Our Routledge series for the Foundations of the Market Economy Program is curated by Mario Rizzo (NYU) and Lawrence White (University of Missouri, St. Louis). Among the titles are:
Competition and Free Trade, by Pascal Salin
“Competition and free trade are both concepts which are absolutely central for the understanding of human societies but are also often the subjects of fears and criticisms. It is argued that it is not possible to understand what competition really is without referring to the concept of freedom, and that free trade must be understood as the way to expand the scope of competition. …”
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Austrian Economics Re-Examined, by Gerald P. O’Driscoll, Jr. and Mario Rizzo
“Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally. …”
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Economic and Political Change after Crisis, edited by Stephen H. Balch and Benjamin Powell
“The U.S. Government’s accumulated national debt and unfunded liabilities in social security and Medicare could be pushing the country towards a fiscal crisis. How could such a crisis be avoided? If a crisis does strike, how might it be dealt with? What might be the long term ramifications of experiencing a crisis? The contributors to Economic and Political Change After Crisis explore all of these questions and more. …”
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Capital in Disequilibrium, by Peter Lewin
“Drawing on the work of the Austrian School and its heirs, Capital in Disequilibrium develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics. Original and provocative in his reflection, Lewin offers both a new approach and an accessible discussion of one of the most important, but also one of the most difficult, areas in economics.”
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Understanding the Culture of Markets, by Virgil Storr
“How does culture impact economic life? Is culture like a ball and chain that actors must lug around as they pursue their material interests? Or, is culture like a tool-kit from which entrepreneurs can draw resources to aid them in their efforts? Or, is being immersed in a culture like wearing a pair of blinders? Or, is culture like wearing a pair of glasses with tinted lenses? …”
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Money and Markets, edited by Roger Koppl
“Important and celebrated economist Leland Yeager is one of the architects of the ‘Virginia School’ of political economy that has produced two Nobel laureates (James Buchanan and Ronald Coase) and the Public Choice movement. A number of top class contributors have here been brought together to produce a festschrift in Yeager’s honor – edited by Roger Koppl, and including the aforementioned Buchanan, Gordon Tullock, David Colander, Deirdre McCloskey and Roger Garrison.”
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Producing Prosperity, by Randall Holcombe
“The substantial prosperity that characterizes market economies at the beginning of the twenty-first century is relatively recent in human history. Prior to the Industrial Revolution, economic progress was so slow that people would not have been able to recognize it in their lifetimes, whereas today, economic progress is so much a part of people’s lives that they take it for granted. …”
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Entrepreneurship and the Market Process, by David Harper
“Enterpreneurship is central to the market process, and yet most theories of it fail to tackle the problem of how economic agents learn from their experience. This book redresses this by systematically applying the ideas of Karl Popper. It treats the entrepeneur as a theorist who develops conjectures which are then tested by exposure to the market, in an effort to eliminate errors. This is a critical aspect of the development of new ventures, as most entrepeneurial ideas turn out to be mistakes, at least in their original form.”
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Prices and Knowledge, by Esteban F. Thomsen
“… a careful and admirably brief statement of the case for the market process approach to the theory of price.’ – Economic Journal May ’93
First published in 1992.”
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Expectations and the Meaning of Institutions, edited by Don Lavoie
“This collection of Ludwig Lachmann’s essays challenges contemporary attitudes to economics and seeks to apply an interpretive approach to the discipline. The essays, spanning six decades, address a wide range of issues in microeconomics, macroeconomics, methodology and the history of thought. They outline Lachmann’s approach to economics, with the emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations. Collecting Lachmann’s most important work together for the first time, it includes two essays never previously published.”
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The Theory of Dynamic Efficiency, by Jesús Huerta De Soto
“This book gathers a collection of English language essays by Jesús Huerta de Soto over the past ten years, examining the dynamic processes of social cooperation which characterize the market, with particular emphasis on the role of both entrepreneurship and institutions. The author’s multidisciplinary approach to the subject is in keeping with a trend in economic thought established by the Austrian school of economics; a discourse that had witnessed a significant revival over the last thirty years. …”
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Money and the Market, by Kevin Dowd
“Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.”
