The Austrian School has a long history of challenging prevailing orthodoxies and debating with the representatives of competing traditions. This book presents a collection of essays which analyze a number of these discourses in depth. In so doing, they cast new light on the nature of both Austrian and non-Austrian economics, on their differences and likenesses, and on the important and continuing role of the Hayekian and other Austrian contributions to economics. The essays presented here are written by an outstanding team of international specialists in the field, and cover a wide range of topics, including (inter alia) the relationships between the Austrian and Swedish theories of the business cycle, the ongoing debates between Austrians and (Post) Keynesians, Schumpeter's 'Walrasian' stand in the socialist calculation debate, and the Austrian roots of Neo-Institutional economics. The studies stress the unique Austrian contributions to economic methodology and to the theory of entrepreneurship, while revealing unexpected methodological and philosophical similarities, between, among others, Hayek and Marx.
This volume demonstrates how the Austrian challenge, and the debates it inspires, can continue to benefit contemporary developments in micro- and macroeconomic theory, and can offer valuable insights into other, ostensibly conflicting, schools of thought. William M. Butos, Trinity College, USA, Richard M. Ebeling, Hillsdale College, USA, Steve Fleetwood, De Montfort University, Nicolai J. Foss, Copenhagen Business School,