History: Fiction or Science? (Chronology, No. 1)

Book Description

Recorded history is a finely-woven magic fabric of intricate lies about events predating the sixteenth century. There is not a single piece of evidence that can be reliably and independently traced back earlier than the eleventh century. This book details events that are substantiated by hard facts and logic, and validated by new astronomical research and statistical analysis of ancient sources.

Customer Reviews:

Has history been tampered with?.......2007-10-23

Watch Video Here: http://www.amazon.com/review/RAZQNMXM4M9CL Has history been tampered with? Yes, it has! Did events and eras such as the crucifixion of Jesus Christ, the Roman Empire , the Dark Ages, and the Renaissance, actually occur within a very different chronology from what we've been told? Yes, they certainly did!

The history of humankind is both drastically shorter and dramatically different than generally presumed.

Why is it so? On one hand, it was usual custom to justify the claims to title and land by age and ancestry, and on the other the court historians knew only too well how to please their masters. The so called universal classic world history is a pack of intricate lies for all events prior to the 16th century. World history as we learn it today was entirely fabricated in the 16th-18th centuries. It's likely that nobody told you before, but

there is not a single piece of firm written evidence or artefact that is reliably and independently dated prior to the 11th century.

Naturally, after what you've learned in school and university, you will not easily believe that the classical history of ancient Rome, Greece, Asia, Egypt, China, Japan, India, etc., is manifestly false.

You will point accusing finger to the pyramids in Egypt, to the Coliseum in Rome and Great Wall of China etc., and claim, aren't they really ancient, thousands of years ancient? Well, there is no valid scientific proof that they are older than 1000 years!

The oldest original written document that can be reliably dated belongs to the 11th century!

New research asserts that Homo sapiens invented writing (including hieroglyphics) only 1000 years ago. Once invented, writing skills were immediately and irreversibly put to the use of ruling powers and science.

The consensual chronology we live with was essentially crafted in the 16th century by the Jesuits.

The world history was compiled from contradictory mix of innumerable copies of ancient Latin and Greek manuscripts and other irrefutable proofs delivered by late mediaeval astronomers that were cemented by the authority of writings of the Church Fathers.

Early in life, we learn about ancient history. Children love the magical lessons of history - they are like fairy tales. Teachers recite breathtaking stories; very soon We learn by heart the names and deeds of brave warriors, wise philosophers, fabulous pharaohs, cunning high priests and greedy scribes.

We learn of gigantic pyramids and sinister castles, kings and queens, dukes and barons, powerful heroes and beautiful ladies, emaciated saints and low-life traitors.

Ancient history is based documents, manuscripts, printed books, paintings, monuments and artefacts - called primary sources.

The problem is that neither these ancient documents, nor events described therein can be irrefutably dated, moreover they contradict each other for the most part.

When a school textbook tells us that Genghis Khan in year X or Alexander in year Y, have each conquered half of the world, it means only that it is so said in some of the written sources.

There are no answers to simple questions:

When were these primary sources written?

Where and by whom were these sources found?

It is wrongly presumed that ancient and medieval chronicles, written by Genghis Khan's or Alexander the Great contemporaries and eyewitnesses, are readily available. Actually, only sources written hundreds or even thousands of years after the events are there, compiled mostly in the 16th 18th centuries, or even later.

As a rule, these sources suffered considerable multiple manipulations, falsifications and distortions by editing. At the same time,

innumerable originals of ancient documents under various pretexts were destroyed in Europe under various pretexts.

The names of persons and geographical sites often changed meaning and location during the course of the centuries.

Geographical locations became clearly defined on maps only with the advent of printing.

This made possible the circulation of identical copies of the same map for purposes of the military, navigation, education and governance tasks.

Historians from Oxford say: "hey, everybody knows that Julius Caesar lived in the first century B.C.

`Julius Caesar' statement is only a point of view as

there is simply no irrefutable documentary proof that Julius Caesar or any other great name of antiquity ever existed.

Better than that - extremely rare sources that can be reliably dated back to the 10th-14th centuries A D, do not show the polished picture of classical history.

They show a picture both contradictory and confusing.

All methods of dating of ancient sources and artefacts are erroneous:

Radio-carbon C14 method produces dating with exactitude of plus minus 1500 years, therefore it is too crude for dating of events in historical timeframe!

