demonstrates the importance of one of the 2009 Nobel Prize in Economics winners Elinor Ostrom's research program. The Bloomington School has become one of the most dynamic, well recognized and productive centers of the New Institutional Theory movement. Its ascendancy is considered to be the result of a unique and extremely successful combination of interdisciplinary theoretical approaches and hard-nosed empiricism. This book demonstrates that the well-known interdisciplinary and empirical agenda of the Bloomington Research Program is the result of a less-known but very bold proposition: an attempt to revitalize and extend into the new millennium a traditional mode of analysis illustrated by authors like Locke, Montesquieu, Hume, Adam Smith, Hamilton, Madison and Tocqueville. As such, the School tries to synthesize the traditional perspectives with the contemporary developments in social sciences and thus to re-ignite the old approach in the new intellectual and political context of the twentieth century.

The book presents an outline and a systematic analysis of the vision behind the Bloomington Research Program in Institutional Analysis and Development, explaining its basic assumptions and its main themes as well as the foundational philosophy that frames its research questions and theoretical and methodological approaches.

This book will be of interest to students and scholars of social science, especially those in the fields of economics, political sciences, sociology and public administration.

This major three-volume collection - offered in the centenary year of Hayek's birth - celebrates a lifetime of scholarship and original contributions that cross the disciplines of politics, philosophy and economics. Hayek rose to fame as a young technical economist engaged in debate with Keynes and became infamous in middle age for his harsh critique of socialist planning. For much of the 1950s and 1960s Hayek was ignored as a relic of 19th century economic liberalism as the tide of intellectual and political fashion moved against both his warnings about Keynesian demand management and his critique of socialist planning. Late in life, Hayek was celebrated as a prescient scholar who foresaw the decline in both the Keynesian and socialist systems of economic control. Hayek made major analytical contributions which have yet to be appreciated by either friend or foe. Through this selection of classic articles The Legacy of Friedrich von Hayek attempts to place Hayek's contributions to political economy in a proper perspective.

The Austrian school of economics was founded in 1871 with the publication of Carl Menger's Principles of Economics. In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. The home of the field moved first to Britain and then on to the US, and at present a diverse mix of intellectual traditions in economic science is obvious in contemporary Austrian school economists. While one could argue that a unique Austrian school of economics operates within the economic profession today, one could also sensibly argue that the label 'Austrian' no longer possesses any substantive meaning. This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called 'Austrians'. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences. Contributors: S.A. Beaulier, P.J. Boettke, C.J. Coyne, A.J. Evans, P.T. Leeson, S.C. Miller, B. Powell, F. Sautet, V.H. Storr, E.P. Stringham, J.R. Subrick

This thoroughly revised, extended and updated edition of a critically acclaimed textbook provides an accessible and cohesive introduction to the burgeoning discipline of institutional economics. Requiring only a basic understanding of economics, this lucid and well-written text will be essential reading for undergraduate and postgraduate students wanting to understand the problems of the real world - such as entrepreneurship, innovation, the cost of the welfare state, international financial crises, and economic development. As institutional economics is now revolutionizing policymaking, the book can also serve as a guide to the pressing problems facing policymakers in mature and emergent countries alike. Key features include: - A short 'Primer' at the beginning of each chapter to highlight the main issues and their relevance. - Key Concepts such as 'institutions', 'economic order', 'coordination costs', 'competition' and 'public policy' are highlighted and clearly defined. - International coverage is ensured as the three authors, experienced academic teachers, work in the US, Europe and the Asia Pacific.

The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager. Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.

Perestroika was acclaimed in the west but brought empty shelves in the east. Why Perestroika Failed argues that this was inevitable because it was not based on a sound understanding of market and political processes. Even if the perestroika programme had been carried out to the full it would have failed to bring about the structural changes necessary to transform what was the Soviet economy.

Ludwig von Mises is not the most well-known classical liberal political economist of the twentieth century. He has remained relatively obscure because both methodologically and ideologically his thinking went against the prevailing mood and on a personal level he was more difficult to approach than other thinkers of his time. However, among those in the know, he is considered to be the architect of Austrian economic thought, the most ardent defender of classical liberalism in the last century and history's strongest critic of socialism. This new collection of previously published writings has three main aims: to introduce the reader to von Mises and the core of his ideas; to provide a number of essays which project the Misesian spirit, contribute to Mises's system and suggest areas for future research based on his insight and thought; and to establish an interest in Mises's ideas among those not already familiar with them. This pathbreaking book seeks to be the definitive collection documenting the intellectual legacy of Ludwig von Mises in modern political economy. Its intended readership is scholars in the history of political economy and in particular those interested in the Austrian school of economics.

Challenging Institutional Analysis and Development demonstrates the importance of one of the 2009 Nobel Prize in Economics winners Elinor Ostrom's research program. The Bloomington School has become one of the most dynamic, well recognized and productive centers of the New Institutional Theory movement. Its ascendancy is considered to be the result of a unique and extremely successful combination of interdisciplinary theoretical approaches and hard-nosed empiricism. This book demonstrates that the well-known interdisciplinary and empirical agenda of the Bloomington Research Program is the result of a less-known but very bold proposition: an attempt to revitalize and extend into the new millennium a traditional mode of analysis illustrated by authors like Locke, Montesquieu, Hume, Adam Smith, Hamilton, Madison and Tocqueville. As such, the School tries to synthesize the traditional perspectives with the contemporary developments in social sciences and thus to re-ignite the old approach in the new intellectual and political context of the twentieth century.

The book presents an outline and a systematic analysis of the vision behind the Bloomington Research Program in Institutional Analysis and Development, explaining its basic assumptions and its main themes as well as the foundational philosophy that frames its research questions and theoretical and methodological approaches.

