We argue that the canonical reading of Hayek often falls short of the implications of Hayek's insights. We present Hayek's "knowledge problem" (how order in a society is possible without the required knowledge for that order being possessed by any particular individual), and we discuss some of...

Frédéric Bastiat (1801-1850) was an economist and journalist. A member of the French Liberal School, he is best known for his free trade ideas and his philosophy of law. Mark Blaug ranks him as one of the 100 greatest economists before Keynes. Schumpeter called him a brilliant economic...

Adam Smith hat in seinem Bild des Menschen der Rolle der Imagination einen so großen Stellenwert eingeräumt, dass es berechtigt ist, ihn als Bildanthropologen zu bezeichnen. Der Aspekt des Bildvermögens von Menschen geriet im Laufe des 19. Jahrhunderts in der Geschichte der Wirtschaftstheorie...

Western economic thinkers in the 19th century rediscovered the principle of greatest happiness (PGH). However, as Eastern philosophical and religious thinking shows it was part of common knowledge in Buddhism and Hinduism over the past millennia. PGH did not have the same agenda as later on...

Carl Menger’s Principles of Economics, published in 1871, is usually regarded as the founding document of the Austrian School of economics. Many of the School’s prominent representatives, including Friedrich Wieser, Eugen Böhm-Bawerk, Ludwig Mises, Hans Mayer, Friedrich August Hayek, Fritz...