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Elinor C. Ostrom, a Nobel prize winning political economist, made
important contributions to common pool resources, economic
governance, and polycentricity. Viviana A. Zelizer, a prominent
economic sociologist, has done groundbreaking work on how culture
shapes our economic lives. Together, the work of Ostrom and Zelizer
spans the disciplines of economics, sociology, political science,
and public policy by exploring the social relations and
community-based organization of everyday life. Both scholars
examine the norms, social connections, and cultural impacts of
exchange and governance. This volume explores their contributions
and builds off of their research programs to explore the social
movements, community recovery, and war, and women's issues across a
variety of disciplines, including economics, political science,
sociology, history, and archaeology. Inspired by Zelizer's 2019
Ostrom Speaker Series lecture for the F. A. Hayek Program for
Advanced Study in Philosophy, Politics, and Economics at the
Mercatus Center at George Mason University, this volume explores
the connections between the work of Elinor Ostrom and Viviana
Zelizer. Beginning with a lead chapter by Zelizer where she
reflects on the connections between her work and Ostrom's oeuvre,
the volume brings together scholars who tease out some of the
important concepts and implications of Ostrom and Zelizer's
research. This volume furthers economic inquiry by ensuring that
the critical examinations of these timely and important themes are
made available to students and scholars.
The theme of this volume is 'New Thinking in Austrian Political
Economy'. It includes original research by scholars working within
Austrian political economy. The contributors draw on insights from
Austrian economics that shed new light on a range of relevant
topics including: the role of culture in economic action, the
political economy of post-disaster recovery, class structure,
decentralized political orders, drones, institutional change,
macroeconomics, and superstition and norms. Each chapter discusses
the relevance of Austrian political economy for understanding the
topic under analysis and discusses areas for future exploration and
research. The volume captures the relevance of Austrian political
economy for scholarship on a wide array of topics and its potential
as an active and open-ended research program. Scholars working in
the areas of Austrian economics, heterodox economics,
constitutional political economy, cultural studies, political
science, public choice, sociology, and public policy will find the
volume of interest.
The relationship between the Austrian tradition and Bloomington
institutionalism has been part of a larger intellectual evolution
of a family of schools of thought that coevolved in multiple
streams over the last 100 years or so. The Bloomington scholars,
once they delineated the broader parameters of their own research
program, started to reconstruct, reinterpret, and in many cases
simply rediscover and reinvent Austrian insights and themes. As
such, they created the possibility of giving those insights and
themes new interpretations and new applications, in novel
circumstances with new research priorities, in particular, public
administration, governance and collective action, and
entrepreneurship in non-market settings. Was there a programmatic
and explicit effort to recover and reinvent the Austrian tradition?
The answer has to be an emphatic 'no'. But that is precisely the
reason why the Ostroms' work should be interesting to scholars
working in the Austrian tradition. The thematic convergence and the
compatibility and complementarity between the Austrian and
Bloomington schools is driven by their internal underlying
theoretical logic and by the logic of problem solving. Upon closer
inspection, the underlying familial and genealogical connections
reveal themselves again and again. The convergence and interplay
between these two intellectual traditions is rich and productive.
On the one hand, it stands as a demonstration of the applied
relevance of the set of approaches and issues that we traditionally
associate with the Austrian tradition. On the other hand, it is a
challenge to further explore and elaborate this area. This volume
is an attempt to respond to that challenge.
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.
Culture has been a relatively understudied subject within
economics. Economists who have studied it often conceive culture as
a form of capital, treating it as a set of tools or a resource that
certain groups possess and other groups do not. Austrian economics,
in contrast, is a science of human behavior that is primarily
concerned with making sense of meaningful human action. Because of
this, Austrian economists are particularly well suited to inject
cultural considerations into economic analysis.This edited volume,
a collection of both theoretical essays and empirical studies,
presents an Austrian economics perspective on the role of culture
in economic action. The authors illustrate that culture cannot be
separated from economic action, but that it is in fact part of all
decision-making. Culture and Economic Action is an enlightening
cross-disciplinary exploration that will appeal to all scholars in
the social sciences, from anthropologists to economists.
Contributors: P.D. Aligica, P.J. Boettke, E. Chamlee-Wright, B.
Colon, C.J. Coyne, L.E. Grube, A. John, R. Langrill, D. Lavoie,
P.T. Leeson, A. Matei, K.W. O'Donnell, P. Runst, S. Stein, V.H.
