The Oxford Handbook of Austrian Economics

Co-edited with Christopher J. Coyne

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.

 

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Table of Contents

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