Advances in Austrian Economics connects the Austrian tradition of economics with other research traditions in economics and related areas. Each volume attempts to apply the insights of Austrian economics and related approaches to topics that are of current interest in economics and cognate disciplines.
The edited volume approach delivers ideas from multiple contributors in one book, providing a forum for variety and contrasting perspectives among those working in these areas. As such, Advances fills an important niche in the world of Austrian economics.
Austrian school economists...

The cognitive sciences, having emerged in the second half of the twentieth century, are recently experiencing a spectacular renewal which cannot leave unaffected any discipline that deals with human behavior. The primary motivation for our project has been to weigh up the impact that this ongoing revolution of the sciences of the mind is likely to have on social sciences ??? in particular, on economics. The idea was to gather together a diverse group of social scientists to think about the following questions. Have the various new approaches to cognition provoked a crisis in economic science?...

The theory of consumer choice fills the opening chapters of any micro-economic textbook. Yet, surprisingly, this position of privilege has not translated into a flourishing of economic research that is comparable to what has happened in other branches of economic reasoning. Starting with Menger, the Austrian economic tradition has always shifted the focus of attention from the problem of equilibrium to that of social order, to the evolution of norms, institutions and practices that favor social cooperation and coordination. Within this tradition competition and markets are not viewed as...

The Austrian tradition in economic thought had a profound influence on the development of post-war economics including neoclassical orthodoxy, game theory, public choice, behavioral economics, experimental economics and complexity economics. Much of what was once unique to the Austrian school has become part of the cognitive DNA of work-a-day economists. Because these Austrian roots have gone largely unrecognized, economists often wonder quite sincerely what the fuss is about when it comes to the Austrian school. In this sense, the Austrian school has been a victim of its own success. The...

Karl Menger (1902-1985) was the mathematician son of the famous economist Carl Menger. He was professor of geometry at the University of Vienna from 1927 to 1938. During that period, which was crucial from an historical and philosophical point of view, he joined the Vienna Circle and founded his Mathematical Colloquium. The present volume of "Advances in Austrian Economics" offers the transcription of those unpublished parts of Menger's notes written between 1923-1938. It is hoped that these notes, together with the editor's contextual explanations, provide a subtext to Menger's biography...

Leading scholars consider Austrian economics from several perspectives such as characteristic themes of entrepreneurship and uncertainty, scientific methods such as mathematical complexity theory and experimental economics, and historical contexts such as pre-war Vienna and post-war France. Placing "Austrian economics" in these multiple contexts helps to reveal the rich texture of the Austrian tradition in social thought and its multiple connections to current research in diverse fields. Applications to the theory of the trade cycle and to foreign intervention suggest that the Austrian...

Hayek's philosophical psychology as set out in his The Sensory Order (1952) has, for the most part, been neglected. Despite being lauded by computer scientist grandee Frank Rosenblatt and by Nobel prize-winning biologist Gerald Edelman, cognitive scientists -- with a few exceptions -- have yet to discover Hayek's philosophical psychology. On the other hand, social theorists, Hayek's traditional disciplinary constituency, have only recently begun to take note and examine the importance of psychology in the complete Hayek corpus. This volume brings together for the first time state-of-the-art...

Key features of Austrian economic theory are the use of methodological individualism, the view that entrepreneurs cause development, and the recognition that local knowledge is largely tacit and thus difficult to communicate. The contributors to The Spatial Market Process show how these and other Austrian features provide an alternative foundation for understanding the spatial manifestation of economic phenomena. Many chapters elaborate upon theoretical insights first formulated by F.A. Hayek. The work of urban theorist Jane Jacobs, the entrepreneurship theories of both Joseph Schumpeter and...

In almost every corner of our private and public lives we rely on experts to advise us. This important species of labor is getting increasing attention from economists, who are beginning to learn how to apply their tools and assumptions to the problem of expertise. Under what conditions of supply and demand are experts likely to give us good advice? When is expert failure more likely? Do entrepreneurs challenge existing expertise? Are they experts themselves? And if economists are themselves experts, what happens when we turn the skeptical gaze of economic theory on the economist themselves?...

"The Social Science of Hayek's 'The Sensory Order'" systematically examines the relevance and significance of Hayek's cognitive psychology for economics and social science, and is the only publication of its kind to do so. Sixteen original papers are divided into four parts in this volume: Hayek's Cognitive Psychology, Evolution, and Social Theory; Hayek's Cognitive Psychology and Economics; Hayek's Cognitive Psychology, Institutions, and Broader Social theory; and The Place of The Sensory Order in Hayek's Oeuvre: A Mini-Symposium. Papers examine Hayek's cognitive psychology from the...