Reading Guide

Chapter 1: An Overview of Subjectivist Economics

Davidson, P. (1989). The economics of ignorance or ignorance of economics?. Critical Review, 3(3-4), 467-487. (Link.)

Runde, J. (1993). Paul Davidson and the Austrians: reply to Davidson. (Link.)

Boehm, S., & Farmer, K. (1993). Why the acrimony? Reply to Davidson. (Link.)

Davidson, P. (1993). Austrians and Post Keynesians on economic reality: Rejoinder to critics. (Link.)

Chapter 2: Static versus Dynamic Subjectivism

Eeghen, Piet-Hein van (1994). “Subjectivism, indeterminacy and the structure of economic analysis.” Review of Political Economy 6, 153-185. (Link.)

Gloria-Palermo, Sandye (1999). The Evolution of Austrian Economics: From Menger to Lachmann. New York: Routledge, chapter 10. (Link.)

Gloria-Palermo, Sandye (2002). “Progress in Austrian Economics from Menger to Lachmann.” In Stephan Boehm, Christian Gehrke, Heinz D. Kurz, and Richard Sturn, eds. (2002). Is There Progress in Economics? Knowledge, Truth and the History of Economic Thought. Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 317-332. (Link.)

Mikl-Horke, Gertraude (2008). “Austrian economics and economic sociology: past relations and future possibilities for a socio-economic perspective.” Socio-Economic Review 6, 201-226. (Link.)

Vanberg, Viktor J. (2005). “Austrian Economics, Evolutionary Psychology and Methodological Dualism: Subjectivism Reconsidered.” Advances in Austrian Economics 7, 155-199. (Link.)

Zijp, Rudy van (1991). “The Methodology of the Neo-Austrian Research Programme.” Faculteit der Economische Wetenschappen en Econometrie, Research Memorandum 1991-34. (Link.)

Wagner, Richard E. (2010). Mind, Society, and Human Action: Time and Knowledge in a Theory of Social Economy. London: Routledge. (Link.)

Wagner, Richard E. (2012). “Viennese Kaleidics: Why it’s Liberty more than Policy that Calms Turbulence.” Review of Austrian Economics 25: 283-97. (Link.)

Chapter 3: Knowledge and Decisions

Metcalfe, J. S., & Ramlogan, R. (2005). Limits to the economy of knowledge and knowledge of the economy. Futures, 37(7), 655-674. (Link.)

Foss, N. J. (1999). The use of knowledge in firms. Journal of Institutional and Theoretical Economics (JITE)/Zeitschrift für die gesamte Staatswissenschaft, 458-486. (Link.)

Foss, N. J. (1998). Market Process Economics and the Theory of the Firm. Institut for Industriøkonomi og Virksomhedsstrategi, Handelshøjskolen i København. (Link.)

Foss, N. J., Klein, P. G., Kor, Y. Y., & Mahoney, J. T. (2008). Entrepreneurship, subjectivism, and the resource‐based view: toward a new synthesis. Strategic Entrepreneurship Journal, 2(1), 73-94. (Link.)

Mahoney, J. T., & Michael, S. C. (2005). A subjectivist theory of entrepreneurship. In Handbook of Entrepreneurship Research (pp. 33-54). Springer US. (Link.)

Boettke, P. J. (1989). Evolution and economics: Austrians as institutionalists. Research in the History of Economic Thought and Methodology, 6, 73-89. (Link.)

Fu‐Lai Yu, T. (2003). A subjectivist approach to strategic management. Managerial and Decision Economics, 24(4), 335-345. (Link.)

Adelstein, R. (2005). Knowledge and Power in the Mechanical Firm: Planning for Profit in Austrian Perpsective. The Review of Austrian Economics, 18(1), 55-82. (Link.)

Young, David (1993). ”The Austrians and the subjectivity of costs: a reply to Dietrich.“ Review of Political Economy 5:3, 389-392. (Link.)

Chapter 4: The Dynamic Conception of Time

Rizzo, M. J.(1994). “Time in Economics”, The Elgar companion to Austrian economics. Boettke, P. J. (Ed.). Edward Elgar Publishing. (Link.)

Vaughn, K. I. (1992). The problem of order in Austrian economics: Kirzner vs. Lachmann∗. Review of Political Economy, 4(3), 251-274. (Link.)

Butos, W. N. (1997). Toward an Austrian theory of expectations. Advances in Austrian Economics, 4, 75-94. (Link.)

