The Emergence of a Tradition: Essays in Honor of Jesús Huerta De Soto, Volume II : Philosophy and Political Economy

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. Contents 5 List of Contributors 8 Jesús Huerta de Soto: An Appreciation 10 Society as a Creativity Process 26 Information 27 Subjective Knowledge of a Practical, Non-scientific Type 28 Private and Dispersed Knowledge 28 Tacit Knowledge 29 Transmissible Knowledge 30 Society 31 Conclusion 34 References 35 Nation, Secession, and Freedom 36 The Function of Secession in a Free Society 40 Conclusion 42 References 43 William of Ockham: An Unknown Libertarian Philosopher 45 References 52 Defending Absolutist Libertarianism 53 Conclusion 59 References 60 The Political-Economic Views of Mont Pelerin Society Members and Other Promoters of a Free Economy in 1980 61 The Underground or Informal Economy 65 Monetary Debates 67 The Power of the Bureaucracy 69 Nationalization Has Waned, but Regulation Lives On 70 Immigration 71 A Time of Optimism for Libertarians 71 References 78 Liberal Values Versus Envy 80 Envy, the Anti-Liberal Value 84 References 89 A Chronicle of Liberal Thought in Spain: From Salamanca to Vienna Through Madrid 91 The School of Salamanca 92 Ethics and Economy 95 The Austrian School in Madrid 97 References 100 The State: Its Origin and Nature 101 References 107 Dynamic Efficiency and a Judgment-Based Approach to Entrepreneurship: An Integrated Thesis for Development Economics 108 The Joint Nature Between Dynamic Efficiency and Judgment-Based Approach 110 Closure: TDE, JBA, and Austrian Development Economics 113 References 113 The Ultra-Reactionary as a Radical Libertarian: Carl Ludwig von Haller (1768–1854) on the Private Law Society 116 References 135 A Catholic View of Order, Creativity, and Justice 136 Contextualization 137 God, the Order in the World, and the Austrian School 138 The Causal-Realist Paradigm 138 Thomas Aquinas and the Order of the World 139 The Thinkers of the School of Salamanca 142 Creativity, Entrepreneurship, and Dynamic Efficiency 143 God, the State, and Evil 145 Conclusion 146 References 147 The Intellectual Error of Socialism in International Arbitration 149 The Nature of Law and Justice 150 The Nature of the State 153 The Problem of Political Authority 155 Conclusion 157 References 158 Ortega y Gasset and the Austrian Economists: A Missed Encounter 160 The Criticism of Rationalistic Extremism 161 False Individualism and True Individualism 164 Ortega in Hayek’s Works 166 References 167 The Devil by the Horns 169 References 175 The Entrepreneur of Ideas: A Review of Some Literature 176 The Marketplace of Ideas 177 Entrepreneurs 187 Conclusion 190 References 191 The Case Against Moderate Socialism 193 References 199 Austrian Economists in Madrid 201 The Arrival of Jesús Huerta de Soto 202 The Austrian School of Madrid and the New Austrians 203 The Tools of the Austrian School of Madrid 205 About the Future of the Austrian School of Madrid 205 References 206 Capitalism, Socialism, and the Neoclassical Trap 208 Smith, Malthus, and the Classics 209 Adam Smith, the Pin Factory, the Invisible Hand, and Economic Growth 209 Thomas Malthus, Diminishing Marginal Returns and Pessimism 212 The Neoclassical Tradition, and the Origin of Error 214 General Equilibrium, Pareto Optimality, and the Invisible Hand 214 Neoclassical Research Program, Socialism, and Rothbard 215 Murray Rothbard, the Damages of Monopolies and Optimality 216 Socialism Versus Capitalism in an Invalid Format 218 Conclusion 219 References 220 A Republican Defense of Anarchism 221 The Republican Philosophical Framework 222 The Contradictions of Republicanism 226 From Republicanism to Anarchism 228 Conclusion 231 References 232 Socialism, Economic Calculation and Entrepreneurship 234 Chapter I 235 Chapter II 236 Chapter III 238 Chapter IV 240 Chapter V 242 Chapter VI 244 Chapter VII 247 Conclusion 248 References 250 The Ideal of a Just Society: The Transformation of “Distributive” Justice into “Distributional” Justice 251 The Socially Just Society—The Ideal and the Reality 251 From “Distributive Justice” to “Distributional” Justice 254 From “Distributional” Justice to Social Justice 259 References 264 Intergenerational Solidarity, Welfare, and Human Ecology in Catholic Social Doctrine 266 Intergenerational Solidarity 267 Welfare 273 Human Ecology 276 Conclusion: The Question of Man and the Centrality of the Family 280 Ethics and Dynamic Efficiency: A Thomistic Approach 283 The Ethical Thought of Saint Thomas 284 The Entrepreneur as an Ethical Agent According to St. Thomas 286 Entrepreneurship, Efficiency and Virtue 287 Reason and Prudence 287 Will and Justice 289 Irascible Appetite and Fortitude 291 Concupiscible Appetite and Temperance 293 Conclusion 294 References 296 Index 297