We study a case that applies hermeneutics to social sciences, in particular to the Austrian school of economics. We argue that an inaccurate treatment of hermeneutics contributed to an epistemological downgrade of the Austrian school in the economic scientific community. We discuss how this...

This paper summarizes Horwitz's contributions in Micro-foundations and Macroeconomics: An Austrian Perspective and evaluates its connection with recent contributions in Austrian macroeconomics. The paper emphasizes the connection between relative price, monetary equilibrium, and monetary policy....

While Buchanan is best known for the economics of politics and constitutions, his seminal contributions to this field are but one branch of his more underlying methodology and approach to doing social science. Buchanan's fundamental project was to re-orient economics and social science toward an...

Much of the mystery attaching to the concept of capital in economics can be avoided by treating capital as a three dimensional entity, the dimensions being quantity, time and value. The literature on the subject is notable for different treatments focusing on just one or two of these dimensions...

In order to identify and evaluate an entrepreneurial opportunity calculation is required. The entrepreneur must do more than simply perceive an opportunity to do something new to create value in the marketplace. Insofar as alternative possible actions exist, the entrepreneur must choose between...

Concerns about the institutional impact of immigration, particularly, in the United States, are not new. We can trace them all the way back to Thomas Jefferson and Alexander Hamilton. More recently, in response to a literature that questions the efficiency of current immigration restrictions,...

We argue that the application of financial analysis, especially that of duration, clarifies and supports the application of the average period of production in ABCT. We also suggest that the focus in the recent ABCT literature should be more on the average period of production (APP) and less in...

We revisit the unintended consequences of the European Central Bank's (ECB) low-interest rate policies with a focus on the periphery countries of the European Union (EU) since the 2000s from a modern Austrian perspective. We argue that convergence expectations and the ECB's expansionary monetary...

We reply to Scott Scheall's What is so Extreme About Mises's Extreme Apriorism. We restate the setting of the topic of our paper and we argue that Scheall is not providing a clear distinction between (a) Mises the person and his epistemological position and (b) praxeology and economics. We also...

A comprehensive understanding business-cycles needs to account not only for the allocation of resources over time, but also for resource allocation across industries at any point in time. Intertemporal disequilibrium has been a common theme of many theories of the business-cycle. But to properly...