In this essay, we survey the use of knowledge in economics and argue that knowledge should be treated one way rather than another. In other words, we see our purpose as both positive and normative. First, we want to show how some economists have treated knowledge in their analytical depictions...

Over the past decade, economists have increasingly focused on happiness research. The main focus has been on understanding the interconnection between economic outcomes and the resulting happiness of economic actors. The work in this area has yielded many implications for policy in a number of...

We argue that in order to answer the challenges that James Buchanan put to contemporary political economists, a reconstruction of public choice theory building on the work of Buchanan, F.A. Hayek and Vincent Ostrom must take place. Absent such a reconstruction, and the significant challenges...

My contention is that political economy as a value-relevant discipline has a legitimate claim on our intellectual attention only to the degree that it is grounded in the value-neutral logic of economic analysis — an analysis that while it cannot determine ultimate values may nevertheless...

In this introduction sketch the architecture of Mises' economics and political economy. Mises' overarching program is one of examining exchange (economic science) and the institutions within which exchange takes place (political economy). In recent years the economics profession has moved...

Richard Wagner's Mind, Society and Human Action is a brilliant exposition of the implications of pursuing the “open” as opposed to “closed” perspective (what he terms neo-Mengerian orientation in contrast with a neo-Walrasian orientation). The closed model brings tractability, but only...