On Conceptualizing Risk: Breaking the Dichotomy between Knightian Risk and Uncertainty
What are the different concepts of financial risk? How do Austrian economists conceive of risk, uncertainty, and probability? Christian Hoffmann, parting ways with Mises, provides a taxonomy and cautions about the predominance of probability statistics in the realm of economics and finance.
The Place of Economic Calculation in the Economic Theory of Ludwig von Mises
The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.
The Second Socialist Calculation Debate: Comments at the 2018 Austrian Economics Research Conference
This article discusses the changes in Austrian economics stimulated by the Second Socialist Calculation Debate and suggests a direction for future research.
On Conceptualizing Risk: A Comment on Hoffmann
Méra argues in this comment that Hoffmann’s criticisms of the Misesian approach to risk and his case for an alternative are unconvincing.
