2011•The New Palgrave Dictionary of EconomicsRequires access

Austrian economics: recent work

Mario J. Rizzo

Abstract

This article reviews research in Austrian economics over the last 25 years, relating it to (but not discussing in detail) earlier classic work in the Austrian tradition. Core issues are business cycle theory, entrepreneurship, market processes and economic institutions, the communication of knowledge in markets, spontaneous order, and issues related to law and economics.

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Key concepts: Austrian School, Work (physics), Entrepreneurship, Order (exchange), Spontaneous order, Business cycle, Neoclassical economics, Economics