Volume 21 of Advances in Austrian Economics exemplifies this focus by highlighting key research from the Austrian tradition of economics with other research traditions in economics and related areas.

This book discusses the need for a paradigm shift from Islamic economics universe of discourse to Iqtisād, a socio-economic system that is entirely independent from other economic doctrines and systems of thought. It provides an overview of critiques of the science and dogma of mainstream, orthodox, neoclassical, or simply Economics, with its axioms of rationality, scarcity, and unlimited wants. There is also a critical analysis of Islamic economics, and its failures to set its own policy agenda and development objectives. Our contention in this book is that Iqtisād--the Qur’an’s vision of how the economy is to be arranged—provides such a paradigm with a radically different philosophical foundation from that of Economics to the point that makes grafting one onto the other Impossible. Iqtisād offers a genuine and authentic Islamic paradigm with unique etymological and philosophical foundations. It is a unique system that derives its organizing principles from the principal source of the Quran, rather than Economics. The logical coherence of its immutable system of rules compliance, institutional structures, and risk-sharing relations provides the foundations for economic dynamism, financial stability, and shared prosperity. It ensures that resources are efficiently managed, poverty is eradicated, income and wealth mal-distributions are corrected, and the internal sources of economic injustices gripping human societies are eliminated. The Impossibility Theorem proposed in this book implies that, metaphysically, ontologically, epistemologically, axiologically, and teleologically, the two polar cases of Iqtisād and Economics are so radically different to rule out any grafting of one onto the other in order to present an intermediate paradigm with a synthetic discipline called Islamic economics. Given its multidisciplinary contents, this book will be of interest to a wide audience, including economists, policymakers, philosophers, theologians, and jurists, and can guide also free-thinking readers to a clarity of understanding about the conditions of humanity and the imperative of change with a sincerity of purpose and coherence in knowledge.

The London School of Economics (LSE) has been and continues to be one of the most important global centres for economics. With six chapters on themes in LSE economics and 29 chapters on the lives and work of LSE economists, this volume shows how economics became established at the School, how it produced some of the world’s best-known economists, including Lionel Robbins and Bill Phillips, plus Nobel Prize winners, such as Friedrich Hayek, John Hicks and Christopher Pissarides, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with the first in-depth analysis of LSE economics.

Eleven contributors--among them philosophers, economists, historians, and political scientists from the United States and Europe--present an overview of the intellectual influences and historical events which inspired Hayek and examine the idea of spontaneous order. They also describe Hayek's reasons for rejecting constructivism in favor of an evolutionary approach to economics, political theory, and legal theory. They also consider major topics in his work, such as the welfare state, the neutrality of the state, the morality of social cooperation, the rule of law, and the concepts of totalitarianism and freedom. Annotation copyrighted by Book News, Inc., Portland, OR

This latest volume in the Collaborative Biography of Hayek examines the interconnectedness between Hayek’s (1944) The Road to Serfdom and George Orwell’s Animal Farm (1945) and Nineteen Eighty-Four (1949); his relationship with Karl Popper and Karl Polanyi; and the work of Wilhelm von Humboldt. Mises had a ‘deep emotional attachment’ to the ‘free’ market and Hayek believed that ‘science’ was driven by shallow emotions. Hayek believed in ‘democracy as a system of peaceful change of government; but that’s all its whole advantage is, no other.’ He felt democracy simply made it possible to get rid of the government ‘we’ dislike. Hayek bemoaned the decay of superstition — the ‘supporting moral beliefs’ – that are required to maintain ‘our’ civilization. Yet his Road to Serfdom neglected ‘another road to serfdom’ – the possibility that there were multiple threats to individual freedom – not just State power. In contrast, many other scholars and public intellectual warned of the dangers of the concentration of power in institutions other than the State. Today those fears have materialized in the guise of wealthy mega-corporations and billionaires whose influence on government, on elections, on popular culture and on the dominant ideology, have been able to change the rules of the market in their favour – so that ‘we’ have now become trapped in a new kind of serfdom. With contributions from a range of highly regarded scholars, this volume continues the Biography’s rich exploration of Hayek’s work and beliefs.

Papers from a conference held Aug. 31-Sept. 1, 1987 outside Stockholm, Sweden. Includes bibliographical references (p. 467-471).

The volume is a unique attempt to explore the relationship between two of the most interesting contemporary schools of thought evolving at the interface between social science and social philosophy: The Austrian tradition of F A Hayek and Ludwig von Mises, and the Bloomington tradition of Elinor Ostrom and Vincent Ostrom.

Contemporary Methods and Austrian Economics, examines the relationship between Austrian economics and these new social scientific methods.

This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM’s subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008. “When the 2008 crisis struck, macroeconomists were caught with models that were theoretically elegant yet inappropriate to the needs of the moment. A broader historical perspective may have prevented the jettisoning of Keynesian models that had proved useful in the past and might have done so again. This highly readable book by Arie Arnon is a wonderful antidote to economists’ short time horizon and contributes mightily to restore the profession’s “collective memory” of the diversity of ideas within macroeconomics.” Professor Dani Rodrik, Harvard Kennedy School