Institutions matter both for long-term economic evolution as well as for more short-termed economic performance. The law is particularly important in shaping the institutional framework for economic activities. This paper gives an overview of typical evolutionary explanations of legal change,...

This paper reconsiders the economic explanation of EU regional policy from an evolution- ary perspective. It contrasts the neoclassical equilibrium notions of market and government failure with the prevalent evolutionary neo-Schumpeterian and Austrian-Hayekian perceptions. Based on this...

A characteristic feature of economic development is the ever changing structure of consumption patterns. Reducing the explanation of this phenomenon to changing prices, finally caused by changes in the availability of goods (or characteristics), would neglect a major force driving this change,...

The article argues the neutral nature of markets. It describes the ways neutral markets expand or fold under the influence of non-neutral institutions. A demarcation is lined up between efficacy of a market process and a market result. The paper shows inconsistency of existing neoclassic models...

Hayek's evolving thought on gold and the gold standard is complex and, at times, confusing. Hayek initially supported the gold standard and paid special attention to those nations whose central banking policies he viewed as relatively loose. Early on he viewed attempts at stabilization of...

We argue that the future of Austrian political economy rests on the study of how institutional entrepreneurs discover and implement alternative institutional arrangements conducive to economic growth. This requires a dual level of analysis in spontaneous order studies. How such institutional...

F.A Hayek is one of the most important and influential advocates of liberalism in the 20th century. His theory is famously based on the concept of spontaneous order, an order emerging from the interaction of individuals without central control and appears critical of every form of...

Neoclassical theoretical approaches dominate modern health economics. However, the peculiarities of healthcare provision are so unusual that neoclassical theory is especially unsuited to the area. Even mainstream health economists often abandon Paretian welfare considerations to focus on needs...

We are grateful for the comments to our article, and for the opportunity to respond to them. In our original contribution, we argued that the application of the EOE perspective could help make Austrian economics more concrete, relevant and persuasive, especially regarding policy prescriptions....

We argue that scholars in the Austrian tradition of economics should incorporate the notion of a collaborative innovation bloc into their study of spontaneous market order. We demonstrate how successful entrepreneurship depends on an innovation bloc of this kind, a system of innovation that...