This essay recounts the circumstances that provoked and influenced earlier research and publications on entrepreneurship by Hebert and Link (1982, 1988, 1989a, 1989b, 2006a, 2006b, 2009). Once a dark corner of economics, the study of entrepreneurship has enjoyed some light as the scholarship has matured, and the boundaries of entrepreneurship research have expanded. Challenges remain, however. The field still suffers from conjecture and confusion, and even the definition of entrepreneur has escaped consensus. Whatever direction future research takes, entrepreneurship must be recognized as an inherently decentralized activity: disruptive, contrarian, and incompatible with central planning.
{"title":"Whither Goest the Entrepreneur?","authors":"Robert Hébert","doi":"10.35297/qjae.010172","DOIUrl":"https://doi.org/10.35297/qjae.010172","url":null,"abstract":"This essay recounts the circumstances that provoked and influenced earlier research and publications on entrepreneurship by Hebert and Link (1982, 1988, 1989a, 1989b, 2006a, 2006b, 2009). Once a dark corner of economics, the study of entrepreneurship has enjoyed some light as the scholarship has matured, and the boundaries of entrepreneurship research have expanded. Challenges remain, however. The field still suffers from conjecture and confusion, and even the definition of entrepreneur has escaped consensus. Whatever direction future research takes, entrepreneurship must be recognized as an inherently decentralized activity: disruptive, contrarian, and incompatible with central planning.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"108 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139259576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Krzysztof Turowski reviews Matt Zwolinski and John Tomasi's intellectual history of libertarianism, finding it valuable but not without serious sins of commission and omission.
Krzysztof Turowski 评论了 Matt Zwolinski 和 John Tomasi 的《自由主义思想史》，认为该书很有价值，但也有严重的疏漏。
{"title":"Book Review: The Individualists: Radicals, Reactionaries, and the Struggle for the Soul of Libertarianism","authors":"Krzysztof Turowski","doi":"10.35297/qjae.010170","DOIUrl":"https://doi.org/10.35297/qjae.010170","url":null,"abstract":"Krzysztof Turowski reviews Matt Zwolinski and John Tomasi's intellectual history of libertarianism, finding it valuable but not without serious sins of commission and omission.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"16 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139271237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The following is the text of the 2023 Henry Hazlitt Memorial Lecture, sponsored by Harvey and Mei Allison, given at the Austrian Economics Research Conference, Ludwig von Mises Institute, Auburn, Alabama.
{"title":"ESG en Route to Statism","authors":"Allen Mendenhall","doi":"10.35297/qjae.010168","DOIUrl":"https://doi.org/10.35297/qjae.010168","url":null,"abstract":"The following is the text of the 2023 Henry Hazlitt Memorial Lecture, sponsored by Harvey and Mei Allison, given at the Austrian Economics Research Conference, Ludwig von Mises Institute, Auburn, Alabama.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136317802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Professor Lawrence H. White is one of the founders of the modern free banking school and a major scholar of monetary theory and history. In Better Money: Gold, Fiat, or Bitcoin? he draws on close to four decades of scholarship to answer the question put in the title: which monetary standard would be better. It should not come as a surprise that Professor White sees the contest mainly between gold and bitcoin. What is a “better” money? Professor White proposes that this must be judged “nonpaternalistically” from the viewpoint of the money-holders themselves. This is surely the correct approach. Two criteria are laid down: a money must serve as a convenient and low-cost medium of exchange, which means non-declining and predictable purchasing power; and the monetary system as a whole should have desirable properties such as avoiding depressions associated with monetary disequilibrium (p. 17). While we find the approach and the first criterion eminently sensible, the second point is much more questionable. Much of the review is therefore devoted to aspects of this second point.
