Paul Dragos Aligica is a Senior Research Fellow at the Mercatus Center, a faculty fellow at the James Buchanan Center for Political Economy at George Mason University, and an adjunct fellow at the Hudson Institute.

Peter Boettke is a university professor of economics at George Mason University, the BB&T Professor for the Study of Capitalism, vice president for research, and research director for the Global Prosperity Initiative at the Mercatus Center, and the deputy director of the James M. Buchanan Center for Political Economy.

This article discusses the problem of “thought experiments” in Austrian economics and takes as a starting point Lawrence Moss’ argument on the divide between the older Austrian economists— for whom thought experiments were crucial— and the new generation that, in Moss’ view, has “abandoned” such methods. The article is an attempt not only to bridge this alleged divide but also to contribute to the development of the Austrian methodology.

This paper is a reconsideration of the role of the economist in economic development.

Inspired by Berger and Luckmann’s work The Social Construction of Reality, this paper describes the social construction of the market, specifically focusing on the Austrian understanding of the market as a product of human action, acknowledging that knowledge is socially distributed, and focusing on the subjectively held though socially mediated meanings that actors ascribe to market activity.

The source of disagreement and criticism of the Austrian Business Cycle Theory comes from an ambiguity about the theory, caused by both supporters and critics. They both fail to recognize that the theory is constructed using a vareity of ideal types. Hence, the amount of illumination that the Austrian Business…

Since January 2009, employment has decreased in the private sector at an average rate of 0.3% each month; this is 6 times faster than employment decreased in government.