Advances in Austrian Economics最新文献

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Constitutionalism, Federalism, and Limited Government: Hayekian Arguments in Political Scientists’ Perspective 宪政、联邦制与有限政府:政治学家视角下的哈耶克论点
Advances in Austrian Economics Pub Date : 2016-11-30 DOI: 10.1108/S1529-213420160000021004
V. Vanberg
{"title":"Constitutionalism, Federalism, and Limited Government: Hayekian Arguments in Political Scientists’ Perspective","authors":"V. Vanberg","doi":"10.1108/S1529-213420160000021004","DOIUrl":"https://doi.org/10.1108/S1529-213420160000021004","url":null,"abstract":"Abstract \u0000The notion of constitutionalism and federalism as principal devices for limiting the power of government is central to F. A. Hayek’s political philosophy. A number of political scientists have recently criticized Hayek’s (as well as J. M. Buchanan’s and B. R. Weingast’s) reasoning on this subject for its presumed “neoliberal bias.” This paper reviews this critique and takes it as a challenge to clarify certain ambiguities in Hayek’s – and, more generally, in liberal – accounts of constitutionalism and federalism.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"137 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116066849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why Hayek Matters: The Epistemic Dimension of Comparative Institutional Analysis 哈耶克为什么重要:比较制度分析的认知维度
Advances in Austrian Economics Pub Date : 2016-11-30 DOI: 10.1108/S1529-213420160000021006
Peter J. Boettke, Vlad Tarko, P. Aligica
{"title":"Why Hayek Matters: The Epistemic Dimension of Comparative Institutional Analysis","authors":"Peter J. Boettke, Vlad Tarko, P. Aligica","doi":"10.1108/S1529-213420160000021006","DOIUrl":"https://doi.org/10.1108/S1529-213420160000021006","url":null,"abstract":"Abstract \u0000Hayek’s “Use of knowledge in society” is often misunderstood. Hayek’s point is not just that prices aggregate dispersed knowledge, but also that the knowledge embedded in prices would not exist absent the market process. Later, in The Constitution of Liberty, he argues that this same idea can also be applied to the study of political and collective choice phenomena. Democracy is not just about aggregating preferences. Absent the democratic process, the knowledge necessary to solve collective problems is not generated. We compare this perspective on democracy to Bryan Caplan’s and Helen Landemore’s theories, and we argue that Hayek’s account focused on “opinion falsification” is richer. Unlike Caplan or Landemore, who adopt a static perspective, Hayek is more interested in the long-term tendencies and feed-back mechanisms. For example, why do Western democracies seem to have gradually moved away from the most deleterious types of economic policies (such as price controls)? Hayek’s conjecture is that the democratic process itself is responsible for this. We connect Hayek’s conjecture about democracy to the broader argument made by Vincent Ostrom, who has claimed that public choice should study not just incentive structures, but also collective learning processes. We believe that this line of research, that is, comparative institutional analysis based on the collective learning capacities embedded in alternative institutional arrangements, merits a lot more attention than it has received so far. The question “Which collective choice arrangements have the best epistemic properties?” is one of the most important neglected questions in political economy.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128351668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Hayek Enriched by Complexity Enriched by Hayek 由哈耶克丰富的复杂性
Advances in Austrian Economics Pub Date : 2016-11-30 DOI: 10.1108/S1529-213420160000021003
R. Axtell
{"title":"Hayek Enriched by Complexity Enriched by Hayek","authors":"R. Axtell","doi":"10.1108/S1529-213420160000021003","DOIUrl":"https://doi.org/10.1108/S1529-213420160000021003","url":null,"abstract":"Abstract \u0000Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"GE-25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126569183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Canadian versus US Mortgage Markets: A Comparative Study from an Austrian Perspective 加拿大与美国抵押贷款市场:奥地利学派视角下的比较研究
Advances in Austrian Economics Pub Date : 2016-04-28 DOI: 10.1108/S1529-213420160000020009
A. Young
