04660nam 2200721 a 450 991045485560332120200520144314.01-134-80889-51-280-18489-20-203-00674-7(CKB)111056485523874(EBL)169598(OCoLC)277851755(SSID)ssj0000143775(PQKBManifestationID)11164695(PQKBTitleCode)TC0000143775(PQKBWorkID)10120840(PQKB)11318668ebr10017661(MiAaPQ)EBC169598(Au-PeEL)EBL169598(CaPaEBR)ebr10070737(CaONFJC)MIL18489(EXLCZ)9911105648552387420050811e20021996 uy 0engurcn|||||||||txtccrThe economics of time and ignorance[electronic resource] /Gerald P. O'Driscoll, Jr. and Mario J. Rizzo ; with a contribution by Roger W. Garrison and a new introduction2nd ed.London ;New York Routledge20021 online resource (300 p.)Foundations of the market economyOriginally published: Oxford, UK ; New York, NY, USA : B. Blackwell, 1985.1-138-15344-3 0-415-12120-5 Includes bibliographical references (p. [237]-257) and index.The Economics of Time and Ignorance; Copyright; Contents; Acknowledgements; Introduction: Time and Ignorance After Ten Years; 1 An Overview of Subjectivist Economics; Time and Ignorance; The Importance of Time and Ignorance; Keynesianism and the Austrian Contributions; Overview of the Rest of the Book; Part I Framework; 2 Static versus Dynamic Subjectivism; The Questions; The Method of Subjectivism; Dimensions of Subjectivism; Relationship between Static and Dynamic Subjectivism; Concluding Remarks; 3 Knowledge and Decisions; Subjectivism as Content: KnowledgeSubjectivism as Weighing of Alternatives Conclusion; 4 The Dynamic Conception of Time; Newtonian Time; Real Time; Real Time, Planning, and Action; Economic Processes and Uncertainty; Newtonian and Real Time: The Interrelation; Conclusion; 5 Uncertainty in Equilibrium; Genuine Uncertainty; Genuine Uncertainty: Typicality and Uniqueness; Equilibrium; Equilibrium and Optimality; Part II Applications; 6 Competition and Discovery; Introduction; The Discovery of Opportunities; Knowledge and Competition; Process Theories and Normative Economies; Dynamic EquilibriumRules versus Continuous Utility Maximization The Theory of the Firm; Appendix. Stochastic Equilibrium; 7 The Political Economy of Competition and Monopoly; Competition: Static and Dynamic; Uncertainty and Markets; Optimal Policy; Property Rights Theory of Monopoly; 8 A Subjectivist Theory of a Capital-using Economy; Introduction; The Development of Subjectivist Capital Theory: An Overview; The Mengerian Vision; The Structure of Production; The Rate of Interest in a Capital-using Economy; Variations in the Final Output of the Production Process; Time Preferences and the Structure of ProductionSubjectivism Revisited9 The Microanalytics of Money; Introduction; Microanalysis of Money; The Origin of Money; Business Cycles; A Subjectivist Theory of Economic Fluctuations; Rational Expectations; Conclusion; 10 Some Unresolved Problems; Bibliography; IndexThe 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.Foundations of the market economy series.Austrian school of economicsTime and economic reactionsUncertaintyElectronic books.Austrian school of economics.Time and economic reactions.Uncertainty.330.15/7O'Driscoll Gerald P248858Rizzo Mario J145864Garrison Roger W248859MiAaPQMiAaPQMiAaPQBOOK9910454855603321The economics of time and ignorance2039960UNINA