Analytical anarchism is a subset of political economy that takes neither rules as given nor assumes that monopoly enforcement of such rules exists. This approach is the positive study of endogenous rule formation by individuals within a particular society. Such rules emerge out of the...

Virginia Political Economy (VPE), one of the main branches of Public Choice, is often if not always associated with the names of a few scholars, the leaders of a school in economics. It is particularly significant that these scholars never worked alone. At the University of Virginia, where it...

We argue in this chapter that the transformation in the vision of economics from one in terms of processes to one in terms of equilibrium would in turn yielded public policy implications regarding the role of government and distributive justice. Although classical political economists had made a...

Our focus in this chapter will be on the methodological role that Stigler played in validating what he regarded as the science of economics that he had inherited from his own teacher, Frank Knight, and how this affected his understanding not only of economic theory but also public policy....

The growing preoccupation with identity within public discourse raises important questions concerning its effects on democratic governance. Building on the work of James M. Buchanan, we hope to show that:1) the logic of identity politics raises costs to political cooperation, 2) the phenomenon...

This paper explores the intellectual context of the Department of Economics at the London School of Economics and Political Science (LSE) during the 1930s. we will be focusing on the contributions of F.A. Hayek, along with Lionel Robbins, in fostering an intellectual environment for the...

Hayek argued that the central question of economics is the coordination problem: How does the spontaneous interaction of many purposeful individuals, each having dispersed bits of subjective knowledge, generate an order in which the actors' subjective data are coordinated in a way that enables...

When considered as a unified project, the Ostroms' themes of polycentricity, self-governance, and the art and science of association have strong intellectual roots and connections with Austrian economics. In this paper, we show the close relationship between the Ostroms and the Austrians. We...

This paper critiques the Keynesian liquidity trap from an Austrian perspective. The liquidity trap theory argues that at a given interest rate the demand for money is horizontal, and interest rates cannot fall to stimulate investment. The major problem in the theory is that it concentrates on...

Economics, properly understood, makes sense out the complex web of historical relations that constitute reality, namely by utilizing economic theory. Economics without price theory is not economic theory, and measurement without theory isn't empirically meaningful. However, graduate students are...