Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the `Patinkin controversy', the Federal Reserve System's failed experiment with `pure monetarism', and the misplacement of the free market in the `Chicago paradox'. Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.

The central theme in the work of F.A. Hayek was the problem of order in society, and his focus was epistemological: he was concerned with the constraints on knowledge, the problems associated with its distribution, the structures in which it inheres, and the implications of these issues for the understanding of social phenomena generally. But while his work has greatly improved our understanding of market processes, application to more complex social arrangements was not an unambiguous success. In seeking to progress beyond Hayek's difficulties in formulating a more general theory of spontaneous order, this book fleshes out an analogy between social orders and the biological order detailed in Hayek's The Sensory Order into a theory of adaptive systems. It focuses first on those aspects of the systems which enable them to learn about their environments, and then on the entrepreneurial processes which implement their anticipatory capabilities. The inclusion of anticipatory elements, inspired by the work of Robert Rosen, results in a theory of social orders which integrates many of the disparate findings of Austrian economists into a self-consistent conceptual framework and has applicability to other social arrangements such as firms and governments. Of particular interest is the interaction between the systems of science and government, an issue of significant current concern which is comprehensively explored here both theoretically and empirically. This book is essential reading for anyone interested in Hayek, Austrian economics, social theory, and the history of economic thought more broadly.

Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the 'Patinkin controversy', the Federal Reserve System's failed experiment with 'pure monetarism', and the misplacement of the free market in the 'Chicago paradox'. Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.

"The Social Science of Hayek's 'The Sensory Order'" systematically examines the relevance and significance of Hayek's cognitive psychology for economics and social science, and is the only publication of its kind to do so. Sixteen original papers are divided into four parts in this volume: Hayek's Cognitive Psychology, Evolution, and Social Theory; Hayek's Cognitive Psychology and Economics; Hayek's Cognitive Psychology, Institutions, and Broader Social theory; and The Place of The Sensory Order in Hayek's Oeuvre: A Mini-Symposium. Papers examine Hayek's cognitive psychology from the perspective of evolutionary theory, economics, market and social institutions, and broader social theory. Part of "The Advances in Austrian Economics Series", this book will appeal to people working in a variety of traditions in economics and related disciplines. Although Austrian school economists are the primary audience, those working in public choice, new institutionalism, complexity theory, cognitive or behavior economics, entrepreneurship, and other areas will find great value in the series. This volume is edited by William Butos, Professor of Economics, Trinity College, Hartford and Visiting Research Fellow, New York University, Austrian Economics Program.