Austrian Economics in America: The Migration of a Tradition (Historical Perspectives on Modern Economics)

New
Paperback
2008
$40.23

This 1994 book examines the development of the ideas of the new Austrian school from its beginnings in Vienna in the 1870s to the present. It focuses primarily in showing how the coherent theme that emerges from the thought of Carl Menger, Ludwig von Mises, Friedrich Hayek, Ludwig Lachman, Israel Kirzner and a variety of new younger Austrians is an examination of the implications of time and ignorance (or processes and knowledge) for economic theory.

Synopsis

This 1994 book examines the development of the ideas of the new Austrian school from its beginnings in Vienna in the 1870s to the present. It focuses primarily in showing how the coherent theme that emerges from the thought of Carl Menger, Ludwig von Mises, Friedrich Hayek, Ludwig Lachman, Israel Kirzner and a variety of new younger Austrians is an examination of the implications of time and ignorance (or processes and knowledge) for economic theory.

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More Information

Format: Paperback
Pages: 216
Edition: New e.
Publisher: Cambridge University Press
Published: 21 Aug 2008
ISBN 10: 0521637651
ISBN 13: 9780521637657

Media Reviews

Vaughn has written an outstanding work in the history of economic thought, the philosophy and sociology of science, and on those fundamental issues of economics in which every economist should be interested. Journal of Economic Literature
Vaughn has written an outstanding work in the history of economic thought, the philosophy and sociology of science, and on those fundamental issues of economics in which every economist should be interested. Journal of Economic Literature
Karen Vaughn has produced a lucid and compelling story of 25 years of Austrian economics in America...historians of thought and subjectivist economists will find the book stimulating and enlightening. Economic Affairs
The lines of demarcation between Austrian and neoclassical economics are not always easy to discern, and the issues, whether methodological or procedural, are sometimes fuzzy. This book is an important step toward clarification. Vaughn does not rely upon mere folkways nor attempt to titillate through overemphasis upon dramatis personae. She concentrates on the discussion and clarification of issues, instead, so that Austrian economics emerges (appropriately) as an important body of doctrine, not the idiosyncratic brainchild of a small group of ideological outcasts. The book should be welcomed by the growing number of quasi-Austrians who are not 'hard-core' but who are sympathetic to the Austrian theoretic/methodological agenda. Robert F. Hebert, Auburn University
In this book, Karen Vaughn deftly chronicles the American wing of post-1970 Austrian economics. Her selection of issues is intentionally designed to highlight the towering influence of Ludwig Lachmann, whose 'radical subjectivism' demanded that the revolution Ludwig van Mises had started be completed. Vaughn's approach--that of an insider who knew Lachmann and his critics--lends a special authenticity to the work. This is an important book that will amuse, infuriate, and perhaps persuade. Laurence S. Moss, Babson College
The topics in this book are deep, the debates grand, the implications are limited only by the reader's own imagination. And--a rarity among economists--Vaughn writes with clarity and grace. This is a history of modern economics the way it should be written. I highly recommend it to anyone interested in contemporary Austrian economics and its innovative direction of research for the next century. David L. Prychitko, SUNY-Oswego, in Religion and Liberty