762 results on '"Austrian School"'
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2. Mengerian Microeconomics : The Forgotten Anglo-American Contribution to the Austrian School
- Author
-
Ivan Jankovic and Ivan Jankovic
- Subjects
- Austrian school of economics
- Abstract
This book explores the neglected contribution of the American and English “psychological” school to economic theory, especially to the development and refinement of the Austrian school of economics. It argues that Frank Knight, Frank Fetter, Herbert Davenport, Philip Wicksteed and J.B. Clark among others improved on the original Austrian theory by Menger and Bohm-Bawerk by providing a coherent subjectivist foundation for the theories of production and distribution. They succeeded where economic theory before them failed – to develop the theories of interest, profit, wages and rents based solely on the principles of subjective value and marginal utility, eschewing the last remnants of the old cost of production models. This book represents a look at what mainstream economic theory might have looked like had the erasure of Mengerian Austrian price theory by Marshallian and Walrasian thoeries not taken place, and had the improvements and refinements of the Mengerian tradition, itself done by the Anglo-Saxon followers of Menger, been fully appropriated.
- Published
- 2020
3. Was Ludwig Von Mises a Conventionalist? : A New Analysis of the Epistemology of the Austrian School of Economics
- Author
-
Alexander Linsbichler and Alexander Linsbichler
- Subjects
- Austrian school of economics
- Abstract
This book presents a concise introduction to the epistemology and methodology of the Austrian School of economics as defended by Ludwig von Mises. The author provides an innovative interpretation of Mises'arguments in favour of the a priori truth of praxeology, the received view of which contributed to the academic marginalisation of the Austrian School. The study puts forward a unique argument that Mises – perhaps unintentionally – defends a form of conventionalism. Chapters in the book include detailed discussions of individualism, historicism, epistemological positions, and essentialism. The author goes on to discuss Mises'justification of the fundamental axiom and proposes a conventionalist interpretation. By presenting praxeology as a conventionalist research programme, the author aims to reinvigorate the interaction between the Austrian School, mainstream economics, and the philosophy of science. This comprehensive reconstruction is suitable for economists interested in the history and philosophy of their discipline, as well as for philosophers of science.
- Published
- 2017
4. The Emergence of a Tradition: Essays in Honor of Jesús Huerta De Soto, Volume II : Philosophy and Political Economy
- Author
-
David Howden, Philipp Bagus, David Howden, and Philipp Bagus
- Subjects
- Economics--Philosophy, Austrian school of economics
- Abstract
This book, the second of two volumes, explores the impact of Jesús Huerta de Soto and his role in the modern revival of the Austrian School of Economics. Through chapters discussing philosophy and political economy, the nature of capitalism and the foundations of economics are examined in relation to Austrian economics. These ideas and the work of Huerta de Soto are also contextualized within the broader history of economic thought to provide insight into their influence and development.This book highlights and builds upon the intellectual legacy of Jesús Huerta de Soto through its contribution to the Austrian School of Economics. It will be relevant to students and researchers interested in Austrian economics, philosophy, and political economy.
- Published
- 2023
5. The Emergence of a Tradition: Essays in Honor of Jesús Huerta De Soto, Volume I : Money and the Market Process
- Author
-
David Howden, Philipp Bagus, David Howden, and Philipp Bagus
- Subjects
- Austrian school of economics, Marginal utility
- Abstract
This book, the first of two volumes, explores the impact of Jesús Huerta de Soto and his role in the modern revival of the Austrian School of Economics. The chapters focusing on monetary economics, business cycle theory, and entrepreneurship, combine established ideas with novel topics to explore the new directions forged by Huerta de Soto's ideas. This approach presents Huerta de Soto's influence on modern economics. It also outlines his current research paradigm.This book aims to highlight and build upon the intellectual legacy of Jesús Huerta de Soto through its contribution to the Austrian School of Economics. It will be relevant to students and researchers interested in monetary policy and Austrian economics.
- Published
- 2022
6. Investing in the Age of Democracy : Ten Lessons in Applied Austrian Economics
- Author
-
Morten Arisson and Morten Arisson
- Subjects
- Investments--Austria, Austrian school of economics
- Abstract
This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital.This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
- Published
- 2018
7. Austrian Debates on Utility Measurement from Menger to Hayek
- Author
-
Ivan Moscati
- Subjects
Ordinal utility ,Classically measurable utility ,Subjective expected utility ,Neoclassical economics ,Von Neumann–Morgenstern utility theorem ,Measurability of utility ,Cardinal utility ,First world war ,Austrian school ,Utility theory ,Austrian School ,Economics ,Marginal utility ,Period (music) - Abstract
This chapter examines how some of the main exponents of the Austrian school of economics addressed the issues related to the measurability of utility. The first part of the chapter (Sections 2–9) is devoted to the period between the publication of Carl Menger’s Principles of Economics in 1871 and World War I, and studies the approaches to utility measurement of Carl Menger, Friedrich von Wieser, Eugen von Bohm-Bawerk, Frantisek Cuhel, Joseph Schumpeter, and Ludwig von Mises. In the pre-1914 period, two main views on the measurability of utility clashed. According to the first one, defended in particular by Bohm-Bawerk, the utility of goods can be measured and expressed as a multiple of a unit. According to the second view, advocated by Cuhel and Mises, utilities can only be compared and ranked but not measured. I will argue that by World War I the latter view, that is the ordinal understanding of utility, had become the dominant position among Austrian economists.
