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Modern Guide to Austrian Economics

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Written in an accessible style, this is an invigorating read for economics scholars looking for an alternative to mainstream approaches.

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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.

Spanning theories of entrepreneurship to the theory of the business cycle, from methodology to sociology, and from cryptocurrencies to culture, this clear and concise Modern Guide provides an expert curation of the topic. Chapters offer an overview of the present state of scholarship in the field, including discussions on praxeology, the function of entrepreneurship in the market process, spontaneous orders, the Austrian theory of money, and banking.

Written in an accessible style, this will be an invigorating read for economics scholars looking for an alternative to mainstream approaches. It will also be useful for scholars and practitioners seeking an introduction to Austrian economics.

Contributors: Peter J. Boettke, Per L. Bylund, Nicolás Cachanosky, Ginny Seung Choi, Richard G. Ellefritz, Kristoffer J.M. Hansen, David Howden, Peter G. Klein, Karras J. Lambert, Peter Lewin, Roderick T. Long, William J. Luther, Mateusz Machaj, Matthew McCaffrey, Robert P. Murphy, Jonathan R. Newman, Mark D. Packard, Joseph T. Salerno, Frederic Sautet, Arkadiusz Sieroń, Nikhil Sridhar, Virgil Henry Storr, Krzysztof Turowski


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Introduction to A Modern Guide to Austrian Economics 1 Per L. Bylund

1 Praxeology 6 Roderick T. Long

2 Austrian phenomenology 17 Mark D. Packard

3 Alertness: an Aristotelian approach 39 Frederic Sautet

4 Entrepreneurial judgment 64 Peter G. Klein and Matthew McCaffrey

5 Entrepreneurship and the market process 84 Per L. Bylund

6 Spontaneous order 103 Karras J. Lambert and Peter J. Boettke

7 The social and moral aspects of markets 121 Ginny Seung Choi and Virgil Henry Storr

8 Economic calculation and socialism 142 Krzysztof Turowski and Mateusz Machaj

9 Money 165 Joseph T. Salerno and Kristoffer J. M. Hansen

10 Banking 182 David Howden

11 On the origins of cryptocurrencies 200 William J. Luther and Nikhil Sridhar

12 The pure time preference theory of interest 216 Robert P. Murphy

13 Capital theory and the theory of the firm 238 Nicolás Cachanosky and Peter Lewin

14 Austrian business cycle theory: current research trends and future directions 257 Jonathan R. Newman and Arkadiusz Sieroń

15 Austrian sociology 283 Richard G. Ellefritz


ISBN 9781789904390
Publisher Edward Elgar
Publication Date 10/10/2022
Binding HB
Page Length 328