This paper extends the Mises-Hayek business cycle theory to open economies with fiat currencies. I explore: (1) the problem of domestic versus international monetary policy with fiat currencies in an international setting. (2) How the feedback effects between central banks in the context of an...

Recent developments in Austrian-market-process economics are discussed, and, despite the continuing difficulties of communicating with mainstream economics, some causes for optimism are discerned. Looking to a useful future for Austrian economics will require that further empirical work in...

Since its publication in 1985 Paul David's "Economics of 'QWERTY"' has provided a paradigm case for the understanding and application of path-dependent processes in economics, some of which have been identified as yielding sub-optimal outcomes. The accuracy and relevance of this case, and this...

This paper traces the idea of Capital from Adam Smith to modern times and shows how different conceptions of Capital give rise to different approaches to economics and the range of problems that can be investigated. A structural, as opposed to a stock, approach to Capital is shown to be more...

The modern Theory of the Firm uses the concept of rent and makes implicit assumptions about equilibrium. An Austrian (Market Process) Theory of the Firm should have something to say about each of these. Two strategic perspectives are analyzed, the neoclassical microeconomic perspective (using...