Table of contents
About this book
This book investigates why Austrian economists fail to apply the spontaneous order framework to cooperative relationships – such as a dynamic and evolving public sector – that might complement a thriving market. In direct response to Israel Kirzner's The Driving Force of the Market, Nell challenges traditional Austrian economics by proposing "democratic process theory" as a parallel to market process theory, highlighting the possibilities for an economic organization that harnesses the power of transparent and effective democracy. Keeping in mind the central problems experienced in socialist and capitalist countries due to self-interested political and economic actors, The Driving Force of the Collective highlights the public sector advantages of allowing culture and institutions to evolve endogenously as a spontaneous public sector order.
market socialism democratic process market process methodological individualism institutional economics evolutionary economics complexity theory complex adaptive systems culture social norms public sector efficiency deliberative democracy management theory human nature endogenous values feedback systems social context social welfare discovery economic theory economics entrepreneur entrepreneurship ethics heterodox economics macroeconomics regions science and technology