Theory and Method in Contemporary Interpretations of the Market Process




Stein, Solomon

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One of the central elements of the contemporary Austrian School, usually taken to begin with the South Royalton conference, has been extension and critical examination of the theory of the market process. One theme of those investigations has been trying to understand the nature and significance of individual subjective experiences of the operations of the market process. First, are these experiences important to understanding the market process at all? If so, what are the mechanisms by which they enter into the operation of market activity, and what might be the general content of those experiences? How do any of these factors relate to the theories of the market found in Mises, Hayek, or Kirzner, and why, contrary to the standard Whig approach of economics, should we be concerned with those relationships? The three chapters here explore some elements of each theme.



Economics, Austrian Economics, Enterpreneurship, History of Thought, Market process, Methodology