Modern Austrian Economics

The collected texts in this edition concern the post-1970s area of the Austrian tradition, from its revival to its current directions and development. This edition comprises a collection of key and lesser-known texts of the movement, presenting a unique look at ‘the way forward’ in Austrian economics. The distinguished editorial team is well placed to continue the work begun by Kirzner (Classics in Austrian Economics, Pickering & Chatto, 1995) and Littlechild (Austrian Economics, Edward Elgar, 1990).

After almost half century of inertia, the last few decades have witnessed a resurgence of interest in the Austrian tradition among economists. The three main players in this rebirth, Israel Kirzner, Ludwig Lachmann and Murray Rothbard, have elaborated original theories of entrepreneurship, market process, institutions and capital structure, the origins of which can be traced back to the seminal work of Mises and Hayek. Despite common origins, the work of those instrumental in the Austrian revival has not formed a unified paradigm. With the passing decades different orientations, both complementary and conflicting, have emerged, questioning the future of the tradition. With the rise of a new dynamic generation of authors, the Austrian tradition of today is grappling with this diversity, looking for a new, enlarged, definition of the Austrian school and of its analytical interests. The increasing interest in the relationship of Austrian economics to the fields of Institutionalist and Evolutionary economics indicates what will probably be the next phase in the development of the tradition initiated by Menger more than a century ago.

• General introduction
• Headnotes situating the argument and giving bibliographic details
• Thematic index
• Texts presented in facsimile

Contents

Volume 1

A Multi-Directional Revival
1. Kirznerian lines of thought. Market Process Theory: I Kirzner, ‘Market Process in a Pure Exchange Economy’ (1963); I Kirzner, ‘Uncertainty, Discovery, and Human Action’ (1982); Theory of Entrepreneurship: S C Littlechild and G Owen, ‘An Austrian Model of the Entrepreneurial Market Process’ (1980); A J Yates, ‘The Knowledge Problem, Entrepreneurial Discovery and Austrian Market Process Theory’ (2000); Rationality: G Becker, ‘Irrational Behaviour and Economic Theory’ (1962); I Kirzner, ‘Rational Action and Economic Theory’ (1962); 2. Rothbardian lines of thought. The Defence of Mises’ Legacy: G J Schuller, ‘Review of Human Action by Ludwig Von Mises’ (1950); M Rothbard, ‘Mises’ ‘Human Action’: Comment’ (1951); G J Schuller, ‘Rejoinder’ (1951); M Rothbard, ‘Praxeology: Reply to Mr Schuller’ (1951); M Rothbard, ‘Ludwig von Mises and the Paradigm of our Age’ (1971); Praexology and Normative Discourse: M Rothbard, ‘Toward a Reconstruction of Utility and Welfare Economics’ (1956); M Rothbard, ‘Praxeology, Value Judgements, and Public Policy’ (1976); Free Banking:
M Rothbard, ‘Gold vs. Fluctuating Fiat Exchange Rates’ (1975);
G A Selgin, ‘The Case for Free Banking: Then and Now’ (1985);
L White, ‘Free Banking as an Alternative Monetary System’ (1983); 3. Lachmannian Lines of Thought: An Overview: W E Grinder, ‘In Pursuit of the Subjective Paradigm’ (1977); K Mittermaier, ‘Ludwig Lachmann, A Biographical Sketch’ (1992); Market Process Theory: L Lachmann, ‘Why Expectations Matter’ (1982);
L Lachmann, ‘Markets and the Market’ (1986); Capital Theory:
P Lewin, ‘Time, Change, and Complexity: Ludwig M Lachmann’s Contributions to the Theory of Capital’ (1996); L Lachmann, ‘On Austrian Capital Theory’ (1976) Causal–Genetic Thinking: R Cowan and M Rizzo, ‘The Genetic-Causal Tradition and Modern Economic Theory’ (1996); R G Koppl, ‘Invisible Hand Explanation : Towards a Post-Marginalist Economics’ (1992)

