The Austrian School is a concise but comprehensive exposition of the main tenets of the modern Austrian School of Economics while also providing a detailed explanation of the differences between the Austrian and the neoclassical (including the Chicago School) approaches to economics. The book also includes:
• reviews of the contributions of the main Austrian economists, critical analysis of the major objections to Austrian economics and an evaluation of its likely future development
• complete exposition on the concepts and implications of entrepreneurship and dynamic competition
• a new concept of dynamic efficiency (as an alternative to the standard Paretian criterion) and a generalised definition of socialism (as a systematic aggression against entrepreneurship)
• evaluation of the role of Spanish Scholastics of the 16th century as forerunners of the Austrian School, as well as the influence and contributions of the main Austrian Scholars of the 19th and 20th centuries.
This book will most notably appeal to Austrian economists but also to other free market economists as well as researchers and academics of economic methodology, the history of economic thought, institutional economics and comparative economic systems.
‘One of the most learned and creative of contemporary Austrian economists offers a more comprehensive and persuasive account of that school than any other known to me. Huerta de Soto even finds antecedents among the scholastics of 16th-century Spain. He emphasizes the decisive role of entrepreneurs in discovering opportunities, creating knowledge, putting widely scattered knowledge to use, and promoting economic coordination. He compares Austrian economics with contemporary mainstream work. All economists should be acquainted with these Austrian contributions, including economists who may not be entirely convinced on some points of money-macro theory.’ Professor Leland Yeager
2008, Published by Edward Elgar Publishing in Association with the IEA, ISBN 978 1 847207 69 2, 144pp, PB