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It is now commonly recognized that the majority of the economics profession for about four decades held an erroneous view of the nature of the “socialist calculation debate.” In particular, the nature of the arguments put forward by Mises and Hayek were misconstrued. Revisionism took off in the mid 1980s with the work of Peter Murrell (e.g., here

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 was awarded October 8 to Paul Romer, Professor at New York University, “for integrating technological innovations into long-run macroeconomic analysis,” specifically for what is sometimes called “New Growth Theory.” He shared the Prize with Professor William Nordhaus,

Foss discusses the merits and drawbacks of game theory in economics from the perspective of Austrian economics. He begins by arguing that Austrians have neglected game theory at their peril, and then suggest that game theoretic reasoning could be one way of modelling key Austrian insights. However, admittedly some aspects of game theory don’t

Quarterly Journal of Austrian Economics 19, no. 3 (Fall 2016): 288–296 This is a book about the general applicability of economics and how it “affects all walks of life” (from the back-cover blurb). No less than 23 endorsing statements are printed at the front end of the book, including praise from luminaries such as James Buchanan, Vernon Smith,

  Volume 4, No. 4 (Winter 2001)   Austrian insights are useful for not only interpreting recent claims, but also for understanding their reach. In particular,  Misesian  insights are helpful here, and it may be argued that there is a certain in  ance  in the above writings because of their neglect of these insights. Thus, I have argued that 

From The Review of Austrian Economics  Vol. 7, No. 1, 1994.

Murray N. Rothbard Breaking Out of the Walrasian Box: The Cases of Schumpeter and Hansen Acrobat 3.0 Import Plug-in

[Originally published in Libertarian Papers 1, 39 (2009) ] As the transaction cost theory of the firm was taking shape in the 1970s, another important movement in economics was emerging: a revival of the “Austrian” tradition in economic theory associated with such economists as Ludwig von Mises and F. A. Hayek (1973; Dolan, 1976; Spadaro, 1978).

In my  Hayek Lecture  at last year’s Austrian Economics Scholars Conference I argued that Austrian capital theory is deserving of a comeback as an absolute integral part of Austrian economics. I argued that ACT directs attention to the essential importance of heterogeneity and I argued that notions of capital heterogeneity serves to bring the

Good news from Mark Skousen : Important Announcement and some good news: It looks like government may be starting to adopt my new macro model, based on my concept of Gross Domestic Expenditures (GDE), rather than the old GDP, which is what gives the false impression that consumption, rather than production and investing, is what makes the