oth the establishment of property rights and their violation spring from actions: acts of appropriation and expropriation. However, in addition to a physical appearance, actions also have an internal, subjective aspect.
That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new.
The purpose of this paper is to extend Kirzner’s theory by explicitly introducing the role of space in entrepreneurial alertness and the coordination of markets.
Throughout much of modern history, gold served as the commodity that most widely facilitated free exchange. While its virtues as a medium-of-exchange were clear to people of previous eras, gold has fallen out of favor,
Nonetheless, Rothbard and Mises have been criticized by Nozick (1977) and Caplan (1999), for inconsistency in admitting the concept of indifference into economic analysis after all, even if only indirectly.
The book distinguishes seven different schools of macroeconomic thought: orthodox Keynesianism, orthodox monetarism, the New Classical School, real business cycle theory, new Keynesianism, Post Keynesianism, and the Austrian School.
Richard Cantillon was the first economist to successfully examine the cyclical nature of the capitalist economy. He lived at a time (168?–1734) when the institutions of the modern capitalist economy
Tony Yu’s Firms, Strategies, and Economic Change joins a growing list of book-length treatments applying Austrian economics to the theory of the firm, corporate strategy, innovation, new venture formation, and other popular issues in management.
Roger Garrison (2001) provides a welcome diagrammatic exposition of Austrian, capital-based macroeconomics. The exposition attempts to account not only for Austrian business cycles (ABCs), but also for long-run, secular growth.
Does Structuralist unemployment theory in the spirit of Edmund S. Phelps (1994) contain Austrian elements? Austrian macroeconomics concerns itself with the intertemporal capital structure and entrepreneurial expectations.
