The economics of time and ignorance [electronic resource] / Gerald P. O'Driscoll, Jr. and Mario J. Rizzo ; with a contribution by Roger W. Garrison and a new introduction.
- 2nd ed.
- London ; New York : Routledge, 2002.
- Foundations of the market economy series.
Foundations of the market economy
1 online resource (300 p.)
- Austrian school of economics.
Time and economic reactions.
- Electronic books.
- The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.
- The Economics of Time and Ignorance; Copyright; Contents; Acknowledgements; Introduction: Time and Ignorance After Ten Years; 1 An Overview of Subjectivist Economics; Time and Ignorance; The Importance of Time and Ignorance; Keynesianism and the Austrian Contributions; Overview of the Rest of the Book; Part I Framework; 2 Static versus Dynamic Subjectivism; The Questions; The Method of Subjectivism; Dimensions of Subjectivism; Relationship between Static and Dynamic Subjectivism; Concluding Remarks; 3 Knowledge and Decisions; Subjectivism as Content: Knowledge
Subjectivism as Weighing of Alternatives Conclusion; 4 The Dynamic Conception of Time; Newtonian Time; Real Time; Real Time, Planning, and Action; Economic Processes and Uncertainty; Newtonian and Real Time: The Interrelation; Conclusion; 5 Uncertainty in Equilibrium; Genuine Uncertainty; Genuine Uncertainty: Typicality and Uniqueness; Equilibrium; Equilibrium and Optimality; Part II Applications; 6 Competition and Discovery; Introduction; The Discovery of Opportunities; Knowledge and Competition; Process Theories and Normative Economies; Dynamic Equilibrium
Rules versus Continuous Utility Maximization The Theory of the Firm; Appendix. Stochastic Equilibrium; 7 The Political Economy of Competition and Monopoly; Competition: Static and Dynamic; Uncertainty and Markets; Optimal Policy; Property Rights Theory of Monopoly; 8 A Subjectivist Theory of a Capital-using Economy; Introduction; The Development of Subjectivist Capital Theory: An Overview; The Mengerian Vision; The Structure of Production; The Rate of Interest in a Capital-using Economy; Variations in the Final Output of the Production Process; Time Preferences and the Structure of Production
Subjectivism Revisited9 The Microanalytics of Money; Introduction; Microanalysis of Money; The Origin of Money; Business Cycles; A Subjectivist Theory of Economic Fluctuations; Rational Expectations; Conclusion; 10 Some Unresolved Problems; Bibliography; Index
- Originally published: Oxford, UK ; New York, NY, USA : B. Blackwell, 1985.
Includes bibliographical references (p. -257) and index.
- Rizzo, Mario J.
Garrison, Roger W.
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