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Peter T Leeson - One of the best experts on this subject based on the ideXlab platform.
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saving government failure theory from itself recasting political economy from an austrian perspective
Social Science Research Network, 2010Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments associated with George Stigler, Gary Becker and more recently Donald Wittman, at the core of the economic theory that underlies their approach. In contrast, we develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.
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Saving government failure theory from itself: recasting political economy from an Austrian perspective
Constitutional Political Economy, 2007Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.
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introduction the economist as system builder ludwig von mises and the architect of economic science and political economy
2006Co-Authors: Peter J Boettke, Peter T LeesonAbstract:In this introduction sketch the architecture of Mises' economics and political economy. Mises' overarching program is one of examining exchange (economic science) and the institutions within which exchange takes place (political economy). In recent years the economics profession has moved considerably in the direction that Mises pointed to some 50 years ago. The increasing recognition of the role for private property and entrepreneurship in securing economic development as well as the acknowledgement of the failure of central planning point to an important opportunity for a renaissance of Misesian political economy, with its emphasis on social cooperation, Market Process, and spontaneous order.
Israel M Kirzner - One of the best experts on this subject based on the ideXlab platform.
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creativity and or alertness a reconsideration of the schumpeterian entrepreneur
The Review of Austrian Economics, 1999Co-Authors: Israel M KirznerAbstract:T he purpose of this paper is to reconsider the difference between Schumpeter’s portrayal of the entrepreneurial role, and my own earlier (1969, 1973) portrayal of that same role.1 In 1969 and in 1973, in the course of developing my own understanding of the entrepreneurial character of the competitive, equilibrative Market Process, I emphasized these differences as I then saw them. Schumpeter’s entrepreneur, I pointed out, was essentially disruptive, destroying the pre-existing state of equilibrium. My entrepreneur, on the other hand, was responsible for the tendency through which initial conditions of disequilibrium come systematically to be displaced by equilibrative Market competition. The outcome of the present reconsideration will be, not a thoroughgoing “reconciliation” of these two conceptions of the entrepreneurial role—I still believe that these views are, at least in part, contrasting ones—but a clearer understanding of how each of these apparently conflicting views can be seen as plausible and realistic; and how each can usefully advance economic understanding (of respectively different aspects of the capitalist economy). The central theme of this reconsideration can be expressed in the following four propositions:
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entrepreneurial discovery and the competitive Market Process an austrian approach
Journal of Economic Literature, 1997Co-Authors: Israel M KirznerAbstract:The aiithlor is deeply grateful to Mario Rizzo, Peter Boettke, andc1 Yat Nyarko, for exte.tsive and helpful comm7ents o an earlier draft Firther helpful coniiiiienit.s were provided by Joseph T Salernio, and by othier iaiemiibers of the Aiustriani Economizics Colloquiumi71 at New York UniverOity. Several anioniymtouis referee.s provided m1anzy additionial valiuable suggestions. The auithlor is gr-atefiul to the Sarah Scaife Foundation for researchi support. I THE AUSTRIAN TRADITION is represented in modern economics by a "very vocal, feisty and dedicated subset of the economics profession" (Karen Vaughn 1994, p. xi). Much of the work of this group of scholars is devoted to the most fundamental problems of microeconomics.1 This Austrian work, therefore, differs in character and content from a good deal of neoclassical theory which, despite widespread and growing awareness of its limitations, continues to serve as the analytical core of main
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entrepreneurial discovery and the competitive Market Process an austrian approach
1997Co-Authors: Israel M KirznerAbstract:Presents the entrepreneurial discovery perspective as an Austrian approach to microeconomics. Focus in this new approach is on the role of knowledge and discovery in the Process of Market equilibration. The reason behind the creation of this new approach is that current neoclassical microeconomics does not offer a sufficient theoretical framework for understanding Market economies. The neoclassical theory is criticized for the manner in which individual decisions are modeled and the manner in which satisfaction of equilibrium conditions is met through real world Market outcomes. This entrepreneurial discovery perspective is based on the work of Mises and Hayek. Mises' work allowed one to see the Market as an entrepreneurially driven Process while Hayek helped to appreciate the role of knowledge and its enhancement through Market interaction. The idea of the entrepreneurial discovery approach is to see "the Market Process as consisting of systematic equilibrating tendencies, made up of episodes of mutual discovery and learning." Three concepts for this approach emerge: (1) the entrepreneurial role, (2) the role of discovery, and (3) rivalrous competition. The entrepreneurial discovery approach leads to very different conclusions than the neoclassical theory in several areas including antitrust policy, economic justice, welfare economics, and central planning under socialism. Those individuals who take issue with this approach predominantly fall into one of two categories: those who disagree with the asserted equilibrative character of the Market Process or those who disagree with the emphasis on systematic mutual learning as critical to the Market Process. (SRD)
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entrepreneurial discovery and the competitive Market Process an austrian approach
Journal of Economic Literature, 1997Co-Authors: Israel M KirznerAbstract:Modern Austrian Economics, building on earlier work of Mises and Hayek, explains the determination of Market prices in terms of entrepreneurial discovery Processes. Dissatisfied with mainstream equilibrium models, Austrians see Market equilibrating tendencies as series of competitive discoveries increasing mutual awareness among Market participants. (Unlike deliberate search, discovery consists in alert entrepreneurs noticing profit opportunities, generated by earlier errors, which had been entirely unsuspected.) This approach entails unconventional implications for such issues as: antitrust policy, economic justice under capitalism, the meaning of economic welfare, and the possibility of rational planning under socialism.