Volume 2

Dispersal
1. Criss-cross critics. The Misesian Praexology: M Rothbard, ‘The Present State of Austrian Economics’ (1992); G Selgin, ‘Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics’ (1988); M Rothbard, ‘The Hermeneutical Invasion of Philosophy and Economics’ (1989); D Lavoie, ‘Euclideanism Versus Hermeneutics: A Re-interpretation of Misesian Apriorism’ (1986); P Boettke, S Horwitz and D Prytchitko, ‘Beyond Equilibrium Economics’ (1986); I Kirzner, ‘Equilibrium versus Market Process’ (1976); R Garrison, ‘Austrian Economics as the Middle Ground’ (1982); S Boehm, ‘Austrian Economics and the Theory of Entrepreneurship: Israel M Kirzner Interviewed’ (1992); M Rizzo, ‘Equilibrium Vision’ (1992); 2. Fellow Travellers. Austrians and Neoclassicals: S Rosen, ‘Austrian and Neoclassical Economics: Any Gains From Trade?’ (1997); L Yeager, ‘Austrian Economics, Neoclassicism, and the Market Test’ (1997); H Demsetz, ‘Information and Efficiency: Another Viewpoint’ (1969) Austrians and Constitutionalists: J Buchanan, ‘General Implications of Subjectivism in Economics’ (1979); J Buchanan, ‘Natural and Artifactual Man’ (1979); V J Vanberg, ‘Markets and Regulation: on the Contrast between Free-Market Liberalism and Constitutional Liberalism’ (1999) Austrians and Neo-Austrians: J Hicks, ‘Is Interest the Price of a Factor of Production?’ (1979); M Faber, M Proops, S Speck and F Jost, ‘Historical Background to Neo-Austrian Capital Theory’ (1999) Austrians and Post-Keynesians: G L S Shackle, ‘Imagination, Unknowledge and Choice’ (1980); B Loasby, ‘Economics of Dispersed and Incomplete Information’ (1982);
P Davidson, ‘The Economics of Ignorance or the Ignorance of Economics?’ (1989)

Volume 3

Toward a Broader Paradigm
1. Toward Institutionalism. Methodological Benchmarks:
E Ullman-Margalit, ‘Invisible hand explanations’ (1978); J Agassi, ‘Institutional Individualism’ (1975) Austrians and Old Institutionalists:
P Boettke, ‘Evolution and Economics: Austrians as Institutionalists’ (1989); W Dugger, ‘Austrians vs Institutionalist: who are the real dissenters?’ (1989); S Gloria-Palermo, ‘An Austrian Dilemma: necessity and impossibility of a theory of institutions’ (1998); Radical Subjectivist Approaches: R Langlois, ‘Coherence and Flexibility: Social Institutions in a World of Radical Uncertainty’ (1986);
D Lavoie, ‘The Discovery and Interpretation of Profit Opportunities’ (1991); 2. Towards Evolutionism. Austrian Economics and the Evolutionist Paradigm: R Langlois, ‘Rationality, institutions, and explanation’ (1986); R Langlois, ‘What was Wrong with Old Institutional Economics’ (1989); Game Theory Perspective: A Schotter, ‘Why take a Theoretical Approach to Economics’ (1984);
U Witt, ‘Evolution and Stability of Cooperation Without Enforceable Contracts’ (1986); S C Littlechild, ‘An Entrepreneurial Theory of Games’ (1979); Austrian Theory of the Firm: B Loasby, ‘Evolution within equilibrium’ (1994); U Witt, ‘Imagination and Leadership’ (1998); N Foss, ‘The Use of Knowledge in the Firm’ (1998); The Cognitive Perspective: K Vaughn, ‘Hayek’s theory of market order as an instance of the theory of complex, adaptive systems’ (1999); F von Hayek, ‘Rules perception and Intelligibility’ (1963); D Lavoie, H Baetjer and W Tulloh, ‘High-Tech Hayekians: Some Possible Research Topics in the Economics of Computation’ (1990)

Related titles

• Classics in Austrian Economics : A Sampling in the History of a Tradition

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