Rizzo, M. J. (2000). Real time and relative indeterminacy in economic theory. AZimuth, 2, 171-188. (Link.)

Chapter 5: Uncertainty in Equilibrium

Foss, Nicolai J. and Giampaolo Garzarelli (2007). “Institutions as knowledge capital: Ludwig M. Lachmann’s interpretative institutionalism.“ Cambridge Journal of Economics 31, 789-804. (Link.)

Burczak, T. A. (2001). Profit expectations and confidence: some unresolved issues in the Austrian/Post-Keynesian debate. Review of Political Economy, 13(1), 59-80. (Link.)

Koppl, R., & Butos, W. (2001). Confidence in Keynes and Hayek: reply to Burczak. Review of Political Economy, 13(1), 81-86. (Link.)

Burczak, T. A. (2001). Response to Butos & Koppl: expectations, exogeneity, and evolution. Review of Political Economy, 13(1), 87-90. (Link.)

Koppl, R. (2001). Alfred Schütz and George Shackle: two views of choice. The Review of Austrian Economics, 14(2-3), 181-191. (Link.)

Augier, M. (2001). Typicality and novelty: Schütz and Shackle on the paradox of choice. The Review of Austrian Economics, 14(2-3), 193-207. (Link.)

Koppl, R. (2002). Big players and the economic theory of expectations. New York: Palgrave Macmillan. (Link.)

Yu, T. F. L. (2004). Frank H. Knight’s thought revisited: Subjectivism, interpretation and social economics. International Journal of Social Economics, 31(7), 655-666. (Link.)

Gloria-Palermo, Sandye (1999). “An Austrian Dilemma: Necessity and Impossibility of a Theory of Institutions.” Review of Austrian Economics 11, 31-45. (Link.)

Chapter 6: Competition and Discovery

Langlois, R. N., & Robertson, P. L. (2002). Firms, markets and economic change: A dynamic theory of business institutions. Routledge. (Link.)

Foss, N. J. (1994). The theory of the firm: The Austrians as precursors and critics of contemporary theory. The Review of Austrian Economics, 7(1), 31-65. (Link.)

Yu, T. F. L. (1999). Toward a praxeological theory of the firm. The Review of Austrian Economics, 12(1), 25-41. (Link.)

Dulbecco, P., & Garrouste, P. (1999). Towards an Austrian theory of the firm. The Review of Austrian Economics, 12(1), 43-64. (Link.)

Witt, U. (1999). Do entrepreneurs need firms? A contribution to a missing chapter in Austrian economics. The Review of Austrian Economics, 11(1), 99-109. (Link.)

Langlois, R. N. (2007). The Austrian theory of the firm: Retrospect and prospect. The Review of Austrian Economics, 1-12. (Link.)

Kirzner, I. M. (1997). Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of economic Literature, 35(1), 60-85. (Link.)

Ikeda, S. (1990). Market-Process Theory and “Dynamic” Theories of the Market. Southern Economic Journal, 75-92. (Link.)

Entrepreneurship, C. (2004). Extraordinary versus ordinary discoveries. Opportunity identification and entrepreneurial behavior, 163. (Link.)

Whitman, D. G. (2009). The rules of abstraction. The Review of Austrian Economics, 22(1), 21-41. (Link.)
Buchanan, J. M., & Vanberg, V. J. (1991). The market as a creative process. Economics and philosophy, 7(02), 167-186. (Link.)

Loasby, B. J. (1991). Equilibrium and evolution: an exploration of connecting principles in economics. Manchester University Press. (Link.)

Chapter 7: Political Economy of Competition and Monopoly

Kallay, D. (2004). The law and economics of antitrust and intellectual property: an Austrian approach. Edward Elgar Publishing. (Link.)

Kerber, W. (1993). Rights, innovations and evolution. The distributional effects of different rights to innovate. Review of Political Economy, 5(4), 427-452. (Link.)

Pennington, M. (2001). Environmental markets vs. environmental deliberation: a Hayekian critique of green political economy. New Political Economy, 6(2), 171-190. (Link.)

Steiner, M. (2007). Economics in Antitrust Policy: Freedom to Compete Vs. Freedom to Contract. (Link.)

Ellig, J. (1994). 35 Industrial organization. The Elgar Companion to Austrian Economics, 244. (Link.)

