Exploration of the ideas of the Austrian School of Economics, with an emphasis on how its analysis differs from the standard textbook presentation of economics.
Compared to the mainstream economics of today, the Austrian emphasis on subjectivism, uncertainty, and the importance of knowledge, as well as the school’s conception of the market as a spontaneously ordered process of discovery, offers a different and more realistic explanation of economic phenomena, from the most basic to the most complex. As economics has become more abstract and more dependent on unrealistic assumptions about what humans know and how they choose, an approach that addresses those issues will find a receptive audience, as the revival of the Austrian School demonstrates.
Steven G. Horwitz
PhD in Economics, George Mason University.
Distinguished Professor of Free Enterprise and director of the Institute for the
Study of Political Economy, Ball State University.