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A Modern Guide to Austrian Economics
This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how they, and with them the overall theory, have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest.
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Critical Acclaim
Contributors
Contents
More Information
This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how both the school and the overall theory have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest.
Spanning theories of entrepreneurship to the theory of the business cycle, from methodology to sociology, and from cryptocurrencies to culture, this clear and concise Modern Guide provides an expert curation of the topic. Chapters offer an overview of the present state of scholarship in the field, including discussions on praxeology, the function of entrepreneurship in the market process, spontaneous orders, the Austrian theory of money, and banking.
Written in an accessible style, this will be an invigorating read for economics scholars looking for an alternative to mainstream approaches. It will also be useful for scholars and practitioners seeking an introduction to Austrian economics.
Spanning theories of entrepreneurship to the theory of the business cycle, from methodology to sociology, and from cryptocurrencies to culture, this clear and concise Modern Guide provides an expert curation of the topic. Chapters offer an overview of the present state of scholarship in the field, including discussions on praxeology, the function of entrepreneurship in the market process, spontaneous orders, the Austrian theory of money, and banking.
Written in an accessible style, this will be an invigorating read for economics scholars looking for an alternative to mainstream approaches. It will also be useful for scholars and practitioners seeking an introduction to Austrian economics.
Critical Acclaim
‘The articles that Per Bylund has collected in this wide-ranging collection show that Austrian economics is thriving. [...] It should be clear from these examples that the Austrian School is thriving. Bylund has rendered a great service in bringing the scholarship in A Modern Guide to Austrian Economics to our attention.’
– David Gordon, The Misesian
– David Gordon, The Misesian
Contributors
Contributors: Peter J. Boettke, Per L. Bylund, Nicolás Cachanosky, Ginny Seung Choi, Richard G. Ellefritz, Kristoffer J.M. Hansen, David Howden, Peter G. Klein, Karras J. Lambert, Peter Lewin, Roderick T. Long, William J. Luther, Mateusz Machaj, Matthew McCaffrey, Robert P. Murphy, Jonathan R. Newman, Mark D. Packard, Joseph T. Salerno, Frederic Sautet, Arkadiusz Sieroń, Nikhil Sridhar, Virgil Henry Storr, Krzysztof Turowski
Contents
Contents
Introduction to A Modern Guide to Austrian Economics 1
Per L. Bylund
1 Praxeology 6
Roderick T. Long
2 Austrian phenomenology 17
Mark D. Packard
3 Alertness: an Aristotelian approach 39
Frederic Sautet
4 Entrepreneurial judgment 64
Peter G. Klein and Matthew McCaffrey
5 Entrepreneurship and the market process 84
Per L. Bylund
6 Spontaneous order 103
Karras J. Lambert and Peter J. Boettke
7 The social and moral aspects of markets 121
Ginny Seung Choi and Virgil Henry Storr
8 Economic calculation and socialism 142
Krzysztof Turowski and Mateusz Machaj
9 Money 165
Joseph T. Salerno and Kristoffer J. M. Hansen
10 Banking 182
David Howden
11 On the origins of cryptocurrencies 200
William J. Luther and Nikhil Sridhar
12 The pure time preference theory of interest 216
Robert P. Murphy
13 Capital theory and the theory of the firm 238
Nicolás Cachanosky and Peter Lewin
14 Austrian business cycle theory: current research trends and
future directions 257
Jonathan R. Newman and Arkadiusz Sieroń
15 Austrian sociology 283
Richard G. Ellefritz
Index
Introduction to A Modern Guide to Austrian Economics 1
Per L. Bylund
1 Praxeology 6
Roderick T. Long
2 Austrian phenomenology 17
Mark D. Packard
3 Alertness: an Aristotelian approach 39
Frederic Sautet
4 Entrepreneurial judgment 64
Peter G. Klein and Matthew McCaffrey
5 Entrepreneurship and the market process 84
Per L. Bylund
6 Spontaneous order 103
Karras J. Lambert and Peter J. Boettke
7 The social and moral aspects of markets 121
Ginny Seung Choi and Virgil Henry Storr
8 Economic calculation and socialism 142
Krzysztof Turowski and Mateusz Machaj
9 Money 165
Joseph T. Salerno and Kristoffer J. M. Hansen
10 Banking 182
David Howden
11 On the origins of cryptocurrencies 200
William J. Luther and Nikhil Sridhar
12 The pure time preference theory of interest 216
Robert P. Murphy
13 Capital theory and the theory of the firm 238
Nicolás Cachanosky and Peter Lewin
14 Austrian business cycle theory: current research trends and
future directions 257
Jonathan R. Newman and Arkadiusz Sieroń
15 Austrian sociology 283
Richard G. Ellefritz
Index
