Austrian Theory and Economic Organization [electronic resource] : Reaching Beyond Free Market Boundaries /
Nell, G.editor.
The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.
Description based upon print version of record.
Title; Copyright; Contents; List of Figures; Introduction; I Order and Efficiency in Free Markets; 1 Improving Spontaneous Orders; Introduction; Unintended Consequences; Individual Interest and the Public Good; Cooperation versus Predation; Institutions and Cooperative Order; Order from Above: Codification versus Design; Designed Order: Imposed versus Voluntary; Institutions and Spontaneous Order; Conclusion; Notes; References; 2 The Problem of Unemployment When Markets Clear; Introduction; Conflicting Definitions of Unemployment; "Sticky Wages" in a Clearing Market
The Beveridge-Hutt View of UnemploymentThe Output Gap; The Economic Policy Biases of the Labor Surplus View; A Broader Perspective of Unemployment in Market Economies; Notes; References; II The Firm in the Economy; 3 Economic Calculation Under Capitalist Central Planning; The Corporation as Self-Perpetuating Managerial Oligarchy; Problems of Economic Calculation; Problems of Authority and Distorted Information Flow; Problems of Distributed Knowledge and Knowledge Hoarding; Agency and Incentive Problems; Conclusion; Notes; References
4 The Firm and the Authority Relation: Hierarchy vs. OrganizationThe Authority Relation; The Firm as a Legal Fiction; Organization without Hierarchy?; Is There a Role for the Firm?; Notes; References; III Freedom, Contracts, and the State; 5 Contract, Freedom, and Flourishing: The Implications of Spain's Mondragon Cooperatives; Part I. Thinking Clearly about Contracts; Part II. Rethinking the Issue: The Mondragon Cooperatives; Part III. Returning to Theory; References; 6 Eliminating the Perceived Legitimacy of the State; Introduction; The State as a Legitimized Monopoly Over the Use of Force
Eliminating the Myth that Citizens Contracted with the State to Create Law and OrderThe Emergence and Expansion of States through a Combination of Persuasion and Force; How Reducing the Perceived Legitimacy of the State Reduces Its Ability to Use Force; Notes; References; IV Austrian Economics and Market Socialism; 7 Responding to Hayek from the Left: Beyond Market Socialism on the Path to a Radical Economic Democracy; Introduction; Hayekian-Inspired Critiques of Socialism and Public Ownership as State-Centralized Planning; Buczak's Creative Response to Hayek
Beyond Market Socialism in Creating Institutional DiversitySocialist Diversity, Democracy, and Tolerance; The Importance of Dialogue, Pluralism, and Diversified Public Ownership in Creating Economic Democracy; Conclusion; Notes; References; 8 The Post-Austrian School and the New Market Socialism; 1. Background and Rationale: Why Mess with a Good Thing?; 2. Modifying Austrian Theory: A Post-Austrian Economics?; Notes; References; List of Contributors; Index
Includes bibliographical references at the end of each chapters and index.
The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.
Economic theory.
Behavioral economics.
Economic history.
Macroeconomics.
Economic Theory/Quantitative Economics/Mathematical Methods.
Behavioral/Experimental Economics.
Economic History.
Macroeconomics/Monetary Economics//Financial Economics.