The Almagest tractate, which lies as corner stone contemporary chronology, compiled in the 2nd century A D by Ptolemy, the founding father of astronomy, contains astronomical data of 9th to 16th century!

The Bronze Age,that has supposedly began 5000 years ago. Bronze is made of 90% copper and 10% tin, but the technology for tin extraction dates back to 14th century A D!.

All eclipses contained in manuscripts, like Thucydides one, relating 'ancient' events have exclusively medieval dating. All horoscopes cut in stone or painted in Egyptian temples, like Dendera have exclusively early medieval dating solutions.

Not quite what you have learned in school? Open your eyes, and, you will find sufficient proof to reach step by step the inevitable conclusion that the classical chronology is false and therefore, that the history of ancient and medieval world universally accepted today, is also false. Have a fresh outlook on everything said or printed about "ancient" and "enigmatic" Roman, Greek and Egyptian, medieval as well as all other "lost and found" civilizations.

Antiquity and Dark Ages are phantoms invented in the 16th 18th and polished in 19th 20thcenturies. Human civilization is in fact barely 1000 years old!

This book will change your perception of History forever!
What if Ancient Rome, Greece and Egypt were invented during Renaissance?
What if The Old Testament was a rendition of events of the Middle Ages?
What if Jesus Christ was born in 1053 and crucified in 1086 AD?
Sounds Unbelievable?
Not after you've read "History: Fiction or Science?" by Anatoly Fomenko, the genius mathematician.
Armed with astronomy and computers Anatoly Fomenko turns History into a rocket science.

Calculations are only as good as your numbers.......2007-08-03

Yes, we can all agree that mainstream history is nearly 100% BS due to politics, economics, ego, problems with dating techniques, and various conspiracies. Agreed. But, I've been researching the distinct possibility that human history (in terms of civilizations) are much more ancient than we've been told, so coming across this book was very interesting to me. I wondered how Fomenko could be wrong (if at all) because he is very persuasive in his presentations. Then it dawned on me. If at previous times in prehistory, due to the various catastrophies that are well documented (comets, asteroids, planetary disruptions, plasma discharge, pole reversals, etc) the Earth was in a different position in relation to the sun, different tilt on its axis, different orbit, different rotation (in terms of velocity and DIRECTION), and the continents were in different positions, then would this not cause the ancients to see the sky (constellations) differently? In other words, is Fomenko making erronious assumptions about the physics of the Earth in pre-history, which then corrupt his data with regards to dating the relevant astrology? The last event to seriously disrupt our planet occured roughly 3500 years ago, according to other good researchers, so is it possible Fomenko has been confused by this? The vastly different physics of our planet in the not so distant past may explain this confusion, which is not to say the "mainstream" version of history is correct; on the contrary. I am not an expert in these fields, but wanted to see if this idea could spark discussion.

Pants on fire?.......2007-07-19

Will people ever read before spamming? Yes, Jesuits could not rewrite world history alone, they had help. Anyway, Dr Prof Acad A.Fomenko does not point to jesuits as the driving force of world wide history manipulation in published volumes 1,2,3;, actually he barely mentions the poor devils. Check it with 'Search inside' feature, please. China is rarely mentioned either, in fact, Dr Fomenko is completely eurocentric. Right, his theory contradicts all mainstream schools of history, because in their actual state they are all built on blatantly erroneus chronology. You don't need a mysterious cabal (conspiracy) to falsify history, the falsification is its modus operandi. It is inherent to history(ians) to falsify (distort) events, as it is inherent to humans to boast as it is inherent to power (authority) to legimize itself by referrring to glorious past made to its own order. Dr Prof Fomenko and team have identified scores of instances of such manipulation in Russian, European, etc.. history, and delivered valid statistical proof thereof. His own 'reconstruction' is completely another story. Forget c14 as a valid method of dating. W.Libby has initially discovered a brilliant method of INDEPENDENT dating. Too bad, c14 method has become a joke after a forced marrige with dendrochronology with consensual chronological scale inbuilt. Radiocarbon method can't stand blind tests, but is so very productive as a rubberstamp.

