This volume explores and engages the key thinkers and ideas of the Austrian School of political economy to better understand various aspects of the market process, or the way that individuals coordinate their separate interests in a peaceful and productive manner by unintentionally forming not only market prices but also rules, customs, cultural norms and other institutional arrangements that allow specialization and trade. Together, these dynamics generate a market order by ameliorating the potential for social conflict, and in turn, facilitating the conditions for social cooperation and specialization under the division of labor. Scholars in this tradition focus on how individuals, however imperfect they may be in their decision-making, are nevertheless guided by private property, prices, and profit and loss signals, which emerge out of human action, but not necessarily human design. The diversity in topics and approaches will make the volume of interest to readers in a variety of fields, including anthropology, economics, entrepreneurship, history, philosophy, political science, and public policy.
Rosolino Candela is senior fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. Kristen R. Collins is senior fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. Christopher J. Coyne is professor of economics at George Mason University and associate director at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.
Introduction: From Human Action, but Not of Human Design: The Market Process and the Market Order by Rosolino Candela, Kristen R. Collins, and Christopher J. Coyne Part I: Market Process Theory in Context Chapter 1: Federalism-Preserving Markets by Andrey Yushkov Chapter 2: Keeping the Money Stream Stable: Hayek's Response to Wicksell and Its Implications for Monetary Policy Today by Casey Pender Part II: Cultural and Social Embeddedness of a Market Order Chapter 3: Austrian Economics on Mushrooms: A Mycelial Approach to Understanding Market Processes in Disaster Recovery Planning in Vancouver, Canada by Jonathan Eaton Chapter 4: Sociocultural Markets: Matrifocal Families and Social Capital in the Caribbean Region and Diaspora by Kayleigh Thompson Part III: Entrepreneurship, Knowledge, and the Market Process Chapter 5: Foreign (Aid) in a Domestic Sense: Public Health in an Unincorporated Territory by Brian Marein Chapter 6: Informal Institution Entrepreneurs and the Knowledge Problem by Shadwa Zaher Chapter 7: From Raid to Trade in Medieval Dublin: Entrepreneurship and the Emergence of a Trade Diaspora by Craig Lyons Part IV: Social Change and the Market Order Chapter 8: Hayekian Utopianism by Jeffrey Carroll Chapter 9: How it Can Pay to Be Moral: Markets and the Demand for Morality by Alexander Motchoulski Chapter 10: Critical Studies of International Development Education and Austrian Political Economy: Diverging Approaches and Converging Concerns by Mariam Sedighi
