Evolution of the Modern Austrian School of Economics

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

18

Pages:

2
Author:

Caroline H.

EVOLUTION OF THE MODERN AUSTRIAN SCHOOL OF ECONOMICS 1. Introduction  The emergence of modern Austrian economists in the 1970s  Challenges faced by older Austrian economists 2. Murray Rothbard and Israel Kirzner  The contributions of Rothbard and Kirzner to the modern Austrian School  Their role in promoting Austrian economic principles 3. Austrian Economics and its Allies  The alignment of pre-WWII educated economists with Austrian insights  Intellectual isolation of Rothbard and Kirzner in mainstream economics 4. Challenges to the Keynesian Consensus  The breakdown of the Keynesian consensus in the 1970s  Shift in policy focus from discretion to rules-based approaches 5. The "Libertarian Moment"  Renewed interest in Austrian economics in the 1970s  Influence of Rothbard, Kirzner, and other scholars 6. James Buchanan's Vision  Buchanan's call for consilience among different economic perspectives  Marrying law and economics, property rights economics, public choice, and Austrian economics 7. Post-Nobel Era  Hayek's Nobel Prize and its impact on the profession  Continued contributions by Rothbard and Kirzner 8. Emergence of Graduate Programs  The establishment of graduate programs with a focus on Austrian economics  Expansion to universities and colleges 9. Pioneering Works  Lawrence White's "Free Banking in Britain" and Don Lavoie's "Rivalry and Central Planning"  Contributions to the theory of alternative monetary institutions and the socialist calculation debate 10.Defining Austrian Economics in the 1980s  Rizzo and O'Driscoll's work on "The Economics of Time and Ignorance"  The catalyst for the development of modern Austrian economics 11.External Events Shaping Economic Ideas  The role of external events in shaping the communication of economic ideas