Austrian Economics in the Contemporary Landscape精品管理文档.pptVIP

Situating Austrian Economics Within Modern Social Science Peter J. Boettke 2004 Hayek Visiting Fellow London School of Economics October 11, 2004 What Did Marshall Miss? According to Baumol (2000): Macroeconomics Entrepreneurial element in the market process According to the ‘Austrians’: The completeness of subjectivism Entrepreneurial element in the market process What are the interesting trends in Modern Economics? Hayek 1974 Nobel Prize Winner Emphasis on Decentralized Decision making Information embedded in the price system Learning function of social institutions Conditions for Social Coordination as an overarching theme in work on economics, politics and law What are the interesting trends in Modern Economics? Buchanan 1986 Nobel Prize Winner Emphasis on behavioral symmetry between economic actors and non-economic actors, in particular political actors in the voting booth, running for office or situated in the bureaucracy Death of Romantic Politics and the Benevolent Despot Emphasis on exchange behavior and the institutions within which exchange takes place Focus analytical attention on the constitutional level – the rules of the game What are the interesting trends in Modern Economics? Coase 1991 Nobel Prize Winner Emphasis on how alternative legal arrangements impact economic performance Demonstrated the intellectual bankruptcy of Pigovian welfare economics Focus on the institutional framework within which economic activity takes place Champion of “dirty” empirical work to get at the contractual record in economic activity. What are the interesting trends in Modern Economics? North 1993 Nobel Prize Winner Emphasis on institutions and institutional change in economic performance Institutions as constraints Institutional change as a shift in relative prices Importance of cognition in understanding institutional change Emphasis on economic history as a research field focused on institutions and institutional change What is the Value Added of ‘Austrian Economics