This volume explores and engages with the key thinkers and ideas of the Austrian School of economics to better understand how 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, facilitate the conditions for social cooperation and specialization under the division of labor. 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 A. 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 A. 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
This volume expands our understanding of the relevance of the market process and market order in the Austrian tradition for political economy today. By applying insights about imperfect human beings who still can form helpful institutions through collective actions rather than one intelligent designer to many aspects of political life, the volume demonstrates the wide applicability of the Austrian tradition of political economy across several policy issues from federalism to Chinese entrepreneurship to education reform.
This new collection illustrates the continued relevance and promise of Austrian market process thinking for understanding the social world.