My1 education in Austrian Economics began in earnest shortly before I started grad school at Washington University in Saint Louis.
It has been 40 years now since South Royalton conference on Austrian Economics. Already by the 25th anniversary, one participant had declared that conference to be the moment of rebirth for the school. (Vaughn, 2000) The number and youth of the participants at this 40th anniversary gathering confirms that Austrian economics is alive and well. But is alive and well enough?
ABSTRACT: This paper identifies merger waves as parts of Austrian-type business cycles. According to Austrian business cycle theory, when loan rates are reduced below their natural level through bank credit expansion, this falsifies the monetary calculation of capitalist-entrepreneurs, and investments are initiated that calculation showed were not profitable before the interest rate reduction.
ABSTRACT: Theorists of the Austrian school have long maintained that every realized price is market-clearing, in sharp contrast to the adherents of the neoclassical mainstream, who view realized prices as constituting a state of disequilibrium with a mismatch between demand and supply. The heart of these theoretical differences lies in the equilibrium constructs used by the members of the two schools of thought in their analysis of price formation.
The present volume is a full-length biography of Jean-Baptiste Say, and presents a detailed account of the life and intellectual development of the founder of the French Liberal School. The author studies three important periods in Say’s life—his youth, his activity as an entrepreneur, and the later period of recognition of his work—which are coincident with the French Revolution, the Industrial Revolution, and the professionalization of economics respectively.
Starting in 1974, the Institute for Humane Studies (IHS), based at that time in Menlo Park, California, began an ambitious plan to resurrect the then near to dead Austrian school of thought in economics. The first three steps were conferences at South Royalton, Windsor County, Vermont in June 1974, run by Ed Dolan; Hartford, Connecticut in June 1975, run by Dominick T. Armentano; and Windsor Castle, UK in early September 1976, run by Arthur Shenfield and myself (but see below for University of Delaware, June 1976).