Storr
Rebounding after disasters like tsunamis, hurricanes, earthquakes,
and floods can be daunting. Communities must have residents who can
not only gain access to the resources that they need to rebuild but
who can also overcome the collective action problem that
characterizes post-disaster relief efforts. Community Revival in
the Wake of Disaster argues that entrepreneurs, conceived broadly
as individuals who recognize and act on opportunities to promote
social change, fill this critical role. Using examples of recovery
efforts following Hurricane Katrina in New Orleans, Louisiana, and
Hurricane Sandy on the Rockaway Peninsula in New York, the authors
demonstrate how entrepreneurs promote community recovery by
providing necessary goods and services, restoring and replacing
disrupted social networks, and signaling that community rebound is
likely and, in fact, underway. They argue that creating space for
entrepreneurs to act after disasters is essential for promoting
recovery and fostering resilient communities.
Rebounding after disasters like tsunamis, hurricanes, earthquakes,
and floods can be daunting. Communities must have residents who can
not only gain access to the resources that they need to rebuild but
who can also overcome the collective action problem that
characterizes post-disaster relief efforts. Community Revival in
the Wake of Disaster argues that entrepreneurs, conceived broadly
as individuals who recognize and act on opportunities to promote
social change, fill this critical role. Using examples of recovery
efforts following Hurricane Katrina in New Orleans, Louisiana, and
Hurricane Sandy on the Rockaway Peninsula in New York, the authors
demonstrate how entrepreneurs promote community recovery by
providing necessary goods and services, restoring and replacing
disrupted social networks, and signaling that community rebound is
likely and, in fact, underway. They argue that creating space for
entrepreneurs to act after disasters is essential for promoting
recovery and fostering resilient communities.
In 2005 Hurricane Katrina posed an unprecedented set of challenges
to formal and informal systems of disaster response and recovery.
Informed by the Virginia School of Political Economy, the
contributors to this volume critically examine the public policy
environment that led to both successes and failures in the
post-Katrina disaster response and long-term recovery. Building
from this perspective, this volume lends critical insight into the
nature of the social coordination problems disasters present, the
potential for public policy to play a positive role, and the
inherent limitations policymakers face in overcoming the myriad
challenges that are a product of catastrophic disaster. Soon after
Hurricane Katrina wreaked its havoc, the Mercatus Center at George
Mason University launched the Gulf Coast Recovery Project. The
project assembled a team of researchers to examine the capacity
within political, economic, and civic life to foster robust
response and recovery. Building off of both quantitative and
qualitative analysis, the contributors to this volume seek to
understand the recovery process from the ground up; from the
perspective of first-responders, residents, business-owners,
non-profit directors, musicians, teachers and school
administrators, and how ordinary citizens respond to the formal and
informal rules of the post-disaster policy context. Personal,
political and poignant, The Political Economy of Hurricane Katrina
and Community Rebound will appeal to economists interested in the
political economy of disaster and disaster recovery, disaster
specialists, and general readers interested in the challenges those
affected by Hurricane Katrina have faced and are facing and their
prospects for recovering from the 2005 disaster.
Crises occur in all societies across world, and can be natural
(such as hurricanes, flooding, and earthquakes), man-made (such as
wars and economic downturns), or, often, a combination of both
(such as famines, the flooding of New Orleans in 2005 after
Hurricane Katrina and subsequent levy failures, and the earthquake,
tsunami, and nuclear disaster in Japan in 2011). Crises cause
fatalities, injuries, and property damages as well as introduce
uncertainty and challenges for individuals, societies, and
polities. Yet, we see individuals and communities rebounding
effectively from crises all the time. How do communities go about
returning to normalcy and beginning again the mundane life of every
day affairs? This edited volume looks at bottom-up responses to
crises. The chapters in this volume will highlight the ingenuity
and persistence of individuals and private organizations as well as
discuss the possibilities, limitations, and adaptability of
bottom-up responses. It argues that there are many ways that local
leaders, entrepreneurs, and community members can play a role in
their own recovery by examining the capabilities, feedback
mechanisms, and network effects of decentralized crisis response
and recovery efforts. Chapters will focus on the role of local
emergency managers in the disaster management process and offer
suggestions for reform and the role of businesses, citizens, and
children in providing crisis response and recovery. This book will
also consider theories of self-governance and nonviolent action in
encouraging and sustaining bottom-up recovery.
