The Economics of Time and Ignorance: With a New Introduction
The 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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activity adjustment agents allocation alternative analysis analyzing antitrust approach argued Austrian economics Austrian school behavior business cycle capital theory chapter choice commodities competition concept consequences consistent construct consumers consumption context costs course of action creative cycle decision-making decisions demand developed dynamic economic theory economists effects endogenous entrepreneurs equilibrium error example existence exogenous factors final output firms framework future genuine uncertainty Hayek hence ignorance implications important individual individual’s institutions interest rate investment Israel Kirzner Keynes Keynesian Kirzner knowledge learning liquidity preferences Ludwig Lachmann macroeconomic market process maximization Menger Mises mnemic models monetary monopolists monopoly neoclassical economics Newtonian nonprice O’Driscoll optimal outcomes perfect competition perspective plans possible prediction preferences problem property rights rational expectations relative relevant result rules Say’s Law sense social static structure subjectivism subjectivist theorists tion typical want satisfaction welfare economics Wicksellian