Skip to main content
SpringerLink
Log in

“The Economics of Time and Ignorance”: A critical re-examination after 25 years

  • Published:
The Review of Austrian Economics Aims and scope Submit manuscript

Abstract

This article serves as the introduction to a symposium on O’Driscoll and Rizzo’s The Economics of Time and Ignorance. The book was first published in 1985. The symposium aims to provide a retrospective assessment of the book’s contribution to modern Austrian economics. The article characterizes the book’s essential features and gives a brief sketch of the intellectual backdrop that provided the impetus for the book. It also summarizes the five other papers that are part of the symposium, including the responses by the two authors themselves.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

Notes

  1. For a stinging critique from another fellow Austrian, see Baird (1986).

  2. For a stimulating follow-up on the connections between Austrian and Post Keynesian economics, see Runde (1993) and other essays in the same special issue of Critical Review.

References

  • Baird, C. W. (1986). The economics of time and ignorance: a review. Review of Austrian Economics, 1, 189–206.

    Article  Google Scholar 

  • Boehm, S. (2012). Reflections on The economics of time and ignorance coming of age. Review of Austrian Economics. doi:10.1007/s11138-012-0199-z.

  • Boulding, K. E. (1987). Review of the economics of time and ignorance. The American Journal of Sociology, 92(4), 1028–1029.

    Article  Google Scholar 

  • Caldwell, B. J. (1986). Review of the economics of time and ignorance. Southern Economic Journal, 52(4), 1185–1186.

    Article  Google Scholar 

  • Davidson, P. (1989). The economics of ignorance or ignorance of economics? Critical Review, 3(3–4), 467–487.

    Article  Google Scholar 

  • Endres, A. (2012). Is the economics of time and ignorance a “classic”? Review of Austrian Economics. doi:10.1007/s11138-012-0176-6.

  • Harper, D. A. (1997). Entrepreneurship and the market process: An enquiry into the growth of knowledge. London: Routledge.

    Google Scholar 

  • Harper, D. A. (2003). Foundations of entrepreneurship and economic development. London and New York: Routledge.

    Book  Google Scholar 

  • Harper, D. A. (2011). Property rights, entrepreneurship and coordination. Journal of Economic Behavior and Organization. doi:10.1016/j.jebo.2011.10.018.

  • Hayek, F.A. (1937). Economics and knowledge. Economica (February), 33–54.

  • Hayek, F.A. (1939[1970]). Profits, interest and investment. New York: Augustus M. Kelley.

  • Kirzner, I.M. ([1985]1994). On the economics of time and ignorance. In: Boettke, P.J. and Prychitko, D.L. (Eds.), The market process: Essays in contemporary Austrian economics. Aldershot, UK: Edward Elgar, pp. 38–44. First published in 1985 in Market Process.

  • Lachmann, L. M. (1978). An Austrian stocktaking: Unsettled questions and tentative answers. In L. Spadaro (Ed.), New directions in Austrian economics (pp. 1–18). Kansas City: Sheed, Andrews and McMeel.

    Google Scholar 

  • Lachmann, L.M. ([1985]1994). On the economics of time and ignorance. In: Boettke, P.J. and Prychitko, D.L. (Eds.), The market process: Essays in contemporary Austrian economics. Aldershot, UK: Edward Elgar, pp. 45–51. First published in 1985 in Market Process.

  • O’Driscoll, G.P., Jr. (2013). Twenty-five years after. Review of Austrian Economics. doi:10.1007/s11138-012-0197-1.

  • O’Driscoll, G.P., Jr., Rizzo, M.J. (1980). What is Austrian economics? NYU Department of Economics, Discussion Paper no. 80-15.

  • O’Driscoll, G. P., Jr., & Rizzo, M. J. (1985). The economics of time and ignorance. Oxford and New York: Basil Blackwell.

    Google Scholar 

  • O’Driscoll, G. P., Jr., & Rizzo, M. J. (1996). The economics of time and ignorance [with a new introduction]. London and New York: Routledge.

    Google Scholar 

  • Rizzo, M. J. (2009). What is Austrian economics? ThinkMarkets: A blog of the NYU Colloquium on Market Institutions and Economic Processes. http://thinkmarkets.wordpress.com/2009/11/23/what-is-austrian-economics/. Accessed December 16th, 2011.

  • Rizzo, M. J. (2013). Foundations of the economics of time and ignorance. Review of Austrian Economics. doi:10.1007/s11138-012-0196-2.

  • Runde, J. (1993). Paul Davidson and the Austrians: reply to Davidson. Critical Review, 7(2–3), 381–398 [Special issue of Exchange: Austrian and Post Keynesian Economics].

    Article  Google Scholar 

  • Stein, S., and Storr, V. (2012). The difficulty of applying the economics of time and ignorance. Review of Austrian Economics. doi:10.1007/s11138-012-0178-4.

  • Vaughn, K. I. (1994). Austrian economics in America: The migration of a tradition. Cambridge, UK: Cambridge University Press.

    Book  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Economics, New York University, New York, NY, USA

    David A. Harper

Authors
  1. David A. Harper
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to David A. Harper.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Harper, D.A. “The Economics of Time and Ignorance”: A critical re-examination after 25 years. Rev Austrian Econ 26, 1–6 (2013). https://doi.org/10.1007/s11138-012-0198-0

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11138-012-0198-0

Keywords

JEL classification

Search

Navigation