The Oxford Handbook of Austrian Economics

Abstract

The Oxford Handbook of Austrian Economics provides an overview of the main methodological, analytical, and practical implications of the Austrian school of economics. This intellectual tradition in economics and political economy has a long history that dates back to Carl Menger in the late nineteenth century. The various contributions discussed in this book all reflect this "tension" of an orthodox argumentative structure (rational choice and invisible hand) to address heterodox problem situations (uncertainty, differential knowledge, ceaseless change).The Austrian economists, from the founders to today, seek to derive the invisible-hand theorem from the rational-choice postulate via institutional analysis in a persistent and consistent manner. The Handbook, which consists of nine parts, and 34 chapters, covers a variety of topics including: methodology, microeconomics (market process theory and spontaneous order), macroeconomics (capital theory and Austrian business cycle theory, and free banking), institutions and organizational theory, political economy, development and social change, and the 2008 financial crisis. The goals of the volume are twofold. First, to introduce readers to some of the main theories and insights of the Austrian school. Second, to demonstrate how Austrian economics provides a set of tools for making original and novel scholarly contributions to the broader economics discipline. By providing insight into the central Austrian theories, the volume will be valuable to those who are unfamiliar with Austrian economics. At the same time, it will be appealing to those already familiar with Austrian economics, given its emphasis on Austrian economics as a live and progressive research program in the social sciences.