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This article aims to understand how liberal groups found in the university spaces of Ceará organize and propagate their ideas. The research is of a qualitative nature and uses nonparticipant observation and semistructured interviews. As main results, the research was able to identify 5 liberal groups and found the existence of a key agent responsible for assisting, professionalizing, and propagating liberal ideals in the state of Ceará. [ABSTRACT FROM AUTHOR]

Israel Kirzner has made profound contributions to the theory of entrepreneurship. His considerable insights address the entrepreneurial function in the market process. Kirzner belongs to the Austrian school and hence assumes subjective decision-making, incomplete sets of knowledge for all subjects, and market disequilibria. He ascribes to entrepreneurs the ability to detect through alertness market disequilibria in dynamic competitive markets. Entrepreneurs as arbitrageurs bring markets closer to equilibria even if in a dynamic competitive market an equilibrium remains a theoretical utopia. In this short paper, we outline the most important aspects of Kirzner’s entrepreneurial approach and the function entrepreneurship has in marketdriven processes. [ABSTRACT FROM AUTHOR]

Copyright of Iberian Journal of the History of Economic Thought is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyzes Schumpeter’s concept of the entrepreneur in comparison to Kirzner and the Austrian School of Economics. For this purpose, the research uses the original German text as the reference, both the first larger edition of 1911 and the later shorter editions (mainly the seventh edition of 1987, which is an unaltered reprint of the fourth edition of 1934). To elaborate on the differences and similarities between Schumpeter and the Austrian approach, the study focuses on the aspects of equilibrium, discovery, speculation, capital, profit, institutions, and development. The analysis shows how the entrepreneur acts as the motor of economic development and how profit and profit expectations serve as the motifs of entrepreneurial action – both for the pioneer of innovation and the imitators. Different from the Austrian School, Schumpeter applies the concept of equilibrium in the neoclassical sense as the starting point of his dynamic analysis. The Schumpeterian entrepreneur is that economic actor who breaks the statics to push the economy toward development, which is not merely economic growth because development signifies that fundamental changes of the economy take place in the process.

Copyright of Revista Telos is the property of Revista Telos and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Austrian economic theory approach, which we will summarize, questions the state's ability to improve the results of economic activity. The objective is to present as didactic as possible a modeling that offers great applicability to studies of economic crises resulting from strong state interventions in economic activity. The theory identifies in credit market manipulation the source of the distortions that give rise to the economic cycle. The expansion of bank credit without a prior increase in savings leads to an artificial reduction in interest rates. With the additional volume of lower interest credit, entrepreneurs embark on overly ambitious and unsustainable long-term projects. The result is always a crisis or a reduction in the potential economic growth rate. [ABSTRACT FROM AUTHOR]

Copyright of Scientific Papers NaUKMA. Economics is the property of National University of Kyiv-Mohyla Academy, Faculty of Humanities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article is an attempt to analyze the reception of the Austrian School in Austria and Germany in general. The article aims to present the attitude of German and Austrian scientists and political leaders to the liberal ideas presented by the Austrian School. The author has discussed the birth of the Austrian School, methodenstreit, and the causes of the gradual removal of the heritage of Carl Menger and his successors from Austria. [ABSTRACT FROM AUTHOR]

Copyright of Afyon Kocatepe University Journal of Social Sciences / Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi is the property of Afyon Kocatepe University (AKU) Sosyal Bilimler Enstitusu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article critically examines two conceptualisations of ordoliberalism. In one, it is defined, together with neoliberalism, against 19th-century liberalism (in its social liberal and laissez-faire variants). This reading was common among ordoliberals themselves, and early neoliberals such as Friedrich von Hayek, as well as among critics, notably Michel Foucault. In another, ordoliberalism is contrasted to neoliberalism, with the latter presumed to be a species of laissez-faire economics. This reading is commonly accompanied by the supposition that ordoliberalism represents a "Third Way" between capitalism and socialism, or between laissez-faire liberalism and state planning. The main body of this contribution presents a critical analysis of both positions, by way of analysis of ordoliberal texts and a history of the discourse of laissez-faire. [ABSTRACT FROM AUTHOR]

In this paper we’ll attempt to explain the connection between interventionism in financial markets, financial crises and economic downturns, as the main cause of the financial crisis mainstream models; As well as the connection between the theories of Austrian and Minsky’s economic cycle as branches of heterodox economic theory. In order to achieve this target, we’ll begin with a brief introduction of mainstream financial crises models in the orthodox economic literature, then we’ll examine the statements of the Austrian Business Cycle Theory and the Financial Instability Hypothesis, and evaluate whether a connection between the two. We conclude that Financial Instability Hypothesis can be studied as a particular case of the Austrian Business Cycle Theory.

The present article aims to indicate the peculiarities and contradictions found in the price subsidy policies in Brazilian agriculture in the last decade. Despite State efforts carried out through the Minimum Prices Guarantee Policy (PGPM, in the original Portuguese), they have not been a good alternative for several producers. The Austrian School interpretation indicates that the information is not available in a homogenous way to economic agents and price interventions regarding the grant of subsidies, it bears unrevealed costs that raise the information asymmetry of the candidates for the minimum price policy, being unable to reach its objective of reducing such market information asymmetry.

This paper discusses the legacy of Austrian economist and economic sociologist Friedrich von Wieser (1851–1926) and shows a number of reasons why Wieser can be seen as an undeservedly underresearched scholar. His life and work are portrayed along five dimensions: the innovative social scientist (section 2); the erector of the Austrian School in its formative decades (section 3); the synthesiser of socio-economic ideas (section 4); the teacher to whom scientific credit has been granted unfairly seldom (section 5); the connector to contemporaneous paradigms of economic sociology, especially the ones of Max Weber and Vilfredo Pareto (section 6). [ABSTRACT FROM AUTHOR]

Capitalism is a term widely used by critics and advocates alike, but with little coherence to its meaning. Austrian economists Ludwig von Mises and F. A. Hayek, along with Chicago School economist Milton Friedman sought to turn it into a term of approval rather than criticism. Their different efforts to do so did not harmonize theoretically. When their respective ins ights and confusions are addressed a coherent theory of capitalism emerges, one that is critical, as was initially the case. [ABSTRACT FROM AUTHOR]

Two opposite approaches to the concept of real capital are considered. The presupposition for studying capital within the neoclassical school, which can be characterized as “empirical realism”, is the homogeneity of capital. This allows to apply formal methods of studying and modeling industrial processes but excludes from consideration the properties and characteristics of capital as a real factor of production. The approach of the Austrian school corresponding to traditions of “critical realism” in the economy focuses on real properties of capital and its role in the process of public production. The aim of this study is to clarify the idea of real capital, its properties, structural characteristics and mechanisms of formation. According to this, the characteristic of two different approaches is given. It is shown that the heterogeneity of capital is the basis of complementarity of capital goods and their combinations in each particular case of their application. The same capital goods have different performance depending on the method of their combination as a result of the production plans of entrepreneurs. Emergent properties of capital are also the result of the combination. Differences in the use and combination of capital determine its overall structure, subsystems of which are natural objects at different levels included in the production, capital goods themselves and their various combinations, social capital. Each of these subsystems is relatively independent and forms a higher level subsystem.