Accepted History & Chronology Must Be Changed. .......2007-04-09

There is no doubt that history as most know it is a sham, & institution's version of History both University & Church is fradulent & inaccurate. Everything was established with an agenda, The real "Dark Ages" are now when we have access to incredible amounts of information past authorities & more important 'common folk' didn't have but our institutions & educators are slow to evolve because of what has ignorantly & arrogantly been taught for too long. This is on many subjects not just Chronology.

For anyone to question "Why would a Mathematician have anything credible to say of History?" The answer is from Dr. Fomenko's preface in the book: "It would be worthwhile to remind the reader that in the XVI-XVII century Chronology was considered to be a subdivision of Mathematics." These volumes could possibly be some of the most important works to date & should be read by everyone with an interest in History, especially professors & educators who have a duty to the public. I have read both books & must say that 'Chronology 1' has some very eye opening & revolutionary information. Even if these volumes are part true the implications are profound & opens the doors to further investigations & questions which must be done. I speak several different lanquages & must say the logic Dr. Fomenko uses with "inflection" of words & words being read from left to right in one region & right to left in another then written backwards, the removal of vowels & get down to basics of words, or different cities & locations having the same name etc. is correct. Vowel usage has always been optional & varied, actually complicating linquistics & study. The first thing one has to understand is that words never had a fixed spelling in history like we do now, the spelling of words was mutable & regional, as well as names & titles of people were vast, varied & changed, NOTHING WAS FIXED or understood linear. Matters of Life & Death as well as financial profiteering yesterday & today were & are made with ignorant, illogical & conspiratorial views of history & reality, it's time people get closer to the Truth & society collectively grow up.

Very Interesting.......2007-03-07

It is a good proposal and I believe it will mature into something even better in the future. I think it deserves to be read.

An Austrian Perspective on the History of Economic Thought (2 Vol. Set)

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Pre-Austrian Economic History from an Austrian Perspective
Brilliant work

An Austrian Perspective on the History of Economic Thought (2 Vol. Set)
Murray Rothbard
Manufacturer: Ludwig von Mises Institute
ProductGroup: Book
Binding: Hardcover
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ASIN: 094546648X

Product Description

The appearance of the famous (and massive) volumes of Rothbard's History of Economic Thought in a new edition is cause for great celebration. They have been out of print for many years, and were previously only available at a price exceeding $200 for the set. They are at last accessible again, in beautiful hardcover, and at an affordable price.

In Economic Thought Before Adam Smith, Murray Rothbard traces economic ideas from ancient sources to show that laissez-faire liberalism and economic thought itself began with the scholastics and early Roman, Greek, and canon law. He celebrates Aristotle and Democritus, for example, but loathes Plato and Diogenes. He is kind toward Taoism and Stoicism. He is no fan of Tertullian but very much likes St. Jerome, who defended the merchant class. Now, that takes us only to page 33, just the beginning of a wild ride through the middle ages and renaissance and modern times through 1870.

Rothbard read deeply in thinkers dating back hundreds and thousands of years, and spotted every promising line of thought and every unfortunate one. He knew when an idea would lead to prosperity, and when it would lead to calamity. He could spot a proto-Keynesian or proto-Marxist idea in the middle ages, just as he could find free-market lines of thought in ancient manuscripts.

Many scholars believe this was his most important work. The irony is that it is not the work it was supposed to be, and thank goodness. He was asked to do a short overview of the modern era. He ended up writing more than 1,000 pages of original ideas that remade the whole of intellectual history up through the late 19th century.

Once Rothbard got into the project, he found that most all historians have made the same error: they have believed that the history of thought was a long history of progress. He found that sound ideas ebb and flow in history. So he set out to rescue the great ideas from the past and compare them with the bad ideas of the "new economics."

His demolition of Karl Marx is more complete and in depth than any other ever published. His reconstruction of 19th-century banking debates has provided enough new ideas for a dozen dissertations, and contemporary real-money reform. His surprising evisceration of John Stuart Mill is cause to rethink the whole history of classical liberalism.

Most famously, Rothbard demonstrated that Adam Smith's economic theories were, in many ways, a comedown from his predecessors in France and Spain. For example, Smith puzzled over the source of value and finally tagged labor as the source (a mistake Marx built on). But for centuries prior, the earliest economists knew that value came from within the human mind. It was a human estimation, not an objective construct.