- Published
- 2015
8. Methodological individualism and society: Hayek’s evolving view
- Author
-
Andy Denis and Nell, G.
- Subjects
Austrian School ,Intentional stance ,Individualism ,HB ,Sociology ,Social evolution ,Methodological individualism ,Social entity ,Epistemology ,Reflexive pronoun - Abstract
A core topic of the present volume is the methodologically individualist approach of the Austrian School. In particular, we are concerned to understand how—and whether—this individualistic methodology can help us to understand the workings of society. To address this we turn in this chapter to Friedrich Hayek’s lucid discussion of the matter in the Economica articles published during the Second World War (Hayek 1942, 1943, 1944) and subsequently collected in the Counter-Revolution of Science (1979), first published in 1952. We are particularly concerned with chapters 3 and 4, “The Subjective Character of the Social Sciences” and “The Individualist and ‘Compositive’ Method of the Social Sciences” (1979: 41–60 and 61–76). The conclusion drawn is that there is much to commend Hayek’s vision of the operation of social science—indeed this is a sophisticated and illuminating discussion. Nevertheless, it is marred by his methodological individualism—the idea that social science must start with parts and reconstitute the whole, while natural science starts with wholes and by analysis attempts to retrieve the parts. A particular feature of Hayek’s discussion is his deployment of what Daniel Dennett has come to call the “intentional stance.” A discussion of Hayek’s application of this approach to social evolution in his later works shows how he himself breaks with the mistaken precepts of his individualist methodology. Other chapters in this volume, particularly those by diZerega and Nell, also take up aspects of Hayeks intellectual journey, which led him to question or abandon elements of traditional Austrian methodology.
- Published
- 2014
9. Austrian Economics in Transition : From Carl Menger to Friedrich Hayek
- Author
-
H. Hagemann, T. Nishizawa, Y. Ikeda, H. Hagemann, T. Nishizawa, and Y. Ikeda
- Subjects
- Austrian school of economics
- Abstract
This book analyzes both the consistent and changing elements in the Austrian School of Economics since its foundation in the late 19th Century up to the recent offspring of this School. It investigates the dynamic metamorphosis of the school, mainly with reference to its contact with representatives of history of economic thought.
- Published
- 2010
10. Austrian Theory and Economic Organization : Reaching Beyond Free Market Boundaries
- Author
-
G. Nell and G. Nell
- Subjects
- Socialism, Free enterprise, Austrian school of economics, Institutional economics
- Abstract
The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.
- Published
- 2014
11. Austrian Economic Perspectives on Individualism and Society : Moving Beyond Methodological Individualism
- Author
-
Guinevere Liberty Nell and Guinevere Liberty Nell
- Subjects
- Individualism, Austrian school of economics
- Abstract
Can we improve upon both the free market and nationalization? Market socialist and other heterodox exploration of cultural and social factors can help answer this question using Austrian economic theory. This volume brings together economists and political scientists specializing in evolutionary change and spontaneous order. Spontaneous order and other Austrian theories are complemented by the consideration of cultural, social and communal interaction. Austrian Economic Perspectives on Individualism and Society bridges the gap between free market advocates stressing individual rights and individualistic culture, and left-leaning thinkers who stress social justice and a culture of social solidarity, or collectivism.
- Published
- 2014
12. Who Owns the Land? Land as the Basis for Funding of a BIG
- Author
-
Guinevere Liberty Nell
- Subjects
Classical liberalism ,Austrian School ,Property (philosophy) ,Land Values ,Poverty ,George (robot) ,Environmental science ,Engineering ethics ,Land tenure ,Savings account ,Law and economics - Abstract
Classical liberals and early Austrian economists regarded unworked land as the property of the people. For Austrians at the extreme end like Rothbard, any tax is illegitimate (Feser, 2000); but, one tax that received support from early classical liberals and libertarians is a tax on land values. 1 The most famous advocate of land value taxation is Henry George, author of Progress and Poverty (George, 1879). George’s ideas do not differ greatly from those of the Austrian school. For George (1879: Chapter 41 ), as for Rothbard, civilizations “advance as they insure liberty to each person, bounded only by the equal liberty of every other person.”
- Published
- 2013
13. Families, Geistkreis and New York
- Author
-
Robert Leeson
- Subjects
Austrian School ,Daughter ,media_common.quotation_subject ,Economic history ,Wife ,Sociology ,Austrian business cycle theory ,Neighbourhood (mathematics) ,Externality ,media_common - Abstract
Workaholics can produce positive neighbourhood effects whilst imposing negative externalities on partners and children. The co-recipients of the 1974 Nobel Prize in Economic Sciences, Friedrich August Hayek and Karl Gunnar Myrdal, appeared to have fallen into this category. Hayek and his second wife, Helene Warhanek, nee Bitterlich, created three unhappy families: their first marriages, to other partners, and their second marriage, to each other. As Myrdal’s wife, Alva, won the 1982 Nobel Peace Prize, their son, Jan, published a book about his childhood. According to their daughter, Sissela Bok (1991, 340), the Swedish press carried excerpts from the book under headlines such as ‘Jan Myrdal Gets Even With His Parents’.
- Published
- 2015
14. Basic Income and the Free Market : Austrian Economics and the Potential for Efficient Redistribution
- Author
-
G. Nell and G. Nell
- Subjects
- Austrian school of economics, Basic income, Free enterprise
- Abstract
Discusses whether the Basic Income Guarantee could offer an alternative to both laissez-faire and existing welfare systems in developed countries - often criticized by both advocates and critics of laissez-faire - thus opening a constructive dialog in policy discussion.
