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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.
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.
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