Austrian Economics in America - Vaughn, Karen I.
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This book examines the development of the ideas of the new Austrian school from its beginnings in Vienna in the 1870s to the present. The modern Austrian school is generally known for holding rigorous but heterodox views on a variety of issues: subjectivism, entrepreneurship, market processes, and the use of mathematics in economic theory. Professor Vaughn traces the origin of these views and shows how they form aspects of a largely coherent theoretical perspective organized around the problem of time and ignorance in human affairs. She demonstrates how concern for the notions of time and…mehr

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Produktbeschreibung
This book examines the development of the ideas of the new Austrian school from its beginnings in Vienna in the 1870s to the present. The modern Austrian school is generally known for holding rigorous but heterodox views on a variety of issues: subjectivism, entrepreneurship, market processes, and the use of mathematics in economic theory. Professor Vaughn traces the origin of these views and shows how they form aspects of a largely coherent theoretical perspective organized around the problem of time and ignorance in human affairs. She demonstrates how concern for the notions of time and ignorance permeates Carl Menger's original works, primarily in his descriptions of market processes and in his linking of economic growth to the generation and dissemination of knowledge in society. The recognition of the importance of time and ignorance was the key that permitted other Austrians such as Ludwig von Mises and Friedrich Hayek to recognize the fatal flaws in central economic planning, evidenced as early as the 1930s, brought about by limited knowledge and time lags. Despite current controversy, Professor Vaughn suggests that modern Austrian economics has begun to articulate a promising alternative research program that examines the implications of real time and ineradicable ignorance to economic theory and methodology. For anyone who is skeptical of the increasing formalism of modern economic theory, this cogent account of the Austrian approach should prove a refreshing change.
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Autorenporträt
Karen I. Vaughn is emerita professor of economics and distinguished senior fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. She was a professor of economics at George Mason University from 1978 to 2004 and served as department chair from 1983 to 1989. She is a former president of the History of Economics Society, Southern Economics Association, and Society for the Development of Austrian Economics. Professor Vaughn is recipient of a Lifetime Achievement Award from the Society for the Development of Austrian Economics in recognition of her central role in forming the society and her scholarly work advancing Austrian economics. She is the author of Austrian Economics in America: The Migration of a Tradition (Cambridge University Press, 1994) and numerous articles on Austrian economics and the history of economic thought.