- Published
- 2013
15. Hayek and Mises
- Author
-
Douglas French
- Subjects
Austrian School ,Keynesian economics ,Financial crisis ,Economics ,Business cycle ,Spontaneous order - Abstract
There are no two Austrian economists linked as closely as Friedrich A. von Hayek and Ludwig von Mises. If an educated man on the street knows the name of an Austrian economist at all it is however, likely to be that of Hayek. This recognition is all the more likely since the Global Financial Crisis of 2008, as shorthand for the debate as to how to fix the economy has become ‘Keynes vs. Hayek’.
- Published
- 2013
16. A Hayekian/Kirznerian Economic History of the Modern World
- Author
-
Deirdre Nansen McCloskey
- Subjects
Austrian School ,Political science ,media_common.quotation_subject ,Measures of national income and output ,Rhetoric ,Economic history ,Mainstream ,media_common - Abstract
I think the history of How I Discovered Kirzner and Friedrich, Not To Speak of Ludwig and Murray, illuminates the trouble that Austrian economics has had against Samuelsonian economics (we commonly call it, defeating ourselves in our rhetoric, “the mainstream”), and how in the end the Austrians can save economics from itself.
- Published
- 2013
17. Hayek's Journey : The Mind of Friedrich Hayek
- Author
-
A. Ebenstein and A. Ebenstein
- Subjects
- Economists--Austria--Biography, Economics, Austrian school of economics
- Abstract
While Alan Ebenstein's biography of Friedrich Hayek was the first biography of this major twentieth century thinker, the book itself was not - per se - an intellectual biography. Hayek's Journey will be the follow-up volume that will give readers an in-depth look at the evolution of his thought, the influence of the Austrian School of Economics, the roles of Wittgenstein, Freud and Kant in his thinking; his relationship with Karl Popper, etc. This will become a classic of Hayek scholarship by the author credited with writing the first biography of a man who is now widely-regarded as a seer in relationship to the course of the twentieth century.
- Published
- 2003
18. The Economics of Friedrich Hayek
- Author
-
G. Steele and G. Steele
- Subjects
- Austrian school of economics--History, Economics--History--20th century
- Abstract
In this updated and expanded edition, the author explores the broad features of Hayek's economic philosophy, shows the interrelationship between the liberal philosophy and economic advance, examines Hayek's approach to the problems of a money economy, and explains Hayek's aversion to all forms of centralized economic planning.
- Published
- 2007
19. Austrian Economists in Madrid
- Author
-
Matarán López, Cristóbal, Bagus, Philipp, and Howden, David
- Subjects
Historia económica ,Teoría económica ,Investigación económica - Abstract
The Austrian School of Madrid has become a new school of thought in the city of Madrid. Since the mid-twentieth century, some economists have been taking positions in the debate, both political and academic, with fruitful results from the last decade of the century. Jesús Huerta de Soto has managed to create a school of thought. Huerta de Soto and his colleagues work trying to make sense of the theoretical challenges of the time and trying to influence the public debate with the ideas of the Austrian School. His influence has been generated through essays, conferences, or doctoral theses, as well as the media. This is an unknown phenomenon in the history of Spanish economic thought: the creation of a fruitful and solid branch of the Austrian School in a Spanish-speaking country for the first time in history. Sin financiación SPI 2022 UEM
- Published
- 2023
20. Lectures in Austrian Economics, Volume I : Human Action, Competition Theory, Entrepreneurship, and Price Theory
- Author
-
Jesús Huerta de Soto and Jesús Huerta de Soto
- Subjects
- Economics, Microeconomics
- Abstract
This book, the first of two volumes, comes to life through the transcription of captivating classroom lectures spanning several years, providing a comprehensive overview of the core topics within Austrian economics. With a focus on microeconomics, it explores foundational ideas within Austrian economics, including human action, entrepreneurship, competition theory, and price theory, to give readers a deep understanding of each topic unravelling complex economic concepts with clarity and precision. Economic uncertainty, rationality, marginal utility, productivity, exchange interactions, valuation, price determination, and monopoly are also discussed. Through a seamless blend of theory and real-world examples, readers are invited to challenge conventional wisdom and explore the implications of Austrian economics on society and individual freedom. This book offers an accessible and engaging synthesis of Austrian economics that redefines the topic within modern economics. It will be relevant to students, teachers, and scholars of many other academic institutions around the world, interested in the approach of the Austrian School of economics and its relevance in today's ever-evolving world.
- Published
- 2024
21. Ecosystem Services : Economics and Policy
- Author
-
Stephen Muddiman and Stephen Muddiman
- Subjects
- Ecosystem services, Ecosystem management
- Abstract
This book bridges the gap between economic and ecological theory and practice. Its main focus is on how the principles of the Austrian School of economics could improve the validity of Ecosystem Services.The concept of ‘Ecosystem Services'is a relatively recent innovation in environmental thought. The current system is dependent upon mainstream economic theory, in which monetary and fiscal policy controls the prevailing health of the economy. The dependence on this approach to finance, Muddiman argues, limits the potential of ecosystem services and exacerbates the effects of the existing flawed economic model. The book highlights the links between ecological and economic methodologies and concepts and outlines how the principles of Austrian Economic theory could provide better environmental outcomes. It then goes on to formulate approaches to ecosystem services which could act as drivers towards a new biodiversity-based economic framework built around distributedledger technology, or ‘blockchain'. The key distinction of this book is its consideration of ecosystem services as a function of the current economic system. Using this as a starting point it investigates how an alternative economic model would achieve the integration of environmental considerations into economic decision making.
