Virgil Henry Storr

Stefanie Haeffele

Solomon M. Stein

F. A. Hayek, a prominent 20th-century political economist in the Austrian tradition, won the Nobel Prize in Economics in 1974 for his pioneering work on the theory of money and economic fluctuations and on comparative institutional analysis. Hayek's research highlights the importance and dispersed nature of knowledge, advancing an interdisciplinary approach to understanding human behavior. Like any great and productive scholar, he left behind a body of work that includes tensions, flaws, and inconsistencies that must be confronted by scholars looking to engage, critique, and advance his distinctive project in political economy. Hayek's work is important but also open for contestation and improvement. Hayek's Tensions: Reexamining the Political Economy and Philosophy of F. A. Hayek presents a critical assessment of Hayek's research and ideas and identifies sources of tension within his writing. The contributions to this edited volume include original chapters by eminent scholars of complexity theory, of Austrian economics, and of Hayek himself. The book's key takeaway is that the research program Hayek developed continues as an open-ended project, both as a social-scientific approach and as a classical liberal vision of a free society, rather than as a static dogma or set of theories from a bygone era. Taken as a whole, this volume identifies important questions and areas for future research by the next generation of political economists.

Hayek's Tensions: Reexamining the Political Economy and Philosophy of F. A. Hayek

Ginny Seung Choi

The most damning criticism of markets is that they are morally corrupting. As we increasingly engage in market activity, the more likely we are to become selfish, corrupt, rapacious and debased. Even Adam Smith, who famously celebrated markets, believed that there were moral costs associated with life in market societies. This book explores whether or not engaging in market activities is morally corrupting. Storr and Choi demonstrate that people in market societies are wealthier, healthier, happier and better connected than those in societies where markets are more restricted. More provocatively, they explain that successful markets require and produce virtuous participants. Markets serve as moral spaces that both rely on and reward their participants for being virtuous. Rather than harming individuals morally, the market is an arena where individuals are encouraged to be their best moral selves. Do Markets Corrupt Our Morals? invites us to reassess the claim that markets corrupt our morals.

Do Markets Corrupt Our Morals?

Paul Dragoș Aligică

"The interdisciplinary chapters in this volume explore how the Austrian, Virginia, and Bloomington schools of political economy can help us to understand culture, sociality, and morality"--

New Applications of Mainline Political Economy

Culture, Sociality, and Morality

Christopher J. Coyne

Volume 19 includes research by scholars working within Austrian political economy. The contributors shed incisive light on a range of topics in Austrian economics including: the role of culture in post-disaster recovery, class structure, decentralized political orders, drones, institutional change, macroeconomics, and superstition and norms.

New Thinking in Austrian Political Economy

Professor Paul Aligica

The volume is a unique attempt to explore the relationship between two of the most interesting contemporary schools of thought evolving at the interface between social science and social philosophy: The Austrian tradition of F A Hayek and Ludwig von Mises, and the Bloomington tradition of Elinor Ostrom and Vincent Ostrom.

The Austrian and Bloomington Schools of Political Economy

Laura E. Grube

Stefanie Haeffele-Balch

Rebounding after disasters like tsunamis, hurricanes, earthquakes, and floods can be daunting. Communities must have residents who can not only gain access to the resources that they need to rebuild but who can also overcome the collective action problem that characterizes post-disaster relief efforts. Community Revival in the Wake of Disaster argues that entrepreneurs, conceived broadly as individuals who recognize and act on opportunities to promote social change, fill this critical role. Using examples of recovery efforts following Hurricane Katrina in New Orleans, Louisiana, and Hurricane Sandy on the Rockaway Peninsula in New York, the authors demonstrate how entrepreneurs promote community recovery by providing necessary goods and services, restoring and replacing disrupted social networks, and signaling that community rebound is likely and, in fact, underway. They argue that creating space for entrepreneurs to act after disasters is essential for promoting recovery and fostering resilient communities.

Virgil Henry Storr

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