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the meaning of the Market Process essays in the development of modern austrian economics
1992Co-Authors: Israel M KirznerAbstract:Part I: The Market Process Approach 1. Market Process Theory: In Defence of the Austrian Middle Ground 2. The Meaning of the Market Process Part II: The Emergence of the Austrian View 3. The Austrian School of Economics 4. Carl Menger and the Subjectivist Tradition in Economics 5. Menger, Classical Liberalism and the Austrian School of Economics 6. The Economic Calculation Debate: Lessons for Austrians 7. Ludwig von Mises and Friedrich von Hayek: The Modern Extension of Austrian Subjectivism Part III: Some New Explorations in the Austrian Approach 8. Prices, the Communication of Knowledge, and the Discovery Process 9. Economic Planning and the Knowledge Problem 10. Knowledge Problems and their Solutions: Some Relevant Distinctions 11. Welfare Economics: A modern Austrian Perspective Part IV: Some Related Issues Emerging from the Austrian Approach 12. Self-Interest and the New Bashing of Economics 13. Discovery, Private Property, and the Theory of Justice
Peter J Boettke - One of the best experts on this subject based on the ideXlab platform.
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saving government failure theory from itself recasting political economy from an austrian perspective
Social Science Research Network, 2010Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments associated with George Stigler, Gary Becker and more recently Donald Wittman, at the core of the economic theory that underlies their approach. In contrast, we develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.
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Saving government failure theory from itself: recasting political economy from an Austrian perspective
Constitutional Political Economy, 2007Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.
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introduction the economist as system builder ludwig von mises and the architect of economic science and political economy
2006Co-Authors: Peter J Boettke, Peter T LeesonAbstract:In this introduction sketch the architecture of Mises' economics and political economy. Mises' overarching program is one of examining exchange (economic science) and the institutions within which exchange takes place (political economy). In recent years the economics profession has moved considerably in the direction that Mises pointed to some 50 years ago. The increasing recognition of the role for private property and entrepreneurship in securing economic development as well as the acknowledgement of the failure of central planning point to an important opportunity for a renaissance of Misesian political economy, with its emphasis on social cooperation, Market Process, and spontaneous order.
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remembering don lavoie 1951 2001 a student s perspective
The Review of Austrian Economics, 2002Co-Authors: Peter J BoettkeAbstract:Don Lavoie was my professor and friend. From the day I entered graduate school until the day I left, Don worked extremely closely with me. I came to GMU to specifically study with Don and my experience exceeded all my expectations. After Roy Cordato and Karen Palasek advanced in their studies, I was asked to work with Don on the Center for the Study of Market Processes publication, Market Process, as the managing editor. At the time, Market Process, was the only regular publication devoted exclusively to Austrian economics—it was a dream come true for me to work with Don on this publication.
Nick Cowen - One of the best experts on this subject based on the ideXlab platform.
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why be robust the contribution of Market Process theory to the robust political economy research program
Social Science Research Network, 2016Co-Authors: Nick CowenAbstract:How can liberal political theorists combine their normative commitments with realistic assumptions of human behaviour and capacities? This is an important question for scholars who wish to use their theories to evaluate existing political institutions and recommend practical alternatives. This chapter describes a particular approach to realism in political theory by using the notion of ‘robustness’ from the Robust Political Economy framework. Robust institutions are those that perform well even when people are neither omniscient nor perfectly motivated to follow the common good. I argue that these problems, of limited knowledge and self-interest, emerge from three assumptions about the constitution of human beings commonly found in the liberal theoretical tradition: methodological individualism, subjectivism and analytical egalitarianism. I propose a combination of public choice and Market Process theory as best suited to the task of evaluating the robustness of normative political theories because they allow us to apply these assumptions systematically to all domains of human activity. Compared to standard neo-classical methodology, this approach offers an enriched account of the epistemic challenge to social co-operation that individuals face and the role of institutions, including private property and voluntary exchange, in ameliorating this challenge. I show how this systematic evaluation of the motivational and epistemic properties of institutions can help critique and extend Rawls’ contractarian theory of justice and offer a new perspective on the role of realism in political theory.
Christopher J. Coyne - One of the best experts on this subject based on the ideXlab platform.
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the overlooked costs of the permanent war economy a Market Process approach
The Review of Austrian Economics, 2013Co-Authors: Thomas K. Duncan, Christopher J. CoyneAbstract:How does the permanent war economy interact, and subsume, the private, non-military economy? Can the two remain at a distance while sharing resource pools? This paper argues that they cannot. Once the U.S. embarked upon the path of permanent war, starting with World War II, the result was a permanent war economy. The permanent war economy continuously draws resources into the military sector at the expense of the private economy, even in times of peace. We explore the overlooked costs of this Process. The permanent war economy does not just transfer resources from the private economy, but also distorts and undermines the Market Process which is ultimately responsible for improvements in standards of living.
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saving government failure theory from itself recasting political economy from an austrian perspective
Social Science Research Network, 2010Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments associated with George Stigler, Gary Becker and more recently Donald Wittman, at the core of the economic theory that underlies their approach. In contrast, we develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.
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Saving government failure theory from itself: recasting political economy from an Austrian perspective
Constitutional Political Economy, 2007Co-Authors: Peter J Boettke, Christopher J. Coyne, Peter T LeesonAbstract:The economic approach to politics revolutionized the way scholars in economics and political science approached the study of political decision-making by introducing the possibility of government failure. However, the persistent and consistent application of neoclassical models of economics also seemed to suggest that once the full costs were accounted for, this failure was an illusion. This paper counters these arguments, typically associated with George Stigler, Gary Becker and Donald Wittman, by focusing on the underlying economic theory. We develop an alternative model of political economy grounded in the Austrian conception of the dynamic Market Process.