{"title":"Canadian versus US Mortgage Markets: A Comparative Study from an Austrian Perspective","authors":"A. Young","doi":"10.1108/S1529-213420160000020009","DOIUrl":"https://doi.org/10.1108/S1529-213420160000020009","url":null,"abstract":"Abstract \u0000Why did the United States experience a housing and mortgage market boom and bust in the 2000s, while analogous Canadian markets were relatively stable? Both US and Canadian markets are replete with government interventions. In this paper, I account for the US and Canada’s different experiences by arguing that government interventions are not created equal. Some government interventions prevent market participants from pursuing actions that ex ante are reckoned beneficial. Alternatively, other interventions lead to the pursuit of actions that turn out to be costly ex post. It is the latter type that we expect to manifest in crises. The US case is one where government interventions in the mortgage markets led to actions that appeared ex ante beneficial but were revealed to be costly ex post. Alternatively, Canada’s mortgage market was and remains essentially a regulated oligopoly. Regulatory capture makes for a sclerotic market that likely imposes costs on Canadian borrowers in the forms of limited financing options and higher interest rates. However, this sclerosis also lends itself to stability. This market structure made the Canadian mortgage market relatively insusceptible to a bubble.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127962403","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
An Empirical Comparison of Canadian-American Business Cycle Fluctuations with Special Reference to the Phillips Curve 特别参考菲利普斯曲线的加拿大-美国经济周期波动的实证比较
Advances in Austrian Economics Pub Date : 2016-04-28 DOI: 10.1108/S1529-213420160000020008
Robert F. Mulligan
{"title":"An Empirical Comparison of Canadian-American Business Cycle Fluctuations with Special Reference to the Phillips Curve","authors":"Robert F. Mulligan","doi":"10.1108/S1529-213420160000020008","DOIUrl":"https://doi.org/10.1108/S1529-213420160000020008","url":null,"abstract":"Abstract \u0000Monthly 1980–2014 data are examined to determine how employment responds to money supply shocks in Canada and the United States. The focus of the analysis is a comparison of the real economies’ responses to the financial crisis and the great recession. Employment is used as a proxy for real output, though it may respond to monetary shocks with a longer lag. Vector autoregression models are specified, estimated, and interpreted. Impulse response functions are examined to assess the impact of innovations in monetary policy. A comparison of the response of employment to monetary innovations allows for evaluation of alternative business cycle theories and of the relative efficacy of Canadian v. U.S. monetary policy. Cross-border impacts are also assessed. Granger causality tests are used to examine whether money supply growth causes unemployment, whether monetary shocks cause higher or lower employment, and distinguish between short-run and long-run effects.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128139899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Political Regime Factor in Austrian Business Cycle Theory: Historically Accounting for the US and Canadian Experiences of the 2007–2009 Financial Crisis 奥地利经济周期理论中的政治制度因素:美国和加拿大经历2007-2009年金融危机的历史解释
Advances in Austrian Economics Pub Date : 2016-04-28 DOI: 10.1108/S1529-213420160000020007
G. Bragues
{"title":"The Political Regime Factor in Austrian Business Cycle Theory: Historically Accounting for the US and Canadian Experiences of the 2007–2009 Financial Crisis","authors":"G. Bragues","doi":"10.1108/S1529-213420160000020007","DOIUrl":"https://doi.org/10.1108/S1529-213420160000020007","url":null,"abstract":"Abstract \u0000Austrian Business Cycle theory (ABCT) has lately drawn increased attention as a result of its ability to explain the US financial crisis of 2007–2009. However, its explanatory power is questioned by the Canadian experience of the crisis, where a similarly loose monetary policy to the United States did not give rise to a similarly calamitous outcome. Accounting for this difference points to the necessity of elaborating the political element already contained in ABCT. This task of political science is most fruitfully done by focusing on the regime, that is, the distribution of the state’s offices and powers. These shape the incentives and ideals that move political action toward the financial sector. Though both Canada and the United States have democratic regimes, their origins and historical development have caused these to vary in significant ways. These variances largely clarify why the negative consequences of easy money predicted by ABCT were less pronounced in Canada than the United States.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"193 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127557876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Hayek on the Neutrality of Money 哈耶克论货币的中立性
Advances in Austrian Economics Pub Date : 2016-04-28 DOI: 10.1108/S1529-213420160000020004
S. Horwitz