- Published
- 2019
22. Hayek: A Collaborative Biography : Part VIII: The Constitution of Liberty: ‘Shooting in Cold Blood’, Hayek’s Plan for the Future of Democracy
- Author
-
Robert Leeson and Robert Leeson
- Subjects
- Economics--History--20th century
- Abstract
This book is the eighth volume in this Collaborative Biography, which explores the life and works of Nobel Prize-winning economist F.A. Hayek (1899-1992). Making extensive use of archival material and Hayek's own published writings, it presents a strong challenge to perceptions of the economist's life and thought. In this volume, chapters canvas subjects such as the relationship between the Austrian School of Economics and the Cold War, the Hapsburg Empire, and the overthrow (or planned overthrow) of democracy in a variety of countries, with a view to examining the process by which economics is constructed and disseminated.
- Published
- 2019
23. The Case Against 2 Per Cent Inflation : From Negative Interest Rates to a 21st Century Gold Standard
- Author
-
Brendan Brown and Brendan Brown
- Subjects
- Money--History--21st century, Gold standard, Inflation (Finance), Interest rates
- Abstract
This book analyses the controversial and critical issue of 2% inflation targeting, currently practised by central banks in the US, Japan and Europe. Where did the 2% target inflation originate, and for what reason? Do these reasons stand up to scrutiny?This book explores these key questions, contributing to the growing debate that the global 2% inflation standard prescribed by the central banks in the advanced economies globally is actually contributing to the economic malaise of these nations. It presents novel theoretical perspectives, intertwined with historical and market understanding, and features analysis that draws on monetary theory (including Austrian school), behavioural finance, and finance theory. Alongside rigorous analysis of the past and present, the book also features forward looking chapters, exploring how the 2% global inflation standard could collapse and what would ideally follow its demise, including a new look at the role of gold.
- Published
- 2018
24. A Critique of Keynesian Economics
- Author
-
Walter Allan and Walter Allan
- Subjects
- Economics—History, Economic history, Macroeconomics
- Abstract
'All of us need help in understanding Keynes's brilliant, but often opaque, contributions to theory and policy. These essays provide a scholarly, balanced yet provocative assessment and critique.'Sir Alan Walters This book represents, for the first time a collection of classic appraisals of Keynesian economics'impact on economic theory and policy that will be of use to all students of macroeconomics and the history of economic thought. Don Patinkin's assesses Keynes early life and focuses attention on Keynes's contribution to monetary economics. Axel Leijonhufvud takes the view that the Keynesian revolution began and stayed on the wrong track. Leland Yeager refutes the idea that Keynesian economics was responsible for the general prosperity in the industrialised world immediately after the Second World War. Karl Brunner is critical of Keynes's reliance on fiscal rather than monetary policy. Terence Hutchison defends Keynes, both against his critics and against Keynesians! Patrick Minford traces the roots of neoclassical economics, back to The General Theory. Stephen Littlechild offers an alternative to Keynesian economics by focusing attention on the Austrian school.
- Published
- 2016
25. A Global Monetary Plague : Asset Price Inflation and Federal Reserve Quantitative Easing
- Author
-
Brendan Brown and Brendan Brown
- Subjects
- Capital market, Finance, Monetary policy--United States, Finance--United States
- Abstract
The Great Monetary Experiment designed and administered by the Federal Reserve under the Obama Administration unleashed strong irrational forces in global asset markets. The result was a'monetary plague'which has attacked and corrupted the vital signalling function of financial market prices. This book analyses how quantitative easing caused a sequence of markets to become infected by asset price inflation. It explains how instead of bringing about a quick return to prosperity from the Great Recession, the monetary experiment failed in its basic purpose. Bringing about economic debilitation, major financial speculation, waves of mal-investment in particular areas, and a colossal boom in the private equity industry, the experiment instead produced monetary disorder. Brendan Brown puts the monetary experiment into a global and historical context, examining in particular Japanese'folklore of deflation'and the Federal Reserve's first experiment of quantitative easing in the mid-1930s. The author couples analysis from the Austrian school of monetary economics and Chicago monetarism with insights from behavioral finance, and concludes with major proposals for the present and the future, including ideas for monetary reform in the United States, and suggestions for how investors can survive the current market'plague'.
- Published
- 2015
26. Investing in the Age of Democracy
- Author
-
Morten Arisson, Morten Arisson, Morten Arisson, and Morten Arisson
- Abstract
This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital. This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
27. Investing in the Age of Democracy
- Author
-
Morten Arisson, Morten Arisson, Morten Arisson, and Morten Arisson
- Abstract
This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital. This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
28. Investing in the Age of Democracy
- Author
-
Morten Arisson, Morten Arisson, Morten Arisson, and Morten Arisson
- Abstract
This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital. This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
29. Investing in the Age of Democracy
- Author
-
Morten Arisson, Morten Arisson, Morten Arisson, and Morten Arisson
- Abstract
This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital. This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
30. The Economics of Friedrich Hayek
- Author
-
Steele, G. R. and Steele, G. R.