{"title":"Review Essay: Sound Money without Free Banking: Revisiting Economic Principles","authors":"Kristoffer J. Mousten Hansen","doi":"10.35297/qjae.010167","DOIUrl":"https://doi.org/10.35297/qjae.010167","url":null,"abstract":"Professor Lawrence H. White is one of the founders of the modern free banking school and a major scholar of monetary theory and history. In Better Money: Gold, Fiat, or Bitcoin? he draws on close to four decades of scholarship to answer the question put in the title: which monetary standard would be better. It should not come as a surprise that Professor White sees the contest mainly between gold and bitcoin. What is a “better” money? Professor White proposes that this must be judged “nonpaternalistically” from the viewpoint of the money-holders themselves. This is surely the correct approach. Two criteria are laid down: a money must serve as a convenient and low-cost medium of exchange, which means non-declining and predictable purchasing power; and the monetary system as a whole should have desirable properties such as avoiding depressions associated with monetary disequilibrium (p. 17). While we find the approach and the first criterion eminently sensible, the second point is much more questionable. Much of the review is therefore devoted to aspects of this second point.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135729447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Development economics has invested substantial effort in formulating policies aimed at initiating development in underdeveloped countries, with a notable emphasis on the role of government. This article focuses on the transition from early intellectual forerunners such as John Locke, David Hume, and Adam Smith to the subsequent theories of development. Previous examinations, notably by Lewis (1988) and Sen (1983), have argued that if growth is taken as the definition of development, then Petty, Hume, and Smith are predecessors of development economics. However, a gap exists between this observation and the subsequent trajectory of development economics. This article investigates the prevalent role of the state in shaping development strategies, exploring the maturation of state duties based on modern political concepts from the seventeenth and eighteenth centuries and investigating the transformation in the twentieth century of government’s responsibilities, specifically in the context of the United States’ progressive movement. By tracing the historical evolution of state involvement, this article shows that the concept of “étatisme,” advocating robust state engagement in economic affairs, emerges as a pivotal but often overlooked factor in the emergence of development economics. This finding illustrates why development economists’ policies historically place such significant emphasis on government intervention in the market in underdeveloped countries.
{"title":"Étatisme as the Root of Development Economics","authors":"Vahid Omidi, Abolfazl Shahabadi","doi":"10.35297/qjae.010165","DOIUrl":"https://doi.org/10.35297/qjae.010165","url":null,"abstract":"Development economics has invested substantial effort in formulating policies aimed at initiating development in underdeveloped countries, with a notable emphasis on the role of government. This article focuses on the transition from early intellectual forerunners such as John Locke, David Hume, and Adam Smith to the subsequent theories of development. Previous examinations, notably by Lewis (1988) and Sen (1983), have argued that if growth is taken as the definition of development, then Petty, Hume, and Smith are predecessors of development economics. However, a gap exists between this observation and the subsequent trajectory of development economics. This article investigates the prevalent role of the state in shaping development strategies, exploring the maturation of state duties based on modern political concepts from the seventeenth and eighteenth centuries and investigating the transformation in the twentieth century of government’s responsibilities, specifically in the context of the United States’ progressive movement. By tracing the historical evolution of state involvement, this article shows that the concept of “étatisme,” advocating robust state engagement in economic affairs, emerges as a pivotal but often overlooked factor in the emergence of development economics. This finding illustrates why development economists’ policies historically place such significant emphasis on government intervention in the market in underdeveloped countries.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135396872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Book Review: The Economics of Prosperity: Rethinking Economic Growth and Development","authors":"David Gordon","doi":"10.35297/qjae.010166","DOIUrl":"https://doi.org/10.35297/qjae.010166","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134912227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Authors including Robert Nozick (1977) and Bryan Caplan (1999) have levied criticism against the treatment of indifference within the Austrian tradition of economic theory. Their attempts to dismiss the Austrian position on this matter as unrealistic and contradictory are unsatisfactory as they fail to properly portray the core differences between the Austrian and neoclassical concepts of goods, utility, and preference, thus rendering their analysis inaccurate. The only preference that is relevant to the understanding of purposeful human action is the preference of ends, and indifference of ends cannot exist.