Armentano, D. T. (1989). Antitrust reform: Predatory practices and the competitive process. The Review of Austrian Economics, 3(1), 61-74. (Link.)

Cordato, R. (2004). Toward an Austrian theory of environmental economics. Quarterly Journal of Austrian Economics, 7(1), 3-16. (Link.)

Chapter 8: A Subjectivist Theory of a Capital-using Economy (Roger Garrison)

de Soto, Jesus Huerta (2012). Money, Bank Credit, and Economic Cycles, 3rd edition. Auburn, AL: Ludwig von Mises Institute. (Link.)

Garrison, Roger W. (2001). Time and Money: The Macroeconomics of Capital Structure. New York: Routledge. (Link.)

Harper, David A. and Anthony M. Endres (2012). “The anatomy of emergence, with a focus upon capital formation.” Journal of Economic Behavior and Organization 82, 352-367. (Link.)

Horwitz, Steven (2009 [2000]). Microfoundations and Macroeconomics: An Austrian Perspective. London, New York: Routledge. (Link.)

Lewin, Peter (2011). Capital in Disequilibrium: The Role of Capital in a Changing World, 2nd edition. Auburn, AL: Ludwig von Mises Institute. (Link.)

Mulligan, Robert F. (2002). “A Hayekian Analysis of the Term Structure of Production.” The Quarterly Journal of Austrian Economics 5, 17-33. (Link.)

Chapter 9: The Microanalytics of Money

Cachanosky, Nicolas (2012). “The Mises-Hayek business cycle theory, fiat currencies and open economies.” The Review of Austrian Economics, DOI 10.1007/s11138-012-0188-2. (Link.)

Cowen, Tyler (1997). Risk and Business Cycles: New and Old Austrian Perspectives. New York: Routledge. (Link.)

Hoffmann, Andreas (2010). “An Overinvestment Cycle in Central and Eastern Europe?” Metroeconomica 61, 711-734. (Link.)

Lastrapes, William, George Selgin, Lawrence H. White (XXXX). “Has the Fed Been a Failure?” (Link.)

O’Driscoll, Gerald P., Jr. (2009). “Money and the Present Crisis.” Cato Journal 29, 167-186. (Link.)

Selgin, George (1997). “Less Than Zero: The Case for a Falling Price Level in a Growing Economy.” Occasional Paper. London: Institute of Economic Affairs. (Link.)

Selgin, George and Lawrence H. White (1994). “How Would the Invisible Hand Handle Money?” Journal of Economic Literature 32, 1718-1749. (Link.)

Wagner, Richard E. (1999). “Austrian Cycle Theory: Saving the Wheat while Discarding the Chaff.” Review of Austrian Economics 12, 65-80. (Link.)

White, Lawrence H. (1989). Competition and Currency: Essays on Free Banking and Money. New York and London: New York University Press. (Link.)

White, Lawrence H. (1999). “Hayek’s Monetary Theory and Policy: A Critical Reconstruction.” Journal of Money, Credit, and Banking 31, 109-120. (Link.)

White, Lawrence H. (1999). The Theory of Monetary Institutions. Oxford: Basil Blackwell. (Link.)

Chapter 10: Some Unresolved Problems

Boettke, Peter J., Christopher J. Coyne, and Peter T. Leeson (2008). “Institutional Stickiness and the New Development Economics.” The American Jour nal of Economics and Sociology 67, 331-358. (Link.)

O’Driscoll, Gerald P., Jr. (2011). “Money, Prices, and Bubbles.” Cato Journal 31, 441-459. (Link.)

O’Driscoll, Gerald P., Jr. and Lee Hoskins (2006). “The Case for Market-Based Regulation.” Cato Journal 26, 469-487. (Link.)

Selgin, George (1996). “Salvaging Gresham’s Law: The Good, the Bad, and the Illegal.” Journal of Money, Credit and Banking 28, 637-649. (Link.)

Selgin, George (2008). Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821. University of Michigan Press and the Independent Institute. (Link.)

Steil, Benn, and Manuel Hinds (2009). Money, Markets and Sovereignty. New Haven and London: Yale University Press. (Link.)

Storr, Virgil Henry (2004). Enterprising Slaves and Master Pirates: Understanding Economic Life in the Bahamas. New York: Peter Lang Publishing. (Link.)

White, Lawrence H. (2002). “Does a Superior Monetary Standard Spontaneously Emerge?” Journal des Economistes et des Etudes Humaines 12, 269-281. (Link.)