By Roger W. Garrison, Norman Barry
The Elgar spouse to Hayekian Economics presents an in-depth remedy of Friedrich August von Hayek's monetary idea from his technical economics of the Twenties and Thirties to his broader perspectives at the spontaneous order of a loose society. Taken jointly, the chapters convey facts either one of continuity of notion and of vital adjustments in focus.
Providing an intensive and balanced account of Hayek's paintings, the authors research his wide-ranging contribution to notion within the parts of industrial cycles, socialism and alternate unions and the socialist calculation debate, in addition to social justice, spontaneous order, globalization and loose exchange. The authors supply enlightening comparisons among Hayek's perspectives and people of Ludwig von Mises, Ludwig M. Lachmann, Milton Friedman and John Maynard Keynes.
Scholars operating within the classical liberal culture in addition to educational economists and political scientists will locate this in-depth account to be a useful resource.
Contributors: R.E. Backhouse, C.W. Baird, P.J. Boettke, E. Colombato, C.J. Coyne, R.M. Ebeling, R.W. Garrison, S.G. Horwitz, P.T. Leeson, P. Lewin, P. Lewis, R. Nef, D. O Brien, M. Pennington, M. Ricketts, C. Smith, G.R. Steele
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Extra resources for Elgar Companion to Hayekian Economics
Sample text
The links between Hayek's trade cycle writings and those of the new classicists are perhaps rather greater than the assembled critics have allowed. 8 OVERVIEW Hayek's career fits into a recognizable pattern. First there were the late 1920s and the 1930s, when Hayek rose to considerable prominence as a theorist and was, up to 1936, the main intellectual opponent of Keynes. But the victory of Keynes's General Theory (1936) undoubtedly led to a significant reduction in Hayek's personal standing, and it did not recover as a result of his later theoretical work which culminated in The Pure Theory of Capital.
He argues, firstly, that the new classicals ask how a Walrasian economy adapts, with given tastes, endowments and production possibilities, to exogenous or policy-generated fluctuations; the Austrians ask much broader questions with the evolution of tastes, expectations and technology involved. Secondly, the new classicals want a predictive model, and they use mathematics and econometrics. The Austrians do not use these tools, and want understanding rather than prediction. Thirdly, the latter take the dispersal of information as fundamental; for the former it is limited to the degree necessary to produce fluctuations.
There are different kinds of Austrians, but the gaps between them are much smaller than the gulf between all of them and mainstream economics; and the heritage which the Austrians share, as Backhouse (1985, p. 378) has pointed out, is not Bohm-Bawerk or Schum peter, it is Menger, Mises and Hayek. The main Austrian centre, formerly New York University, seems now to have moved to George Mason University in Fairfax, Virginia. Austrian views have been kept alive by the Foundation of Economic Education (Irvington, NY) dating from the 1940s, and in more recent years the Ludwig von Mises Institute (Auburn, AL) has greatly increased the visibility of the Austrian school.