The Institute of Economic Affairs has published a useful review of Randy Holcombe’s recent book, An Advanced Introduction to the Austrian School of Economics. Reviewer Mikko Arevuo calls it “an erudite, accessible, and lucidly written introduction to the core principles, ideas and diversity of modern Austrian thinking.” Arevuo, who teaches management at Regent’s University, London, also picks up on a point I have emphasized in my own speeches and writings on strategies for advancing Austrian economics:
The publication of the book is well timed as management and business schools are beginning to show renewed interest in entrepreneurship. Research and teaching of entrepreneurship is increasingly becoming incorporated into the disciplines of management, strategy and finance rather than a standalone subject about business formation, business planning, small business management, and technology innovation. As Austrian economics remains a minority focus within the mainstream economics faculties, the renewed relevance of the Austrian perspective could perhaps best be approached through formal management and business studies. Holcombe weaves together the concepts of uncertainty, distributed tacit knowledge, entrepreneurial discovery and arbitrage, and the role of prices and profit into a seamless framework that has much to offer in advancing and informing students’ and policymakers’ understanding of the crucial role of entrepreneurship in a well functioning market economy.