Rothbard was a pioneer in incorporating the sociology of religion into the history of economic ideas. He saw that the advent of Christianity had a huge impact on the theory of the state. He observed the rise of absolutism and theory of nationalism that came with the reformation. He traced the changes in the Western view toward lending and interest payments over the course of a thousand years.

This set is a monument to Rothbard's genius, a resource that will be valuable to intellectuals for generations, and a great read too!

Customer Reviews:

Pre-Austrian Economic History from an Austrian Perspective.......2007-02-03

This work is a tour de force of economic thought, spanning a thousand pages and nearly two millennia.

The books thesis rests on Thomas Kuhn's theory of paradigm shifts of scientific intellectuals in "The Structure of Scientific Revolutions." In these two volumes, Rothbard grinds his axe against what he would refer to as the "Whig theory of history" or the idea that history of ideas is always a progression forward.

In light of this thesis, Rothbard carefully works in progression from ancient Greek thought of Plato, Aristotle, and Xenophobe to the late 19th century works of J.S. Mill, Marx, Bastiat and Pareto. What is truly amazing is amount of time in Volume I he devotes to smaller unknown scholastics (who revived much of the work of Aristotle after finding preserved by the Arabs) overlooked by works like Lionel Robbins lectures on Economic thought and much of Hayek's contributions, which were dominated by the Scottish Enlightenment. Insomuch, Rothbard credits - like Schumpeter did - many lesser individuals which prefigured Smith, like Turgot, Cantillon and the French tradition; or the School of Salamanca and the Scholastic's who debunked the idea of a just price - based in a theoretical corpus of Natural Law (like Rothbard himself).

There are some who have taken the whole book out of context by reading only his treatment of Adam Smith - mostly because this is the most controversial section. Without context, Rothbard chapter on Smith seems to be harsh for those who consider him a great defender of liberty and lassie faire. Yet, to me, he sufficiently backs his libertarian case against Smith - as those who have actually looked into the Wealth of Nations can attest (the contradiction in Book 1 and 5 is most apparent in his description of the division of labor on one hand and alienation on the other). In fact, he continues Joseph Schumpeter's famous assessment of `das AdamSmith' problem (Schumpeter argues that Smith, in the Wealth of Nations is just carrying on a physiocrat position in `Economic Doctrine and Method'); which has plagued economic thought by misplacing an emphasis on one man as the intellectual godfather while belittling outstanding prefigures like Turgot and Cantillon, the Scholastics and post-figures such as Senior, Bastiat and Say.

It is not that Rothbard means to tear Smith's whole doctrine asunder. Rothbard admits freely that Smith was important up to a point, yet was bereft in his defense of liberty. Hence Smith doesn't measure up to his `hardcore' liberal French counterparts - for instance Turgot or Say. Rothbard illustrates this in the American tradition by quoting Thomas Jefferson as having admiration and preference for De Tracy and J.S. Say instead of Adam Smith.

A mild warning - although the book is an exhilarating history of ideas, some of the finer points may be difficult or perhaps too technical for a layman. Rothbard has particular detailed points on theoretical economic issues. (Which makes me question the familiar charge about Rothbard retreating from Economics during the 1970's - as this book was written in the 1980's) He spends some space analyzing the differences in the theory of price (between Mill, Ricardo, Smith and the French School), interest and other lengthy sections (roughly 3 chapters of the second book) on monetary theory.

In light of the 20th century textbook analysis dominated by the neo-classical tradition in the micro sphere and Keynesianism in the macro sphere, Rothbard seeks to carve out and correct misunderstanding and misrepresentation of the classics and its development into the strains of these modern ideas - evaluating them by his own Austrian standard (see Rothbard's Man, Economy and State and Human Action by L. von Mises). Yet, Rothbard is not intentionally setting up historical economists as straw men, but to show that they were pioneers - some with clearer insight than others. In effect, he shows that some economics has gotten better while other have gotten worse.

Although this book is aimed at understanding economics, these two volumes also show the depth of Rothbard as an intellectual, religious and political historian as well. Again, this work ought to be disquieting to those scholars who continually discounted Rothbard. It is this painstaking argumentation which feeds directly into his thesis and makes the work sparkle; providing relevance to the questions which still persist today and will be here tomorrow.