- Subjects
- Austrian school of economics--History, Economics--History--20th century
- Abstract
By his intellectual contributions in economics, epistemology, ethics, law, philosophy, politics, and psychology, Hayek has come closest to a unified theory of human action. The central theme is of a natural and spontaneous evolution: founded upon essentially competitive processes, the cultural selection of systems and rules brings order to human affairs. While this book is both concise and comprehensive, Hayek's economics cannot be discussed in isolation. So, the author attempts to present an economist's understanding of that which any economist ought to know; or, in Hayek's own terms,'nobody can be a great economist who is only an economist'.
- Published
- 1993
31. Restoring Science and the Rule of Law
- Author
-
Michael Esfeld, Cristian Lopez, Michael Esfeld, and Cristian Lopez
- Subjects
- Science—Philosophy, Political science—Philosophy, Economics
- Abstract
Science and the rule of law are the two pillars of modernity. Even though both result from the attempt to employ reason to limit the exercise of power in the scientific and the political sphere, they bear in themselves the germs of their own destruction: scientism and welfare totalitarianism. This book examines a trend towards a new, specifically postmodern totalitarianism, namely a regime of “actually existing postmodernism” that is based on the collusion of four elements: (i) scientism and its political use, (ii) intellectual postmodernism, (iii) welfare states, and (iv) crony capitalism. The book then shows a way out by utilising the philosophy of Descartes and Kant, the social-normative turn in the 20th century, and the resources of Austrian libertarianism from Hayek and Popper to Mises, Rothbard and Hoppe. These intellectual resources lay the ground for a New Enlightenment and an open society shaped by a free science and voluntary cooperation under the rule of law. Restoring Science and the Rule of Law is essential reading for philosophers of science and for political theorists interested in the foundations of the rule of law.
- Published
- 2024
32. Modern Hungarian Political Thought : Ideologies and Traditions
- Author
-
Zoltán Balázs, Csaba Molnár, Zoltán Balázs, and Csaba Molnár
- Subjects
- Political science, Europe—Politics and government, World politics
- Abstract
This book introduces the reader into the discursive political pluralism of modern Hungary, roughly from the mid-19th century, with a particular emphasis on the spectrum of contemporary political thought. The book relies on Michael Freeden's method of ideology analysis, focusing on concepts, principles, values, as well as interrelations, but it puts a greater emphasis on nonverbal traditions as bearers of political thought to explain how political pluralism can subsist in periods of dictatorship. Through this analysis, the authors demonstrate how and why contemporary Hungarian political pluralism is a reflection both on the current trends in Western political thought and on its own past.
- Published
- 2024
33. Reflections on the Future of Capitalism : From Karl Marx to Amartya Sen
- Author
-
Ramesh Chandra and Ramesh Chandra
- Subjects
- Capitalism, Economists--History and criticism
- Abstract
This book explores the ideas of nine renowned economists to present the evolution of economic thought on the development and trajectory of capitalism as a system. The author shows how this diverse group of thinkers are linked by their thinking on the future role of capitalism in society and fleshes out the influences informing each economist's work. With chapters dedicated to Karl Marx, Joseph Schumpeter, Thorstein Veblen, Henry George, Gunnar Myrdal, Alfred Marshall, Allyn Young, J. M. Keynes and Amartya Sen, the book aims to analyse contrasting views on the future of capitalism in historical perspective and make a critical assessment of their insights in contemporary contexts. While considering the views of some thinkers such as Marx, Schumpeter, and Veblen who critiqued capitalism, the book does not view capitalism beyond redemption, nor is meant to be a critique of capitalism in its conclusions. Rather, it argues that thinkers like Marshall, Myrdal, Young and Keynes were more right in their optimism about the future prospects of capitalism than many others. It argues that capitalism can be reformed through the democratic process in a more humane direction. This can happen if democracy works for all, and if discriminating privileges and crony capitalism are eschewed. This book is valuable reading for scholars and students of economic history and the history of economic thought.
- Published
- 2024
34. Natural Law Liberalism and the Malaise of Modernity
- Author
-
Stephen Boulter and Stephen Boulter
- Subjects
- Liberalism, Natural law
- Abstract
This book examines modernity itself. A single overarching policy recommendation is defended, namely, that the West ought not to defect from modernity's core commitments to the sciences, market economics and liberal democracy despite the litany of complaints that have been, and continue to be levelled against it. But in addition to this overarching recommendation, numerous policy suggestions are made. The reader will find discussions as wide-ranging as electoral regimes and judicial procedure, banking regulations and the ethics of a modern civil service. What binds these disparate subsidiary recommendations together is that they are designed to meet the challenges facing modernity while remaining true to its core commitments. These subsidiary policy recommendations, in turn, are not developed in an ad hoc manner, but are themselves motivated by a distinct philosophy of modernity which is termed natural law liberalism.
- Published
- 2024
35. Embodiment, Political Economy and Human Flourishing : An Embodied Cognition Approach to Economic Life
- Author
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Frédéric Basso, Carsten Herrmann-Pillath, Frédéric Basso, and Carsten Herrmann-Pillath
- Subjects
- Economics--Psychological aspects
- Abstract
This book presents embodied economics as a foundational alternative to behavioral economics and other projects integrating economics and psychology inspired by the computational paradigm. The 20th century witnessed the disembodiment of economic models through the intensification of mathematization and formal abstraction in economics. Even proponents of an embodied approach to cognition, such as Hayek, paradoxically championed the abstract market order as a disembodied superhuman intelligence. In the wake of groundbreaking perspectives in cognitive and social sciences, which have helped to rethink the fundamental building blocks of economics, agency and institutions, this title takes a radical turn towards embodiment. Reinstating economics as political economy, embodied economics motivates a critique of capitalism based on the analysis of disembodiment through abstraction and reactivates key critical insights into the anthropology put forward by the young Marx about contemporary economics and its conceptualizations of money, property, and labor. Based on this analysis, the authors envision a concrete utopia for an economic order centered on human dignity and care for life on Earth. This book contributes to recent discussions about behavioral, experimental and neuroeconomics and addresses a transdisciplinary audience in the social and behavioral sciences, philosophy, and the humanities.