When crises occur, citizens, media and policymakers alike expect
government to respond and to take a leading role in recovery. Given
the scale and scope of crises, whether natural (such as hurricanes,
floods, and earthquakes), manmade (such as conflict and economic
downturns), or often a combination of the two, governments are
often seen as being in the best position to identify the problems,
understand the circumstances, and direct action. They are also
likely to be the entities that have adequate resources to devote to
such large-scale efforts. Yet, governments are not spared from the
effects of crises. They are composed of individuals who are
impacted by disasters and face many of the same challenges in
identifying needs, prioritizing action, and adjusting to changing
circumstances. It is by no surprise that governments are also often
scrutinized during and after crises. How, then, do we understand
the capability of and proper role for governments to respond to
crisis and to drive recovery? This edited volume-comprised of
chapters by accomplished scholars and seasoned practitioners in
disaster and crises studies and management, spanning multiple
disciplines including sociology, economics, and public
administration-examines the roles, expectations, and capabilities
of government responses to crises. It gives an overview of the
literature, provides lessons learned from both research and
experience on the ground during crises, and puts forth a framework
for understanding crisis management and subsequent policy
implications. It will be of use to any scholars, students,
practitioners or policymakers interested in learning from and
better preparing for crises and responding when they do occur.
The most damning criticism of markets is that they are morally
corrupting. As we increasingly engage in market activity, the more
likely we are to become selfish, corrupt, rapacious and debased.
Even Adam Smith, who famously celebrated markets, believed that
there were moral costs associated with life in market societies.
This book explores whether or not engaging in market activities is
morally corrupting. Storr and Choi demonstrate that people in
market societies are wealthier, healthier, happier and better
connected than those in societies where markets are more
restricted. More provocatively, they explain that successful
markets require and produce virtuous participants. Markets serve as
moral spaces that both rely on and reward their participants for
being virtuous. Rather than harming individuals morally, the market
is an arena where individuals are encouraged to be their best moral
selves. Do Markets Corrupt Our Morals? invites us to reassess the
claim that markets corrupt our morals.
The chapters in this volume explore, engage and expand on the key
thinkers and ideas of the Austrian, Virginia, and Bloomington
schools of political economy. The book emphasizes the continuing
relevance of the contributions of these schools of thought to our
understanding of cultural, social, moral and historical processes
for interdisciplinary research in the social sciences and
humanities. An analysis of human action that deliberate divorces it
from cultural, social, moral and historical processes will (at
least) limit and (at worst) distort our understanding of human
phenomena. The diversity in topics and approaches will make the
volume of interest to readers in a variety of fields, including:
anthropology, communications, East Asian languages &
literature, economics, law, musicology, philosophy, and political
science.
Market process theory is crucial to our knowledge and expectations
of actors working toward economic coordination and cooperation. In
the wake of the 2008 financial crisis, there has been a renewed
interested in using new applications of market process theory to
better understand the global political economy. This volume brings
together original research from the Austrian, Virginia, and
Bloomington schools of political economy to analyse central
elements of market process and market order. These include economic
calculation, entrepreneurship, institutions and learning. Edited by
three of the leading scholars in this field, the collection offers
a multitude of new interdisciplinary understandings by engaging
with scholars working in anthropology, economics, entrepreneurship,
history, political science, public policy, and sociology.
Market process theory is crucial to our knowledge and expectations
of actors working toward economic coordination and cooperation. In
the wake of the 2008 financial crisis, there has been a renewed
interested in using new applications of market process theory to
better understand the global political economy. This volume brings
together original research from the Austrian, Virginia, and
Bloomington schools of political economy to analyse central
elements of market process and market order. These include economic
calculation, entrepreneurship, institutions and learning. Edited by
three of the leading scholars in this field, the collection offers
a multitude of new interdisciplinary understandings by engaging
with scholars working in anthropology, economics, entrepreneurship,
history, political science, public policy, and sociology.
This volume critically explore and extend Hayek's Nobel
Prize-winning work on knowledge and social interconnectedness from
the disciplines of law, economics, philosophy, anthropology,
political science, and history. Hayek's insights about knowledge
become even more important once it is recognized that nothing in
the social world occurs in isolation. There is no such thing as a
distinct economic, political, or social sphere-they are
inextricably intertwined. Given the range of both Hayek's work and
the contributing authors' perspectives, the range of topics covered
in this volume is extraordinarily wide, running the gamut from
immigration, to white supremacy, to ancient agricultural practices,
to the nature of what it means to be free.
This volume critically explore and extend Hayek's Nobel
Prize-winning work on knowledge and social interconnectedness from
the disciplines of law, economics, philosophy, anthropology,
political science, and history. Hayek's insights about knowledge
become even more important once it is recognized that nothing in
the social world occurs in isolation. There is no such thing as a
distinct economic, political, or social sphere-they are
inextricably intertwined. Given the range of both Hayek's work and
the contributing authors' perspectives, the range of topics covered
in this volume is extraordinarily wide, running the gamut from
immigration, to white supremacy, to ancient agricultural practices,
to the nature of what it means to be free.
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