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Mind, Society, and Human Action, by Richard E. Wagner
“Economics originated as a branch of the humane studies that was concerned with trying to understand how some societies flourish while others stagnate, and also how once-flourishing societies could come to stagnate. Over the major part of the 20th century, however, economists mostly turned away from these humane and societal concerns by importing mechanistic ideas from 19th century physics. This book seeks to show how that original humane and social focus can be renewed.”
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Keynes’ General Theory of Interest, by Fiona MacLachlan
“In Keynes’ General Theory of Interest, Fiona Maclachlan rehabilitates the largely discredited liquidity preference theory of interest, providing an original and rigorously reasoned restatement of the theory. Her provocative book draws on the methodological tenets of the Austrian school and is grounded firmly both in the history of economic thought and in real world economic institutions.”
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Markets, Morals and Policy-Making, by Enrico Colombatto
“Free-market economics has attempted to combine efficiency and freedom by emphasizing the need for neutral rules and meta-rules. These efforts have only been partly successful, for they have failed to address the deeper, normative arguments justifying – and limiting – coercion. This failure has thus left most advocates of free-market vulnerable to formulae which either emphasize expediency or which rely upon optimal social engineering to foster different notions of the common will and of the common good. This book offers the reader a new perspective on free-market economics, …”
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The Constitution of Liberty in the Open Economy, by Lüder Gerken
“In these heady days of ever increasing globalization it has become vital to question whether governments should be allowed to protect domestic enterprises from foreign competitors.
This book represents a first attempt to provide a new conceptual basis for discussing the cases in which free trade should be the option of choice in trade policy and those in which protectionism should be used. …”
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Risk and Business Cycles, by Tyler Cowen
“Risk and Business Cycles examines the causes of business cycles, a perennial topic of interest within economics. The author argues the case for the revival of an important role for monetary causes in business cycle theory, which challenges the current trend towards favouring purely real theories. The work also presents a critique of the traditional Austrian theory of the trade cycle. This controversial approach will ensure that the book is of interest to all those involved with business cycles, as well as Austrian economics.”
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Entrepreneurship and Economic Progress, by Randall Holcombe
“Entrepreneurship is the engine of economic progress, but mainstream economic models of economic growth tend to leave out the entrepreneurial elements of the economy. This new book from Randall Holcombe begins by identifying areas in which evolutionary and Austrian approaches differ from the academic mainstream literature on economic growth, before moving on to distinguish growth from progress. …”
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Microfoundations and Macroeconomics, by Steven Horwitz
“In the past, Austrian economics has been seen as almost exclusively focused on microeconomics. Here, Steven Horwitz constructs a systematic presentation of what Austrian macroeconomics would look like. This original and highly accessible work will be of great value and interest to professional economists and students.”
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Liberalism against Liberalism, by Javier Aranzadi
“The defence of the market and economic freedom have been the main objectives of the investigations by liberal thinkers such as Milton Friedman, Gary Becker, F Hayek and L Von Mises. Bearing in mind that the first two economists are the maximum exponents of the Chicago School and the last two of the Austrian School, it is often concluded that the theories of both schools are similar. This book demonstrates that in reality, there is no convergence or complementariness to be found between both schools of thought. …”
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Foundations of Entrepreneurship and Economic Development, by David Harper
“This well-written book is the first to deal with entrepreneurship in all its aspects. It considers the economic, psychological, political, legal and cultural dimensions of entrepreneurship from a market-process perspective. David A Harper has produced a volume that analyses why some people are quicker than others in discovering profit opportunities. Importantly, the book also covers the issue of how cultural value systems orient entrepreneurial vision and, in contrast to conventional wisdom, the book argues that individualist cultural values are not categorically superior to group oriented values in terms of their consequences for entrepreneurial discovery.”