Brilliant work.......2006-05-17

I borrowed this work from my local university library and read it through TWICE! I am now about to order this new affordable set published by the Mises Institute so that I can not only read it through again but have as a constant source of reference. A brilliant work!

Evolutionary Psychology and Economic Theory, Volume 7 (ADVANCES IN AUSTRIAN ECONOMICS)

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Evolutionary Psychology and Economic Theory, Volume 7 (ADVANCES IN AUSTRIAN ECONOMICS)

Manufacturer: JAI Press
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Binding: Hardcover

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ASIN: 076231138X

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Contributors to this volume seriously engage issues in the crossroads where biology, psychology, and economics meet. The volume makes several important contributions to the area and provides an overview of the current state of knowledge. Biologist David Sloan Wilson, psychologists Robert Kurzban and C.A. Aktipis, economists Geoffrey Hodgson, Paul Rubin and Evelyn Gick, and jurist David Friedman consider altruism, selfishness, group selection, methodological individualism, dominance hierarchies, and other issues relating evolutionary psychology to economics. Several contributors, such as Viktor Vanberg and Brian Loasby, pay special attention to the role of F. A. Hayek and other "Austrian" thinkers in shaping evolutionary approaches to economic theory. Theoretical biologist Deby Cassill relates her revolutionary theory of "skew selection" in biology to perennial issues in political economy. The volume includes a symposium on group selection and methodological individualism. In an important paper, D. G. Whitman argues that group selection and methodological individualism are "compatible and complementary." Comments from Elliot Sober & David Sloan Wilson, Richard Langlois, Todd Zywicki, and Adam Gifford offer a heterogeneous set of responses to Whitman's argument. Roger Koppl's introduction constitutes a review essay and includes an argument that "Austrian" economists have a comparative advantage in bringing the Verstehen tradition of social thought into contact with recent work in biology and evolutionary psychology.

The Austrian Theory of the Trade Cycle and Other Essays

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Austrian macro-economics without any criticisms
The Austrian School in a Nutshell
Real Economics
Useful primer on Austrian Theory

The Austrian Theory of the Trade Cycle and Other Essays
Ludwig von Mises , Murray N. Rothbard , Gottfried Haberler , and Friedrich A. Hayek
Manufacturer: Ludwig Von Mises Inst
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ASIN: 0945466218

Book Description

Booms and busts are not endemic to the free market, argues the Austrian theory of the business cycle, but come about through manipulation of money and credit by central banks. In this monograph, Austrian giants explain and defend the theory against alternatives. Includes essays by Mises, Rothbard, Haberler, and Hayek. In his later years, Professor Haberler distributed many of these monographs to friends and associates. New edition with an introduction by Roger Garrison and an index.

Customer Reviews:

Austrian macro-economics without any criticisms.......2001-10-29

A lovely succinct account from four towers in a tradition of economics that is widely represented in the financial markets. Roger Garrison - himself a leading light in modern times - leads off with a brief overview. The nice thing is that Garrison manages to get it all across without resorting to waffle - another Austrian tradition.

In fact, in my view, Garrison is the star of this review since his ability to keep it simple is a tremendous asset. Anyone familiar with the dark mutterings of academics in Austrian academic journals will know exactly what I'm talking about.

Aside from Garrison, the pieces by Rothbard and Harberler are the best since they tackle the central issue of Trade Cycle theory - that any system run by central bankers is inherently unstable since their tinkering with interest rates leads directly to the business cycle. Much better to have a competitive banking system without a central bank and a curency tied to gold. That way credit expansions will never be explosive. Of course, what they don't tell you is that their proposals are inherently deflationary and force deficit countries to do all adjustment when they experience balance of payments problems.

Rothbard's piece sets out the mechanics of the Trade Cycle especially well and everyone should be able to understand what he's getting at without too much difficulty. It's no more difficult than the average economics course on an MBA programme. That's hardly difficult, is it?

Readers wishing to understand the micro-economics of the Austrian school should also check out some of the recent publications of one Israel Kirzner.

