Bücher der Reihe Routledge Foundations of the Market Economy

This work examines the contribution of the Austrian school to our understanding of markets as economic processes.

Capitalism and Inequality rejects the popular view that attributes the recent surge in inequality to a failure of market institutions. Bringing together new and original research from established scholars, it analyzes the inequality inherent in a free market from an economic and historical perspective. In the process, the question of whether the recent increase in inequality is the result of crony capitalism and government intervention is explored in depth.The book features sections on theoretical perspectives on inequality, the political economy of inequality, and the measurement of inequality. Chapters explore several key questions such as the difference between the effects of market-driven inequality and the inequality caused by government intervention; how the inequality created by regulation affects those who are less well-off; and whether the economic growth that accompanies market-driven inequality always benefits an elite minority while leaving the vast majority behind. The main policy conclusions that emerge from this analysis depart from those that are currently popular. The authors in this book argue that increasing the role of markets and reducing the extent of regulation is the best way to lower inequality while ensuring greater material well-being for all sections of society.This key text makes an invaluable contribution to the literature on inequality and markets and is essential reading for students, scholars, and policymakers.

Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has has led to state intervention and obscured the extent to which entrepreneurial activity depends on asymetric information.

The U.S. Government¿s accumulated national debt and unfunded liabilities in social security and Medicare could be pushing the country towards a fiscal crisis. How could such a crisis be avoided? If a crisis does strike, how might it be dealt with? What might be the long term ramifications of experiencing a crisis? The contributors to Economic and Political Change After Crisis explore all of these questions and more. If the U.S. is going to avoid a future crisis, or do as well as possible if a crisis occurs, the arguments in these chapters should be given serious consideration.

This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.

Dynamics of the Mixed Economy applies the insights of modern Austrian political economy to examine economic policy in mixed economies.

Drawing on the work of the Austrian School and its heirs, Capital in Disequilibrium develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics.

This book argues that state intervention into financial and monetary systems has failed and that we would be better off if financial markets were left to regulate themselves. The book will appeal to monetary and finance students and professionals

In this book the author argues the case for the revival of an important role for monetary causes in business cycle theory, which challenges the current trend towards favouring purely real theories.

Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.

Enquires the relationship that exists between firms and markets, with examinations of both the existence and inner organisation of the firm. This work encompasses a wealth of existing literature and leads it in a new direction. It is intended for economic scholars particularly within the fields of Austrian economies and the theory of the firm.

This book argues that international aid programmes are unsuccessful for indigenous African institutions because it is based on mainstream economic theory which is fundamentally acultural which does not understand their cultural context.

Intended for undergraduates and academics in the field of economics, this book analyzes different theoretical approaches to the role of prices in situations of imperfect information.

Maclachlan aims to rehabilitate the largely discredited liquidity preference theory of interest, providing a restatement of the theory. She draws on the methodology of the Austrian School as well as real world institutions.

Argues that whilst the tradition of Hayek and Mises encourages a humanistic liberalism, the Chicago School proposes a technical humanism. This volume is a useful read for those in the fields of economic theory and political economy.

This volume documents the revival of free banking in recent years, combining chapters on the theory of laissez-faire banking, the historical experience of it and the solutions it might offer to current banking crises.

Offers an insight into the character of Austrian economics. This work examines: the market economy; theories of Competition and Entrepreneurship; and the Mises-Hayek legacy. It also collects the work of the leading authorities in this area, and is intended for those interested in the implications of Austrian approach on economics.

Written by one of the major Austrian economists, this collection of essays brings together author's writings on a variety of economic issues.

Presents an argument that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may be analysed with the aid of a capital-based macroeconomics. This work focuses on the intertemporal structure of capital, an area that has been neglected in favour of labour and money-based macroeconomics.

Though central to the market process, entrepreneurship is often overlooked by theorists. This work presents the entrepreneur as theorist, developing ideas to be tested in the market, creating new ventures through trial and error.

This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.