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Time and Money, by Roger W. Garrison
“Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.”
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Calculation and Coordination, by Peter J. Boettke
“This collection of essays from one of the major Austrian economists working in the world today brings together in one place some of his key writings on a variety of economic issues.”
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An Entrepreneurial Theory of the Firm, by Frederic Sautet
“This original, provocative work makes a thorough and comprehensive enquiry into the relationship that exists between firms and markets, with separate, in-depth examinations of both the existence and inner organisation of the firm. Sautet develops an accomplished and convincing theory that encompasses a wealth of existing literature and leads it in an entirely new direction.”
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Markets, Information, and Communication, edited by Jack Birner and Pierre Garrouste
“The internet bubble which peaked in size in 2000 is now well and truly burst. As with all bubbles, there are varying explanations for its occurrence, but the hype which surrounds the internet has shouldered a lot of the blame. There is however, no doubt that the internet has significantly changed the way people live, think and do business.”
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The Constitution of Markets, by Viktor J. Vanberg
“What is the nature and role of competition in markets and politics?
This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies. Particular attention is paid to the the role of the state, specifically the role of governments in shaping and maintaining the economic constitution of their societies.”
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Keynes and Hayek, by G. R. Steele
“John Maynard Keynes and Friedrich Hayek had serious differences of opinion when it came to assessing the fractured inter-war world. G. R. Steele picks apart this debate and argues persuasively that Hayek’s outlook will prove to be the more enduring.”
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The Driving Force of the Market, by Israel M. Kirzner
“This book offers a unique insight into the character of Austrian economics. This work also collects the recent work of the leading authorities in this area, and will be an indispensible tool for all those interested in the implications of Austrian approach on economics. …”
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The Cultural Foundations of Economic Development, by Emily Chamlee-Wright
“Chamlee-Wright argues that international aid programmes have often been unsuccessful because they are imported.
The economics of the Austrian School provide a far stronger theoretical framework which can introduce cultural analysis into questions of economic development and other market processes.”
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Neoclassical Microeconomic Theory, by Anthony Endres
“Carl Menger, Friedrich Wieser and Eugen Bohm-Bawerk are acknowledged as pioneers in the development of neoclassical economics, as well as being recognized as the founders of the Austrian School of Economics. Neoclassical Microeconomic Theory examines their contribution and compares it with the other branches of neoclassical economics that emerged between the 1870’s and 1930’s. …”
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Dynamics of the Mixed Economy, by Sanford Ikeda
“Dynamics of the Mixed Economy applies the insights of modern Austrian political economy to examine economic policy in mixed economies.
It compares and contrasts standard approaches to the growth of the state (including public choice) with that of modern Austrian political economy; examines in detail the nature and operation of the interventionist process in the context of nationalization, regulation and the welfare state; analyzes conditions that produce instability under laissez-faire capitalism; argues that the interventionist process is a ‘spontaneous order’; and offers several ‘pattern predictions’ regarding the character and behaviour of really existing economies.”
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Laissez-Faire Banking, by Kevin Dowd
“The idea of free (or laissez-faire) banking has enjoyed a remarkable renaissance in recent years. It is a novel idea that challenges much of what many banking scholars still take for granted – that banking is inherently unstable, that the banking system needs a lender of last resort or deposit insurance to defend it in a crisis, and that the Government has to protect the value of the currency. Against this free banking sets an argument which is in essence very simple: if markets are generally better at allocating resources than governments, then what is different about money and the industry that provides it and why? …”
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The Meaning of the Market Process, by Israel M. Kirzner
“Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.”
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The Economics of Time and Ignorance, by Gerald P. O’Driscoll, Jr. and Mario Rizzo
“The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.”
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Perfect Competition and the Transformation of Economics, by Frank Machovec
“Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.”
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