- Published
- 2024
36. Innovation, Entrepreneurship and the Informal Economy in Sub–Saharan Africa : A Sustainable Development Agenda
- Author
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Ayodotun Stephen Ibidunni, Oyedele Martins Ogundana, Maxwell Ayodele Olokundun, Ayodotun Stephen Ibidunni, Oyedele Martins Ogundana, and Maxwell Ayodele Olokundun
- Subjects
- Entrepreneurship--Africa, Sub-Saharan, Cottage industries--Africa, Sub-Saharan, Sustainable development
- Abstract
Set against the backdrop of a rising population in Africa and the lowering opportunities for white collar jobs, as well as the continent's limited access to resources, this edited collection demystifies the interconnectedness between the factors and actors involved with innovation and entrepreneurship development in sub-Saharan Africa's (SSA) informal economy for more effective, result-oriented outcomes.Exposing the underlying motivations that define uniqueness in Africa's innovation and entrepreneurship ecosystem, particularly in the informal sector, the editors argue that there is a significant knowledge gap that this book seeks to fill, concerning institutionalization, motivational factors and the harnessing of the innovative potentials of Africa's informal sector entrepreneurs and their supporting role in achieving a more sustainable African regionBy identifying patterns of domesticating entrepreneurship theories and showcasing the latest research, the book covers awide array of topics that discuss a multidisciplinary and multicultural perspective to entrepreneurship theory and practices in Africa. In this way the book contributes to the goals of SDG 9 ('Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation') in Africa.
- Published
- 2024
37. A City Cannot Be a Work of Art : Learning Economics and Social Theory From Jane Jacobs
- Author
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Sanford Ikeda and Sanford Ikeda
- Subjects
- Cities and towns--Social aspects, Sociology, Urban, Urban economics
- Abstract
This open access book connects Jane Jacobs's celebrated urban analysis to her ideas on economics and social theory. While Jacobs is a legend in the field of urbanism and famous for challenging and profoundly influencing urban planning and design, her theoretical contributions – although central to her criticisms of and proposals for public policy – are frequently overlooked even by her most enthusiastic admirers. This book argues that Jacobs's insight that “a city cannot be a work of art” underlies both her ideas on planning and her understanding of economic development and social cooperation. It shows how the theory of the market process and Jacobs's theory of urban processes are useful complements – an example of what economists and urbanists can learn from each other. This Jacobs-cum-market-process perspective offers new theoretical, historical, and policy analyses of cities, more realistic and coherent than standard accounts by either economists or urbanists.
- Published
- 2024
38. Reason, Ideology, and Democracy : A Study in Entangled Political Economy
- Author
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Meg Patrick Tuszynski, Richard E. Wagner, Meg Patrick Tuszynski, and Richard E. Wagner
- Subjects
- Economics, Economic policy, Social choice
- Abstract
Democratic political systems are often thought to be preferable to all others for supporting liberty. Around the world, nations that are more democratic tend to be freer across various aspects of life and human experience. This book undertakes a social scientific analysis of this claim and finds it to be wanting. The reality of democratic systems does not adhere to popular rhetoric. One of the key reasons for this is that our system is an entangled system, one in which the realm of the political and commercial are so intertwined that they cannot be easily separated. Businessmen have political interests, and politicians have commercial interests. The implication of this entanglement is that alleviating the problems that emerge in democratic systems is not a simple matter of rolling back damaging interventions. Due to the logic of entanglement, returning to a “free market” is not possible in most cases. The authors pull economics back to its classical roots to analyze the social orders that best allow people to live together. The world is not constantly aiming at placidity, as the prevailing economics of equilibrium would have us think. We live in a world of change and turbulence, so our social science requires a framework that deals with this turbulence robustly. Classical economists beginning with Adam Smith sought to uncover which forms of human association allowed us to live better together. The authors explain Smith's observations, asking the same sorts of questions of readers today. Because the baseline assumption of entanglement does not allow one to divide the world so clearly into two distinct structures, the authors parallel Smith's approach, focusing on forms of association rather than political or commercial structures. Focusing on human association, the authors help readers uncover the manifold structures humans have devised that allow them to tame the turbulence and live lives more harmoniously with others.
- Published
- 2024
39. Democratizing China’s Political Imaginaries
- Author
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Rongxin Li and Rongxin Li
- Subjects
- Democracy--China
- Abstract
This book offers a meticulous empirical examination of Chinese democracy and its myriad discourses. Delving into the intricate workings of Chinese democracy, the author explores how the Chinese Communist Party employs democratic principles, how intellectuals grapple with the concept, and how the populace perceives and engages with democracy. In transcending mere methodological nationalism, this narrative extends to the global stage, offering insights into democratic evolution beyond Western paradigms by exploring resonates particularly with developing and post-colonial countries, offering a fresh perspective on the delicate balance between state capacity, social order, and the democratization process. While the trajectory of democracy in China remains uncertain, these empirically grounded analyses provide a pragmatic lens through which to contemplate the future of Chinese political dynamics.
