The Economics of Time and Ignorance: With a New IntroductionThe 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. |
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action activity actual adjustment agents alternative analysis applied approach aspects assumed attempt Austrian behavior capital chapter choice commodities competition complete concept consequences consistent construct consumers consumption continuous coordination costs course decisions demand depends determined developed discussion dynamic economic effects entrepreneurs equilibrium error example existence expectations explain fact factors final firms framework future given Hayek hence idea ignorance implications important increase individual institutions interest investment involves issues knowledge learning less market process maximization means merely models monetary monopoly nature neoclassical objective observed optimal outcomes output particular pattern period perspective plans position possible prediction preferences present problem production profit question rational reason relative relevant requires result rules sense situation social stages static structure subjective subjectivism subjectivist supply theory tion typical uncertainty understand