Most of us, and all of us most of the time, deal with the market economy as a definite type of economic order, a sort of "economic technique" as opposed to the socialist "technique."... But there is a great danger of overlooking an important fact: the market economy as an economi ... Read more

Menger was one of those thinkers who can claim a single decisive achievement that made scientific history. His name will be forever linked with a new explanatory principle which has revolutionized the whole field of economic theory. ... Read the full post ... Read more

| Peter Klein | I am giving some lectures next week at the University of Angers, France, a series on change management and another on globalization. (And hanging out with old friend Guido Hülsmann.) I have some change-management materials prepared but am looking for additional readings, ... Re ... Read more

Professor Scott Shane of Case Western University is at it yet again.  He made waves last year for assailing entrepreneurship education, particularly if they have anything to do with small business, or what he calls "marginal businesses" that he asserts actually hurt employment in ... Read more

| Peter Klein | My friend Tom Woods has written a new book, Meltdown , that explains the economic crisis from an “Austrian” perspective. Tom is a historian by training but has an excellent grasp of economic theory and policy (disclaimer: I consulted on the book). The book is ... Read the f ... Read more

| Peter Klein |  . . . before someone blamed the financial crisis on agency theory. Sure enough, Raymond Fisman and Rakesh Khurana trace the source of the current mess not to expansionary monetary policy, or lax underwriting standards, or implicit (now explicit) government guarantees ... ... Read more