Selfish, Therefore Reciprocal: The Second Marginal Revolution of Mises

2021 ◽  
pp. 167-188
Author(s):  
Akihiko Murai
Keyword(s):  
Marginal Revolution

Ronald Coase and the Difference between Markets and Firms

2018 ◽  
Author(s):  
Abraham A. Singer
Keyword(s):  
Transaction Cost ◽  
Economic Activity ◽  
Transaction Cost Economics ◽  
Theory Of The Firm ◽  
Tabular Form ◽  
Specific Investment ◽  
The Difference ◽  
Marginal Revolution ◽  
The Way

This chapter reviews the development of transaction cost economics and unpacks its theory of the firm. The chapter begins with the marginal revolution in economics and how it altered the way economists understood the corporation. It then reviews the work of Ronald Coase and Oliver Williamson, explaining how they provided a novel account of firms. Transaction cost economics emphasizes how firms use hierarchy and bureaucracy to overcome problems of opportunism and asset-specific investment to coordinate some types of economic activity more efficiently than markets can. The transaction cost account of the corporation’s productivity component is shown in tabular form in comparison with its historical forerunners reviewed in the previous chapter.

Liberalism in Crisis and the Promise of a Reconstructed Liberalism

2019 ◽  
Vol 139 (2-4) ◽  
pp. 189-212
Author(s):  
Peter J. Boettke ◽  
Rosolino Candela
Keyword(s):  
Economic Theory ◽  
Institutional Context ◽  
Equilibrium States ◽  
Market Order ◽  
Relative Neglect ◽  
Laissez Faire ◽  
Marginal Revolution ◽  
Common Understanding

What explains the simultaneous critiques of economic theory and liberalism during the 1930s? Early neoclassical economists had a common understanding of the proper institutional context undergirding a liberal market order. From the marginal revolution emerged a growing emphasis on analyzing markets as equilibrium states rather than processes. Because the institutions that frame a liberal market order were taken as given, to the point of relative neglect, this resulted in the notion that markets operated in an institutional vacuum. The resulting association of liberalism with laissez-faire, therefore, prompted a restatement of the role institutions play in the operation of a liberal market order.

LUCAS, KEYNES, AND THE CRISIS

2010 ◽  
Vol 32 (1) ◽  
pp. 39-62 ◽  
Author(s):  
DAVID LAIDLER
Keyword(s):  
Intellectual History ◽  
Policy Issues ◽  
Classical Economics ◽  
Economic Thinking ◽  
Marginal Revolution ◽  
Generational Divide ◽  
Dividing Line

The article contrasts an intellectual history perspective on the transition from classical to neo-classical economics with doctrinal accounts of the marginal revolution. Marshall's opinions on the mixture of theoretical, methodological, and moral and political elements involved in the generational divide shows that more was at stake than accounts in which theory alone is stressed suggest. It is also argued that in other respects less was at stake: drawing a sharp dividing line between pre- and post-marginal treatments of policy issues does not do justice to underlying continuities in the empirical utilitarian tradition. The article is dedicated to the memory of R. D. C. (Bob) Black, whose work on Jevons illustrates the benefits of an intellectual historian's approach to this significant transition in economic thinking.

scholarly journals Knut Wicksell and Ludwig von Mises on Money, Interest, and Price Dynamics

2006 ◽  
Vol 28 (3) ◽  
pp. 333-357 ◽  
Author(s):  
Agnès Festré
Keyword(s):  
Nineteenth Century ◽  
Economic Analysis ◽  
Stationary State ◽  
Bank Credit ◽  
Price Dynamics ◽  
Ludwig Von Mises ◽  
Basic Framework ◽  
Starting Point ◽  
Von Mises ◽  
Marginal Revolution

In the aftermath of the so-called Marginal Revolution of the last end of the nineteenth century, economic analysis split into two branches. The first one was made up of economists who took as the methodological starting-point of their analyses the static or stationary state of a barter economy and considered that this basic framework was likely to be extended in order to account for monetary and financial considerations, as well as dynamics. However, in such a setting, the introduction of money, bank-credit, or any factor of growth did not substantially alter the features that are associated with the rudimentary economy of static real exchange.

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