The Austrian School in a Nutshell.......2001-09-25

At last! An anthology from one of the most important schools of libertarian economics in a portable form! This book can be easily incorporated into a course on economics or banking.
And yet, "The Austrian Theory of the Trade Cycle" is a narrowly useful tool. It's like a tire gauge, that means everything when there's a problem with the tire, but tells nothing about gas or oil levels. I see few times when the average production supervisor, Sunday-school teacher or working mom would have occasion to read it.
In the introduction, Roger Garrison spells out the differences between the Austrian School and other movements in free-market economics. The Austrian School emphasizes the role of time in decision making. To think of an example, Joe wants to buy a car now that the interest rates are low. But if the interest rates are high, he'll put his money in the bank and wait a year until he replaces the family car.
Ludwig von Mises' essay, which lends its name to the book, reveals the international character of the Austrian School. The essay was translated out of the French, points back to the British Currency School, and alludes to the contribution of Knut Wicksell from Sweden. This theory was, nevertheless, developed by Austrians, beginning with Carl Menger. References to the University of Chicago and to the Ludwig von Mises Institute in Auburn, Alabama, bring the movement to a home in America.
The key point is that a boom produced and prolonged by easy bank money with government support will sooner or later contract into a bust when the easy money turns hard. Just ask any farmer who bought machinery on credit years ago, when inflation was rampant.
Gottfried Haberler demonstrates that economics is, in fact, difficult to reduce to mathematics. He points to how money is needed at different times as a product moves out of the ground through its production phases to the end user.
In contrast, Murray Rothbard tells us with sparkling satire why we no longer have "panics" and "depressions." He also gives insight on how a change in time preference changes interest rates; interest rates fall if enough buyers become savers.
Friedrich Hayek points to an insidious effect of inflation. Not is it more fun to be a debtor on a fixed-rate loan when inflation is high, but taxable profits are much higher than the profits are worth in reality. Easy money gives rise to inflation.
Roger Garrison finally draws a couple of price/quantity graphs in his summary, savings/investment graphs to be specific. Money created by the government has the same short-term effect as a genuine increase in savings, but genuine savings are lower because savers are coolly greeted by lower interest rates for their hard-earned money. The bust after the boom is a real let-down.
With my MBA from Campbell, this material is clearer and livelier to me than it would be to the man on the street.

Real Economics.......2001-07-01

I ordered this book as a part of a course I am designing for myself on economics. It is a good introduction to the Austrian school but provides information that even those familiar with the subject will find useful. Rothbard addresses many fallacies regarding the free market and provides a clear explanation of the Austrian theory of the trade cycle and other theories, relating them to history and comparing them with classical and Keynesian theories. This is a helpful comparison, as it reveals some inherent flaws in the latter and outlines the eventual results of the acceptance of those theories. This book does not give an in-depth analysis of its subject, but provides a cohesive picture and points for further examination. It is also a helpful text for understanding capitalist theory and the history of the Austrian school.

Useful primer on Austrian Theory.......2001-05-15

With the economy on the brink of a major collapse, there would seem to be no better time than the present to become reacquainted with the Austrian theory of the trade cycle, since this theory is nearly the only one which can come close to explaining the present crisis. Whereas most academic economists, under the influence of Keynes, believe that the economy, if manipulated in the right ways by the central banking authorities, can be kept in a state of expansion indefinitely, the Austrians argued for what has been called, by one critic, the "hangover theory," according to which any attempt to artificially stimulate the economy through a policy of credit inflation and low interest rates is bound to fail in the long run, so that any attempt to prevent a recession by lowering the interest rate can only wind up making things worse. Now while the Austrian theory in all its manifold details may not provide us with an entirely adequate description of economic reality, it is difficult to argue with the premise that artificially lowering the interest rate through easy money policies must lead to serious economic dislocations down the road. The cluelessness in regard to this issue demonstrated by most academic economists and by investment analysts merely proves the inveterate irrationality of the majority of the human race and the tremendous influence of wishful thinking on those who do not have the guts to see things as they are. There is no better introduction to Austrian trade cycle theory than this modest book which includes essays by von Mises, Hayek, Halberler, and Rothbard. The theory is presented in a clear, succinct manner, so that even economic illiterates have a chance to understand it. Roger Garrison provides an excellent introduction and summary.

