Description
Book SynopsisPresenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities.
Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades.
Key features include:
- An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate
- In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school
- New material relating Austrian economics to other schools of thought.
Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates.
Trade Review'Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.' --Joseph Salerno, Pace University, US
'What book should I read to understand the Austrian School of Economics? It's a question I've been asked at least a hundred times by economics students and business professionals. I've never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe's book is the new gold standard!'
--Benjamin Powell, Texas Tech University, US
'Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.'
--Peter Boettke, George Mason University, US
Table of ContentsContents: Preface 1. The market process 2. Decentralized knowledge: the role of firms and markets 3. Economic calculation 4. Money, banking and business cycles 5. The resurgence of the Austrian school References Index