{"title":"A Brief Note on Indifference","authors":"Manuel García","doi":"10.35297/qjae.010156","DOIUrl":"https://doi.org/10.35297/qjae.010156","url":null,"abstract":"Authors including Robert Nozick (1977) and Bryan Caplan (1999) have levied criticism against the treatment of indifference within the Austrian tradition of economic theory. Their attempts to dismiss the Austrian position on this matter as unrealistic and contradictory are unsatisfactory as they fail to properly portray the core differences between the Austrian and neoclassical concepts of goods, utility, and preference, thus rendering their analysis inaccurate. The only preference that is relevant to the understanding of purposeful human action is the preference of ends, and indifference of ends cannot exist.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88089692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Former Fed chairman Ben Bernanke has written a retrospective on the Fed that should be of interest to those in the Austrian school tradition. Bernanke makes numerous admissions, such as the fact that several U.S. presidents pressured the Fed to pursue inflationary policies, and the fact that the Fed contributed to the Great Recession. Yet he seems incapable of comprehending the Fed's inherent problems, exhibiting a state of denial about recent failures.
{"title":"Book Review: 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19","authors":"Greg Kaza","doi":"10.35297/qjae.010164","DOIUrl":"https://doi.org/10.35297/qjae.010164","url":null,"abstract":"Former Fed chairman Ben Bernanke has written a retrospective on the Fed that should be of interest to those in the Austrian school tradition. Bernanke makes numerous admissions, such as the fact that several U.S. presidents pressured the Fed to pursue inflationary policies, and the fact that the Fed contributed to the Great Recession. Yet he seems incapable of comprehending the Fed's inherent problems, exhibiting a state of denial about recent failures.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"111 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77794873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Historian Michael Sonenscher is correct in noting that “capitalism” in the twenty-first century has taken on a politically charged meaning divorced from its intellectual origins, and his goal of situating the term in historical context is a worthy undertaking. Unfortunately, the purpose of Sonenscher's book appears to be something other than understanding the historical meaning of “capitalism.” Rather, he seeks to impress upon his readers that “capitalism” and “the division of labor” are distinct concepts—and, as he so bluntly puts it, “that the division of labor is worse.”
{"title":"Book Review: Capitalism: The Story behind the Word","authors":"Chris Calton","doi":"10.35297/qjae.010162","DOIUrl":"https://doi.org/10.35297/qjae.010162","url":null,"abstract":"Historian Michael Sonenscher is correct in noting that “capitalism” in the twenty-first century has taken on a politically charged meaning divorced from its intellectual origins, and his goal of situating the term in historical context is a worthy undertaking. Unfortunately, the purpose of Sonenscher's book appears to be something other than understanding the historical meaning of “capitalism.” Rather, he seeks to impress upon his readers that “capitalism” and “the division of labor” are distinct concepts—and, as he so bluntly puts it, “that the division of labor is worse.”","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81044876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gramm, Ekelund, and Early demonstrate in _The Myth of American Inequality_ that the official statistics we rely on grossly misstate poverty, income inequality, and other measures of well-being. They ignore two thirds of welfare benefits as income, omit the income lost due to taxes that people pay for such programs, and use outmoded price indices that magnify price inflation and thereby understate growth in real income, employer-paid benefits and other variables over time. The result is grossly over-hyped problems of poverty, income inequality, and stagnation in living standards.
{"title":"Book Review: The Myth of American Inequality: How Government Biases Policy Debate","authors":"M. Reynolds","doi":"10.35297/qjae.010161","DOIUrl":"https://doi.org/10.35297/qjae.010161","url":null,"abstract":"Gramm, Ekelund, and Early demonstrate in _The Myth of American Inequality_ that the official statistics we rely on grossly misstate poverty, income inequality, and other measures of well-being. They ignore two thirds of welfare benefits as income, omit the income lost due to taxes that people pay for such programs, and use outmoded price indices that magnify price inflation and thereby understate growth in real income, employer-paid benefits and other variables over time. The result is grossly over-hyped problems of poverty, income inequality, and stagnation in living standards.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85223313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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