Copyright Page
This edition is published in cooperation with the programs of the Institute for Humane Studies, Inc., Menlo Park, California; and Cato Institute, San Francisco, California.
New Directions in Austrian Economics
Copyright © 1978 by the Institute for Humane Studies.
Jacket and cover design copyright © 1978 Cato Institute, San Francisco, California.
Editor’s Preface
Because the approach of the bicentennial of both the American Revolution and the publication of Adam Smith’s famous Wealth of Nations tended to overshadow another milestone—the passing of a hundred years since the occurrence of the “marginalist” revolution in economic theory—the observance of the latter has been left mostly to economists.
1. An Austrian Stocktaking: Unsettled Questions and Tentative Answers
Unsettled Questions and Tentative Answers
Ludwig M. Lachmann
2. The Austrian Method
John B. Egger
3. Praxeology and Econometrics: A Critique of Positivist Economics
and Econometrics:
A Critique
of Positivist Economics
Mario J. Rizzo
New York University
4. Economics and Error
Israel M. Kirzner
5. The Problem of Social Cost
S. C. Littlechild
6. A Critique of Neoclassical and Austrian Monopoly Theory
D. T. Armentano
7. Spontaneous Order and the Coordination of Economic Activities
Gerald P. O’Driscoll, Jr.
8. Austrian Definitions of the Supply of Money
Murray N. Rothbard
Polytechnic Institute of New York
I. THE DEFINITION OF THE SUPPLY OF MONEY
The concept of the supply of money plays a vitally important role, in differing ways, in both the Austrian and the Chicago schools of economics. Yet, neither school has defined the concept in a full or satisfactory manner; as a result, we are never sure to which of the numerous alternative definitions of the money supply either school is referring.
