The Oxford Handbook of Austrian Economics (Oxford Handbooks)

'the Oxford Handbook Of Austrian Economics' Provides An Overview Of The Main Methodological, Analytical, And Practical Implications Of The Austrian School Of Economics. This Intellectual Tradition In Economics And Political Economy Has A Long History That Dates Back To Carl Menger In The Late Nineteenth Century. The Various Contributions Discussed In This Book All Reflect This 'tension' Of An Orthodox Argumentative Structure (rational Choice And Invisible Hand) To Address Heterodox Problem Situations (uncertainty, Differential Knowledge, Ceaseless Change). 1. Introduction / Peter Boettke And Christopher Coyne -- Methodology -- 2. Austrian Methodology: A Review & Synthesis / Adam Martin -- Microeconomics -- 3. The Knowledge Problem / Lynne Kiesling -- 4. Market Theory And The Price System / Frederic Sautet -- 5. Austrians Versus Market Socialists / Jesús Huerta De Soto -- 6. Spontaneous Order / Daniel D'amico -- Macroeconomics And Monetary Economics -- 7. The Capital Using Economy / Peter Lewin And Howard Baetjer -- 8. Capital-based Macroeconomics: Austrians, Keynes, And Keynesians / John P. Cochran -- 9. Austrian Business Cycle Theory: A Modern Appraisal / Andrew Young -- 10. Free Banking / Kevin Dowd -- Institutions And Organizations -- 11. Social Economy As An Extension Of The Austrian Research Program / Emily Chamlee-wright And Virgil Storr -- 12. Organizations And Markets / Nicolai J. Foss, Peter G. Klein, And Stefan Linder -- 13. The Evolution Of Property Rights Systems / Bruce Benson -- 14. On The Origins Of Stock Markets / Edward Stringham -- Public Policy And Interventionism -- 15. The Rule Of Experts / Roger Koppl -- 16. The Problem Of Rationality: Austrian Economics Between Classical Behaviorism And Behavioral Economics / Mario Rizzo -- 17. Dynamics Of Interventionism / Sanford Ikeda -- Political Economy -- 18. Ordoliberalism And The Austrian School / Stefan Kolev -- 19. The Tax State As Source Of Perpetual Crisis / Richard Wagner -- 20. Constitutional Political Economy And Austrian Economics / Mark Pennington -- 21. Public Choice And Austrian Economics / Randall Holcombe -- 22. The Market Process Theory Perspective Of Capitalism: Normative Facets And Implications / Paul Dragos Aligica -- Austrian Connections And Extensions -- 23. On The Economy Wide Implications Of Kirznerian Alertness / Maria Minnitti -- 24. Contemporary Austrian Economics And The New Economic Sociology / Ryan Langrill And Virgil Storr 25. The Austrian Theory Of Finance: Is It A Unique Contribution To The Field? / Gregory Dempster -- 26. Austrian Economics And The Evolutionary Paradigm / Ulrich Witt And Naomi Beck -- 27. Complexity And Austrian Economics / J. Barkley Rosser -- 28. The Sensory Order, Neuroeconomics And Austrian Economics / Bill Butos And Thomas Mcquade -- Development, Transition, And Social Change -- 29. What Have We Learned From The Collapse Of Communism? / Peter Boettke And Olga Nicoara -- 30. The Political Economy Of Foreign Intervention / Thomas K. Duncan And Christopher Coyne -- 31. From Subsistence To Advanced Material Production: Austrian Development Economics / G.p. Manish And Benjamin Powell -- 32. On Your Mark, Get Set, Develop! Leadership And Economic Development / Scott A. Beaulier And Daniel J. Smith -- Applications: The 2007 Financial Crisis -- 33. The Financial Crisis In The United States / Steven Horwitz -- 34. The Financial Crisis In The Uk: Uncertainty, Calculation And Error / Anthony J. Evans. Edited By Peter Boettke And Christopher Coyne. Includes Bibliographical References And Index. cover Series The Oxford Handbook of Austrian Economics Copyright Contents List of Figures and Tables List of Contributors 1. Introduction: Austrian Economics as a Progressive Research Program in the Social Sciences Part I Methodology 2. Austrian Methodology: A Review and Synthesis Part II Microeconomics 3. The Knowledge Problem 4. Market Theory and the Price System 5. Austrians versus Market Socialists 6. Spontaneous Order Part III Macroeconomics and Monetary Economics 7. The Capital-Using Economy 8. Capital-Based Macroeconomics: Austrians, Keynes, and Keynesians 9. Austrian Business Cycle Theory: A Modern Appraisal 10. Free Banking Part IV Institutions and Organizations 11. Social Economy as an Extension of the Austrian Research Program 12. Organizations and Markets 13. The Evolution of Property Rights Systems 14. On the Origins of Stock Markets Part V Public Policy and Interventionism 15. The Rule of Experts 16. The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral Economics 17. Dynamics of Interventionism Part VI Political Economy 18. Ordoliberalism and the Austrian School 19. The Tax State as Source of Perpetual Crisis 20. Constitutional Political Economy and Austrian Economics 21. Public Choice and Austrian Economics 22. The Market Process Theory Perspective on Capitalism: Normative Facets and Implications Part VII Austrian Connections and Extensions 23. On the Economy-Wide Implications of Kirznerian Alertness 24. Contemporary Austrian Economics and the New Economic Sociology 25. The Austrian Theory of Finance: Is It a Unique Contribution to the Field? 26. Austrian Economics and the Evolutionary Paradigm 27. Complexity and Austrian Economics 28. The Sensory Order, Neuroeconomics, and Austrian Economics Part VIII Development, Transition, and Social Change 29. What Have We Learned from the Collapse of Communism? 30. The Political Economy of Foreign Intervention 31. From Subsistence to Advanced Material Production: Austrian Development Economics 32. On Your Mark, Get Set, Develop! Leadership and Economic Development Part IX Applications: The 2008 Financial Crisis 33. The Financial Crisis in the United States 34. The Financial Crisis in the United Kingdom: Uncertainty, Calculation, and Error Index The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.