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CHOICE AND MARKET PROCESSES: AN AUSTRIAN ANALYSIS
Abstract
This dissertation examines some of the contributions to economics made by economists belonging to the modern Austrian school of economics regarding the methodology of economic science, the theory of unhampered markets, and the theory of governmental economic policy. Chapter 2 seeks to clarify the traditional methodology of Austrian economics, methodological subjectivism, primarily by examining the conceptions of economics and methodology advanced by the four economists (i.e., von Mises, Rothbard, Hayek, and Lachmann) who have provided the traditional methodological foundation of Austrian economics. Chapter 3 examines the implications of Shackle's subjectivism for Austrian economics and analyzes the relationship between Shackle's theory of decision and post-World War II decision theory. Chapter 4 discusses the relationship between equilibrium and spontaneous order. Competition, institutions endogenously generated by markets, and entrepreneurship are features inherent in "unhampered" markets which produce spontaneous order quite independent of the stability or existence of any equilibrium. The relationship between the theory of efficient markets and the Shackle-Lachmann theory of the market process is also analyzed in this chapter. Chapter 5 examines the views of Mises, Hayek, and Rothbard on the role of government in an economy which involves a presentation and critique of their views on externalities, public goods, and the criteria they advance for delineating the role of government. Chapter 5 also analyzes Austrian views of the consequences of government's attempting to control the money supply and monetary institutions and the nature of the business cycle. Moreover, proposals advanced by Austrians which seek to rectify the consequences of governmental action in this regard and the nature of a monetary order unhampered by governmental intervention are discussed. Finally, Chapter 6 presents the summary and conclusion of the dissertation.
Subject Area
Economic theory
Recommended Citation
HULBERT, CORWIN CHARLES, "CHOICE AND MARKET PROCESSES: AN AUSTRIAN ANALYSIS" (1986). ETD collection for University of Nebraska-Lincoln. AAI8614455.
https://digitalcommons.unl.edu/dissertations/AAI8614455