Advanced Introduction to the Austrian School of Economics

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Erudite, accessible and lucidly written, this book provides both a stimulating introduction and excellent summary of the core principles, ideas and diversity of modern Austrian economics. The Austrian school was well within the mainstream of economic thought by the 1930s, but fell from prominence by the middle of the twentieth century. There was a renewed interest in the Austrian school's ideas beginning in the 1970s which has accelerated recently, but many economists do not have a good understanding of the distinguishing values and characteristics that set it apart. This volume is aimed at readers who already have a familiarity with economic analysis, but would like to know more about the distinct philosophies of the Austrian school. The book succinctly but thoroughly covers all the major issues including: * the market process * decentralized knowledge and the role of firms and markets * economic calculation * money, banking and business cycles * the resurgence of the Austrian school.