Along with renewed interest in the Austrian school of economics over the last two decades, important advances have been made in applying its principles to concrete issues that typically face market economies. Several studies have appeared that analyze standard economic problems from an Austrian perspective. These include books in the areas of competition and monopoly (Armentano, 1990), monetary theory and policy (White, 1984 and Selgin, 1988), and industrial policy (Lavoie, 1985). In addition, since the late 1970’s new works have been written which both clarify and extend various aspects of Austrian theory. Included in this list are books by Kirzner (1979) in which he extends his theories on entrepreneurship and the market process; O’Driscoll and Rizzo (1985) on the implications of time and uncertainty for economics; and collections of essays (Rizzo, ed., 1979; and Kirzner, ed., 1982) that include articles by Garrison, O’Driscoll, and Rothbard--among others--on such issues as the theories of capital, monopoly, and efficiency. Collectively, these analyses have had a significant impact on the direction and terms of discussion within the economics profession. The theories of entrepreneurship and competition, the analysis of banking institutions, and the economics of socialism have all been influenced by developments in modern Austrian economics.
KeywordsWelfare Economic Austrian Economist Pareto Optimum Austrian School Market Process
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