This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how both the school and 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.
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 Sieron
15 Austrian sociology 283
Richard G. Ellefritz
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