The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion...

This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares at the expense of their competitors....

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) provides a prominent example of the Viennese economic circles that more than academic economics dominated scientific discourse in the interwar years. For the first time this paper gives a thorough account of its history,...

The financial crisis of 2008 has challenged the reputation of the free-market economy in the public imagination in a way that it has not been challenged since the Great Depression. The intellectual consensus after World War II was that markets are unstable and exploitive and thus in need of...

It is traditionally claimed that the State has three main categories of policies to implement: allocation, distribution and stabilization policies. In the present chapter we will be concerned only with stabilization policies or, more generally, with the role public policies may have in...

We confront mainstream and Austrian economics from a history of economic analysis point of view in order to identify the main reasons of their divergent interests on the concepts of, respectively, equilibrium and processes. The result of this confrontation attributes a decisive role to...

The main purpose of this paper is to underline the downfalls of neoclassical growth theory. The narrow and artificial framework given by the neoclassical economists have no correspondent in real life. With a 'refreshed breath' the Austrian School of Economics tried to explain the dynamic and...

Abstract: Legal interpretation in the United States changed dramatically between 1930 and 1950. The Great Depression and World War II unleashed radical critique (particularly prior to the war). Legal realism proposed radical new methods of legal interpretation to try to meet the challenges of...

The concepts of market, economic concentration, concurrent with competition mechanisms are key elements to market economy systems, that decisively shape the architecture of national economies. While to economic science, similarly to the group of social sciences, the experiment is not allowed,...

This continuation of the previous part of our proposed monograph, which by no means is intended as an exhaustive one, is corroborated by the citation of innovative criticism and ideas put forward by the various economists, the purpose of which is to highlight exactly the relativism and nuances...