This paper gives an overview of the work of Carl Menger, the founding father of the Austrian School of Economics. Menger’s theoretical and methodological positions are compared and contrasted with those of contemporary Austrian Economics. The idea of the unintended consequences of individual...

Contemporary economic policy discourses are heavily oriented towards competition and efficiency using modern conceptualisation of the market as an institution for resource allocation and governance. Market based policy approaches are considered necessary and sufficient instruments to achieve...

The inheritance of heterodox economics hinges upon the degree to which the next generation is exposed to the history of the discipline’s thought. The potential to include heterodox thought into the curriculum presents itself most easily through history of economic thought classes. The...

The argument of social embeddedness has become one of the most celebrated metaphors in economic sociology. The attempt connected to that term is the elaboration of a solid basis for economic sociology as discipline within the concert of economics and further social sciences. The paper argues...

Barone's 1991 essay stimulated a debate in our economics department. Two department members at the time, Yngve Ramstad and Richard McIntyre, proposed to reorganise the undergraduate Bachelor of Arts degree to emphasise contending perspectives. When this proposal was rejected, Ramstad then...

This is chapter 2 of the book "Future Directions in Heterodox Economics" by John T. Harvey and Robert F. Garnett, Jr., Editors. The inner circle of neoclassical economics has limited its horizons, increasing the scope for heterodox economists to claim ever more of the most important issues. Two...

Hayek's business cycle theory in the 1930s was pioneering both in developing the general equilibrium framework and in integrating capital with monetary theory. From published and unpublished work and correspondence a more complete picture of the evolution of Hayek's thought emerges. This article...

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...