Austrian Economics Tensions And New Directions

When we first invited the group of distinguished scholars represented here to contribute to a new volume on Austrian economics, four themes were stressed: tensions, new directions, selectivity, and criticism. In this brief introduction we will explain why those themes were emphasized and thereby shed light on our intentions and aspirations for the volume. The subtitle "Tensions and New Directions" indicates clearly the intent of the volume desired. If we take the 1871 publication of Carl Menger's Principles of Economics (Grundsiitze der Volkswirthschaftslehre) as mark ing its birth, the Austrian tradition is now well over one hundred years old. The origins of the so-called "Austrian Revival" are more difficult to pinpoint precisely, but many would accept two decades as a reasonable estimate of its lifespan. In any case, since the mid-1970s several collections of articles written by Austrians have been published. The intent of these collections appeared to be to educate, persuade, and inspire various audiences. Uninformed readers needed to be told about the specifics of the Austrian position, to be shown how it differed from and improved upon its rivals. The initiated needed to be reassured that their commitment to a novel program was justified. As such, much of the recent Austrian literature has consisted either of exegetical accounts of the views of past figures, or of critical assessments of the positions of alternative research programs in economics from an Austrian perspective.

Papers presented at a symposium sponsored by the University College at Buckingham and the Institute for Humane Studies, and held at Windsor Castle Sept. 1976. Includes bibliographical references and index.

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.

In recent years there has been a spectacular revival of interest in the economics of the Austrian school. New Perspectives on Austrian Economics includes *A keynote chapter by Israel Kirzner on the question of subjectivism within Austrian Economics *Chapters on Menger, Hayek and Schumpeter *the Socialist Calculation debate *Austrian perspectives on key theoretical issues including Uncertainty and Business Cycle Theory *the policy implications of Austrian economics

Volume 19 includes research by scholars working within Austrian political economy. The contributors shed incisive light on a range of topics in Austrian economics including: the role of culture in post-disaster recovery, class structure, decentralized political orders, drones, institutional change, macroeconomics, and superstition and norms.

Here, leading economists explore whether Austrian economics is still relevant today. Starting with Peter Boettke’s lead essay, “What is Wrong with Austrian Economics?”, chapters include an array of perspectives responding to this question, ranging from economics, to intellectual history, to political science, and to philosophy.

"This special expanded volume in Hillsdale College's Champions of Freedom series assesses the legacy and the future of Austrian School economics. Named for the nationality of the founders of this free market theory of human action, the Austrian School has had an increasing impact on economic theory and practical politics in the last several decades, resulting in a Nobel Prize in Economics for Friedrich von Hayek, whose contributions to the School are discussed at length herein." --Book Jacket.

This book argues, against the dominant orthodoxy in the history of economic thought, for the originality of Carl Menger's contribution to the development of the Austrian school of economics. Situating the evolution of Menger's thought in the tradition of classical political economy, the author documents the emergence of a Mengerian logic and its contribution to the formation of a distinctly Austrian tradition of economics. In its bold elucidation of the shaping of a tradition in economic thought, Tradition and Innovation in Austrian Economics provides a fresh and challenging perspective on the Austrian school which will be of interest to researchers in Austrian economics and the history of economic thought.