- Published
- 2024
40. Uncertainty in Strategic Decision Making : Analysis, Categorization, Causation and Resolution
- Author
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Richard J. Arend and Richard J. Arend
- Subjects
- Uncertainty, Decision making, Strategic planning
- Abstract
Knight (1921) defines uncertainty as an informational market failure that, while being detrimental to most existing businesses, presents possible profitable opportunities for others. This book builds upon that classic work by providing an analysis of the alternative approaches to strategic decision-making under such uncertainty. It covers what uncertainty is, why it is important, and what connections it has to business and related fields, culminating in a new and comprehensive typology and a valuable guide for how to appropriately address various types of uncertainties, even under AI. It clarifies the current terminological and categorical confusion about ‘unknowns'while complementing the mathematical, probability-based approaches that treat uncertainty as ‘knowable'(i.e., as risk). It corrects the mistaken approaches that treat ‘unknowables'as ‘shapeable'or ‘discoverable'. This book widens the perspective for viewing uncertainty, in terms of its impacts across humanity, byoffering a shrewder understanding of what roles uncertainties play in human activity. It will appeal to academics across business, economics, philosophy, and other disciplines looking for approaches to apply, test, and hone for dealing with decision-making under uncertainty.
- Published
- 2024
41. Money and Inflation : A New Approach to Monetary Analysis for the 21st Century
- Author
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Mehdi Chowdhury and Mehdi Chowdhury
- Subjects
- Inflation (Finance), Money
- Abstract
The book goes beyond the usual understanding of money—physically, electronically or virtually expressed in term of monetary units like dollars, pounds, gold coins, or bitcoins—and discusses how money is best conceptualised as the ability of a person/party to obtain goods and services from another person/party. This ability may originate from the access of a person/party to money in usual sense (e.g. dollars, pounds) but also via force, social norms, mutual negotiation, altruism, trust or due to human biological characteristics. As the ability to obtain goods and services from others depends on the context — what functions as money in a time and place may not function as money in another time and place — as such money has no universal type or representation. The book explains inflation as the increased need to acquire money, that is the need to employ more physical and mental labour to create the ability to obtaina wide range of goods and services. This book provides an explanation of the post covid price hike and the cost of living crisis by taking this new theory into consideration, which will be of interest to academics, researchers, policy makers and students studying finance, monetary economics and inflation.
- Published
- 2024
42. The Palgrave Companion to Harvard Economics
- Author
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Robert A. Cord and Robert A. Cord
- Subjects
- Economics--Massachusetts--Cambridge, Economists--Massachusetts--Cambridge
- Abstract
Harvard University has been and continues to be one of the most important global centres for economics. With three chapters on themes in Harvard economics and 41 chapters on the lives and work of Harvard economists, these two volumes show how economics became established at the University, how it produced some of the world's best-known economists, including Joseph Schumpeter, Wassily Leontief and John Kenneth Galbraith, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, the volumes provide economists – especially those interested in macroeconomics and the history of economic thought – with an in-depth analysis of Harvard economics.
- Published
- 2024
43. Werner Sombart and the 'Spirit' of Modern Capitalism : Rediscovering a Classic
- Author
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Christopher Adair-Toteff and Christopher Adair-Toteff
- Subjects
- Economics—History, Europe—Economic conditions, Economic history, Finance, Public
- Abstract
This book illuminates the work of Werner Sombart, a key contemporary of Max Weber, showing how his writing and thinking laid the groundwork for concepts of modern capitalism. Although the notion of the ‘spirit'of modern capitalism is most associated with Weber, it was Sombart who first used this phrase, with Weber focusing mainly on socioeconomics while Sombart continued to develop his ideas around modern capitalism. This book critically analyses Sombart's groundbreaking work, “Der moderne Kapitalismus” among his other writings to demonstrate how they may be read as a complementary alternative to Weber, providing a more detailed, sustained, and a comprehensive account of the genesis and nature of modern capitalism. This book will be of interest to a scholarly audience including students and researchers of the history of economic thought, as well as areas of sociology, politics, and political economy.
- Published
- 2024
44. The Role of Neoliberalism in the Marketisation of Higher Education
- Author
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Gerbrand Tholen and Gerbrand Tholen
- Subjects
- Education, Higher--Economic aspects, Education, Higher--Political aspects, Neoliberalism
- Abstract
This book assesses to what extent marketisation in Higher Education can be attributed to Neoliberalism. Higher education sectors in many countries have increasingly relied on market mechanisms in their management and functioning, particularly in their provision of education. Many assume that Neoliberalism, with its pursuit of free markets and competition, is the key driver. Neoliberalism continues to be a popular concept to describe the social, political, and economic worlds around us, but there is little consensus on how it should be defined or understood. The book argues that there is a clear scope for the use of Neoliberalism to describe the direction HE is shifting towards, but it is rather inadequate on its own and not applicable in all areas.