This book will be of interest to students and scholars of social science, especially those in the fields of economics, political sciences, sociology and public administration.

This collection of essays from one of the major Austrian economists working in the world today brings together in one place some of his key writings on a variety of economic issues.

Contents:
1: Why no Austrian socialists?; 1A Appendix: Is economics a moral science?; Part I - The Theoretical Framework; 2: Economic calculation: The Austrian contribution to political economy; 3: Hayek's The Road to Serfdom revisited: Government failure in the argument against socialism; 4: Coase, communism and inside the 'Black Box' of soviet-type economies; Part II - History and practice of real existing socialism; 5: The soviet experience with pure communism; 5A Appendix: The Soviet experience with pure communism: Rejoinder to Nove; 6: The political economy of Utopia: Communism in Soviet Russia, 1918-1921; 7: Soviet venality: A rent-seeking model of the communist system; Part III - Realism and Reform; 8: Credibility, commitment and soviet economic reform; 9: Perestroika and public choice: The economics of autocratic succession in a rent-seeking society; 10: The reform trap in economics and politics in the former communist economies; 11: Promises made and promises broken in the Russian transition; 12: The Russian crisis: Perils and prospects for Post-soviet transition; 13: The political infrastructure of economic development; 13A Appendix: The argument applied to Post-Perestroika Russia; Part IV - Political economy and the fate of economies; 14: Why culture matters: economics, politics and the imprint of history; 15: Concluding remarks; 15A Appendix A: Economic freedom and economic growth; 15B Appendix B: Economic growth and human well-being

The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager. Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.

Perestroika was acclaimed in the west but brought empty shelves in the east. Why Perestroika Failed argues that this was inevitable because it was not based on a sound understanding of market and political processes. Even if the perestroika programme had been carried out to the full it would have failed to bring about the structural changes necessary to transform what was the Soviet economy.

eBook available with sample pages: 0203419472

Market process theory is principally concerned with explaining how the market moves towards a state of general economic equilibrium and how production and consumption plans become coordinated. Market Process Theories presents in two volumes the most important articles by leading economists which contribute to an understanding of the processes of economic coordination.Volume I examines classical and neoclassical theories; it suggests that many classical writers can be interpreted as having anticipated a more dynamic disequilibrium analysis, and evaluates Marxian process theory also in this light. Other topics include analyses of price adjustment models, stability and disequilibria and a discussion of the challenge of increasing returns. Volume II deals with criticisms of standard theories such as institutionalism and post Keynesian criticisms. It also offers an exploration of the Swedish influence in the field with papers on the theory of savings and the concept of monetary equilibrium among others. Austrian economics is the subject of the final section, which explores such topics as the meaning of competition, process analysis and price and quantity adjustment.

Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

Examines the post-1970s area of the Austrian economic tradition, from its revival to its contemporary directions and development. The book comprises texts on the relationship of Austrian economics to Institutionalism, Evolution, and Post-Keynesian economics to present a look at "the way forward".

Examines the post-1970s area of the Austrian economic tradition, from its revival to its contemporary directions and development. The book comprises texts on the relationship of Austrian economics to Institutionalism, Evolution, and Post-Keynesian economics to present a look at "the way forward".

The late 20th century has witnessed a resurgence of interest in the Austrian tradition in economics. However where once studies concentrated on the major theorists in the field, new directions are emerging. This edition takes up where Kirzner (Classics in Austrian Economics, Pickering & Chatto, 1995) and Littlechild (Austrian Economics, Edward Elgar, 1990) left off. The collected texts in this edition concern the post-1970s area of the Austrian tradition, from its revival to its contemporary directions and development. In particular, there is an increasing interest in the relationship of Austrian economics to the three fields of Institutionalism, Evolution, and Post-Keynesian economics. This edition comprises a collection of key and lesser-known texts in these areas to present a look at the way forward in Austrian economics.

Examines the post-1970s area of the Austrian economic tradition, from its revival to its contemporary directions and development. The book comprises texts on the relationship of Austrian economics to Institutionalism, Evolution, and Post-Keynesian economics to present a look at "the way forward".

Alexis de Tocqueville's work touched upon an exceptionally broad range of social scientific disciplines, from economics to religion, and from education to international affairs. His work consistently appeals to scholars dismayed by existing disciplinary silos. Tocqueville is also well-regarded for diagnosing both the promise and perils of democratic life. Consideration of his ideas provokes serious consideration of and engagement with contemporary trends as citizens in democratic countries cope with challenges posed by new technological, cultural, and political changes. However, attention to Tocqueville is uneven across disciplines, with political theorists paying him the most heed and economists the least. This volume focuses on political economy, trying to bridge this divide. This book collects essays by emerging scholars from a variety of disciplines-political science, economics, sociology, philosophy, and social thought-to examine Tocqueville's thoughts on political and social economy and its contemporary relevance. The book is divided into two halves. The first half engages with the main currents of research on Tocqueville's own thoughts regarding economic institutions, constitutionalism, liberalism, history, and education. The second half applies Tocqueville's insights to diverse contemporary topics including international relations, citizenship, mass incarceration, and pedagogy. This volume will be of interest to scholars and students interested in Tocqueville, the history of political thought, and a variety of current policy issues.

Advances in Austrian Economics is a research annual whose editorial policy is to publish original research articles on Austrian economics. Each volume attempts to apply the insights of Austrian economics and related approaches to topics that are of current interest in economics and cognate disciplines. Volume 21 exemplifies this focus by highlighting key research from the Austrian tradition of economics with other research traditions in economics and related areas.