A great supplemental text for the teaching of economics, this book offers a clear perspective and a passion for a deeper understanding of the subject. Economics is not merely a game to be played by clever professionals, but a discipline that touches upon the most pressing practical issues at any historical juncture. The wealth and poverty of nations is at stake; the length and quality of life turns on the economic conditions individuals find themselves living within. Touching upon a variety of subjects—including market socialism, political economy, and economics education—this reference contains the wisdom of an expert in the field.
Preface xv
1 Economics for Yesterday, Today, and Tomorrow 1
Part I On Teaching Economics
2 On the Tasks of Economics Education 17
3 On Teaching Graduate Students in Austrian Economics 33
4 Teaching Economics, Appreciating Spontaneous Order, and Economics as a Public Science 42
Part II On Teachers of Economics
5 Relevance as a Virtue: Hans Sennholz 69
6 The Forgotten Contribution: Murray Rothbard on Socialism in Theory and in Practice 76
7 Mr. Boulding and the Austrians 97
8 Putting the "Political" Back into Political Economy: Warren Samuels 109
9 Maximizing Behavior and Market Forces: Gordon Tullock 127
10 Methodological Individualism, Spontaneous Order, and the Research Program of the Workshop in Political Theory and Policy Analysis: Vincent and Elinor Ostrom 139
11 Is the Only Form of "Reasonable Regulation" Self-Regulation? Elinor Ostrom 159
12 The Matter of Methodology Don Lavoie 172
13 Invitation to Political Economy: Peter Berger and the Comedic Drama of Political, Economic, and Social Life 175
14 Was Mises Right? 192
15 The Genius of Mises and the Brilliance of Kirzner 213
16 Hayek and Market Socialism: Science, Ideology, and Public Policy 226
17 James M. Buchanan and the Rebirth of Political Economy 241
Part III On the Practice of Economics
18 Where Did Economics Go Wrong? Modern Economics as a Flight from Reality 265
19 Man as Machine 316
20 The Limits of Economic Expertise 330
21 High Priests and Lowly Philosophers 361
Part IV Conclusion
22 A Few Critical Paragraphs That Should Shape What We Teach, and Why We Teach, Economics: Smith, Mises, and Hayek 383
Bibliography 389
Acknowledgements 413
Index 417
About the Author 435
Overview
A great supplemental text for the teaching of economics, this book offers a clear perspective and a passion for a deeper understanding of the subject. Economics is not merely a game to be played by clever professionals, but a discipline that touches upon the most pressing practical issues at any historical juncture. The wealth and poverty of nations is at stake; the length and quality of life turns on the economic conditions individuals find themselves living within. Touching upon a variety of subjects—including ...