- Published
- 2024
45. Liberalism After the Habsburg Monarchy, 1918–1935 : National Liberal Heirs in the Czech Lands, Austria, and Slovenia
- Author
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Oskar Mulej and Oskar Mulej
- Subjects
- Europe—History, Europe, Central—History, World politics, Intellectual life—History, World history, Political science
- Abstract
This book explores what it meant to be ‘liberal'in interwar Czech, Austrian, and Slovenian politics. Up until 1918, these countries shared the common political framework of Cisleithania (the Austrian part of the Habsburg Monarchy). Within this framework was the predominantly pejorative function of the label ‘liberal,'and as a result after 1918, no major political party employed it to describe its own political orientation. Despite making considerable efforts to dissociate themselves from liberalism, many parties continued to be referred to as ‘liberal'by the contemporary public. This association with liberalism, the book argues, was primarily due to the parties'historical background rather than any ideological commitment to liberalism, and for that reason, the author refers to them as ‘national liberal heirs.'Examining the (dis)continuities of liberal party traditions, the book presents three representative cases of national liberal heirs: the Czechoslovak National Democracy; the Greater German People's Party; and the Slovenian sections of the Yugoslav Democratic Party, the Independent Democratic Party, and the Yugoslav National Party. Forming a distinctive part of early twentieth-century party landscapes in Central Europe, the national liberal heirs had inherited organisational structures, parts of electorate, as well as rootedness in specific cultural and social milieus from their liberal predecessors. Following the political trajectories of the national liberal heirs, the author seeks to answer in which spheres, in which manners, and to what extent liberalism survived or even continued to develop in the interwar Czech lands, Austria, and Slovenia.
- Published
- 2024
46. The Palgrave Handbook of Philosophy and Money : Volume 2: Modern Thought
- Author
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Joseph J. Tinguely and Joseph J. Tinguely
- Subjects
- Finance--History, Money--Philosophy, Philosophy--Economic aspects
- Abstract
The Palgrave Handbook of Philosophy surveys the role of money in the history of ideas. Volume 2: Modern Thought examines the treatment of money in the writings of philosophers from the emergence of capitalism through the 20th century. The volume is divided into sections on Early Modernity, Late Modernity, and the Twentieth Century. Volume 2 presents an alternative history of modern philosophy in which monetary relations are both an explicit theme and an implicit condition of philosophical reflection.
- Published
- 2024
47. The Economic Analysis of Random Events : Economic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance
- Author
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Volkan Hacıoğlu and Volkan Hacıoğlu
- Subjects
- Probabilities, Uncertainty, Economics
- Abstract
This book investigates applications of probability theory to random events from an economic standpoint and considers how economics can deal with uncertainty in today's world. As such the nature of chance and probability will be discussed with examples taken from the theoretical literature in probability and the history of economic thought, as well as real-life events.Chapters cover the nature of randomness and the element of chance, the concepts of both hidden costs and opportunity costs, the economic effect of human action, the randomness of economic events, random walk hypotheses and observable and unobservable phenomena. It situates the discussion in John Maynard Keynes'and Ronald Fisher's seminal works on probability, as well as introducing key tenets of probability theory and how these can be applied to economic events. The book considers the relationship between artificial intelligence and economic events, the role of big data, and international examples fromdifferent economic systems and how these can be evaluated. It also introduces a multidisciplinary exploration of other social sciences and how they deal with uncertainty, to assess the extent to which it is possible to apply probability theory to economic events which are by nature erratic and uncertain.This book will be of interest to researchers and students in economics, statistics, and those in the social sciences interested in questions of randomness and chance.
- Published
- 2024
48. The Political Economy of the Eurozone’s Rollercoaster : Greece and Portugal From the Global Financial Crisis to Covid-19
- Author
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Konstantinos Myrodias and Konstantinos Myrodias
- Subjects
- COVID-19 Pandemic, 2020---Economic aspects, Global Financial Crisis, 2008-2009, Eurozone
- Abstract
Global crises throughout history have shaken humanity and transformed economies and societies. The Eurozone faced two such crises soon after its foundation. This book brings new insights regarding the Eurozone's response to the Global Financial Crisis in 2008 and the Covid-19 pandemic and its effectiveness in dealing with the macroeconomic imbalances in Europe. Is the Eurozone more resilient now? This book is an indispensable addition to the literature on the recent global crises and the Eurozone for both academics and policymakers who are eager to delve deeper into these vital questions.
- Published
- 2024
49. Economic Theory in the Twentieth Century, An Intellectual History—Volume III : 1946–Mid-1970s. Economic Theory in the New Golden Age of Capitalism
- Author
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Roberto Marchionatti and Roberto Marchionatti
- Subjects
- Economic history--20th century
- Abstract
This book, set out over four-volumes, provides a comprehensive history of economic thought in the 20th century. Special attention is given to the cultural and historical background behind the development of economic theories, the leading or the peripheral research communities and their interactions, and a critical appreciation and assessment of economic theories throughout these times.Volume III addresses economic theory in the period of the new golden age of capitalism, between the years from the end of the Second World War to the mid1970s, which saw the establishment of the new mainstream, in particular in its Harvard-MIT-Cowles version. It was the period of the pre-eminence of the Neoclassical Keynesian Synthesis—the theoretical core of the period's dominant school of thought.This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of themajor international figures in economics. It will appeal to students, scholars and the more informed reader wishing to further their understanding of the history of the discipline.
- Published
- 2024
50. The Palgrave Handbook of Philosophy and Money : Volume 1: Ancient and Medieval Thought
- Author
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Joseph J. Tinguely and Joseph J. Tinguely
- Subjects
- Finance--History--To 1500, Money--Philosophy, Philosophy--Economic aspects
- Abstract
The Palgrave Handbook of Philosophy and Money surveys the role of money in the history of ideas. Volume 1: Ancient and Medieval Thought explores the worldviews of societies in the process of monetization. The volume is divided into sections on early Civilizations, classical Greece, the Roman era, and Medieval and Renaissance thought.
- Published
- 2024
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