{"title":"Hayek on the Neutrality of Money","authors":"S. Horwitz","doi":"10.1108/S1529-213420160000020004","DOIUrl":"https://doi.org/10.1108/S1529-213420160000020004","url":null,"abstract":"Abstract \u0000The concept of “neutral money” has a long history in monetary theory and macroeconomics. Like a number of other macro concepts, its meaning has been subject to a variety of interpretations over the decades. I explore the way in which Hayek used this term in his monetary writings in the 1930s and argue that “neutrality” for Hayek was best understood as the idea that monetary institutions were ideal if money, and changes in its supply, did not independently affect the process of price formation and thereby create false signals leading to economic discoordination, and especially of the intertemporal variety. This view was rooted in his work on money and the trade cycle in the late 1920s and early 1930s and also bound up with his understanding of “equilibrium theory.” The importance of his concept of neutrality was that it served as a benchmark for judging the comparative effectiveness of different monetary regimes and policies. That use is still relevant today.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"49 7-8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132434668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Introduction: Money, Cycles, and Crises in the United States and Canada 简介:美国和加拿大的货币、周期和危机
Advances in Austrian Economics Pub Date : 2016-04-28 DOI: 10.1108/S1529-213420160000020001
S. Horwitz
{"title":"Introduction: Money, Cycles, and Crises in the United States and Canada","authors":"S. Horwitz","doi":"10.1108/S1529-213420160000020001","DOIUrl":"https://doi.org/10.1108/S1529-213420160000020001","url":null,"abstract":"Abstract \u0000This introduction summarizes each of the papers in Studies in Austrian Macroeconomics. It begins with a brief overview of the core ideas and development of modern Austrian macroeconomics, focusing on its theory of the business cycle. The papers are then discussed by parts, starting with the papers on Austrian monetary and business cycle theory, followed by those addressing the relationship between the US and Canadian economic performance, and concluding with the three papers on the political economy of regulation and crisis.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123800308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Superstition and Self-Governance 迷信与自治
Advances in Austrian Economics Pub Date : 2015-08-03 DOI: 10.1108/S1529-213420150000019003
P. Leeson, P. Suarez
{"title":"Superstition and Self-Governance","authors":"P. Leeson, P. Suarez","doi":"10.1108/S1529-213420150000019003","DOIUrl":"https://doi.org/10.1108/S1529-213420150000019003","url":null,"abstract":"Abstract \u0000This paper investigates the relationship between superstition and self-governance. We argue that at least some superstitions, and perhaps many, support self-governing arrangements. The relationship between such scientifically false beliefs and private institutions is symbiotic and socially productive. This simple but overlooked observation may help explain the emergence and otherwise puzzling persistence of both superstitions and “spontaneous” orders that seem perverse or dysfunctional, as well as why these two phenomena are often found together.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122912354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Treating Macro Theory as Systems Theory: How Might it Matter? 将宏观理论视为系统理论:这有什么关系?
Advances in Austrian Economics Pub Date : 2015-08-03 DOI: 10.1108/S1529-213420150000019007
Vipin P. Veetil, R. Wagner
{"title":"Treating Macro Theory as Systems Theory: How Might it Matter?","authors":"Vipin P. Veetil, R. Wagner","doi":"10.1108/S1529-213420150000019007","DOIUrl":"https://doi.org/10.1108/S1529-213420150000019007","url":null,"abstract":"Abstract \u0000Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular products, macro theories work with equilibrium applied to aggregates of products. This common approach treats the micro–macro relationship as scalable, with macro variables being aggregations over micro variables. In contrast, we pursue a systems-theoretic approach to the micro–macro relationship. This relationship is not scalable and rather entails a disjunction between micro- and macro-levels of theory. While micro phenomena are still susceptible to choice-theoretic analysis, macro phenomena are products of ecological interaction and so entail emergent phenomena. Our alternative approach treats macro theory as a form of systems theory where the behavior of the system has properties that are not reducible to properties of the individual elements within that system. Besides sketching this alternative approach, we examine some of the different insights this approach offers into such topics as unemployment and stabilization.","PeriodicalId":440616,"journal":{"name":"Advances in Austrian Economics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132800770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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