Austrian Economics Re-examined The Economics of Time and Ignorance [Hardcover]

Austrian Economics Re-examined: The Economics of Time and Ignoranceis an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally.

The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay What is Austrian Economics? and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before.

Austrian Economic Re-examineddevelops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory.

Part I. Introduction: A Changing World Part II. What is Austrian Economics? Part III. The Economics of Time and Ignorance Part IV. Austrian Economics: Recent Work Mario J. Rizzo Part V. Responses to Criticism i. Gerald P. ODriscoll, Jr., Twenty-Five Years After ii. Mario J. Rizzo, Foundations of the Economics of Time and Ignorance

 When it first appeared in 1986, O'Driscoll and Rizzo's The Economics of Time and Ignorance was a signal event: a highly original explication of the main tenets of Austrian economics by two of the new generation of scholars. This volume, which carries a new introduction, gathers together in one place the 1980 paper that gave birth to the book, the text from the 1996 Routledge edition, a reprinting of Rizzo's 2009 New Palgrave article on recent work l3d