Although I regard the Austrian theory as the best so far promulgated, this should not be construed as a full-hearted endorsement of the theory. In many important respects, the theory is flawed. Specifically, the theory suffers from two major shortcomings: (1) it is derived entirely from rationalistic speculation based on oversimplified generalizations of economic reality; and (2) it tacitly assumes that human behavior and motivation is far more rational than the facts would suggest. Given these weaknesses, it's not surprising that only the extreme rationalists within the Austrian movement except the theory in toto, and that many who once accepted (including even Haberler, one of the contributors to this volume) later rejected it. Perhaps the main reason for this rejection is the view that what causes the recession (or depression) is misallocation of resources within the capital structure. When interest rates are artificially lowered, this leads (according to the Austrian theory) to over-investment in more durable over less durable capital industries and for temporally more remote rather than less remote stages of production. This part of the theory has not sit well even with those economists who might otherwise be sympathetic to it. This is a pity, because this portion of the theory is not even necessary for explaining the phenomenon of economic recessions. In fact, they can be explained in virtue of credit expansion alone. The key is to merely understand that credit expansion through fractional reserve banking (or the equivalent thereof) is equivalent to debt expansion, since debt is merely the obverse side of credit. But it should be obvious to those whose common sense has not been debauched by too much Keynsianism that expansion of debt through fractional reserves cannot be carried on indefinitely, since debt of this kind is tantamount to leveraged debt and becomes more and more like a ponzi scheme the longer the banking and treasury authorities allow it to go on.

Book Description

While Alan Ebenstein's biography of Friedrich Hayek was the first biography of this major twentieth-century thinker, the book itself was not an exploration of his work. Hayek's Journey is the follow-up volume that gives readers an in-depth look at the evolution of Hayek's thought, the influence of the Austrian School of Economics, and the roles of Witt-gen-stein, Freud, and others in his thinking. This is a classic of Hayek scholarship written in lucid prose and a brilliant companion piece to Ebenstein's biography.

Customer Reviews:

Not as good as I'd hoped.......2006-11-16

Having read this book without first reading Ebenstein's companion biography on Hayek, perhaps my criticism is not fully warranted, but this book seemed to fall a little short. Hayek is unarguably a fascinating thinker and my hope when picking this up was to learn how that thinking developed: how for example did he wrestle to change from his early socialist leanings when confronted with the problem of economic calculation. There is a lot of interesting factual information to be found in the book, but it is disjointed and ultimately a little frustrating to read. Perhaps Ebenstein's companion biography on Hayak's life reads a little smoother and expresses more of a compelling narrative, and this is just an unfortunate result of a failed biographical mind body split.

All this being said I still think many will still find the book worth a read. There is much to be gained in exploring Hayek - kind of like if I were to take a photograph of a supper model with a point and shoot camera, I'd end up with a picture worth viewing, but not because of my exemplary photographic skills. Eberstein doesn't take the greatest picture of Hayek but based on the merit of the subject I'd still recommend taking a look.

A valuable thematic supplement.......2004-05-18

In this readable volume, Ebenstein offers an overview of Hayek's thought organized thematically rather than chronologically. It is meant as a companion volume to Ebenstein's biography of Hayek, but I read it as a supplement to Caldwell's intellectual biography, Hayek's Challenge.

Being only modestly acquainted with 20th century history, and even less so on economic and political theories, I strongly endorse reading a historical account of Hayek prior to considering this thematic presentation. Hayek was a man of his time, passionately contending with political ideologies and economic centralization that he felt threatened individual liberties. In my view, a historical approach can more aptly express the interplay of social, cultural, and personal influences that shaped Hayek's life and thought.

Be that as it may, Ebenstein has done a fine job in this book. Each chapter is devoted to a specific idea of, or a major influence on, Hayek. Foundational ideas incorporated into Hayek's thought are discussed (Darwinianism, German historicism, Austrian school economics) as are significant works that denoted major changes in his thought. Individual chapters deal with Mises, Keynes, Friedman and Popper, and another contrasts Hayek's thought with Marx, Mill, and Freud. Hayek's major economic thought is address in chapters devoted to both his early years and his later work.

I recommend this book primarily as a ready and current reference for the ongoing debates and interpretations of Hayek. Ebenstein's Bibliographical Essay on the collected works of Hayek may be an essential source for those studying this man.

Another disppointing treatment of Hayek.......2004-01-13

I read Ebenstein's biography of Hayek with high expectations, only to find the work disjointed, inadequate, and incomplete, and I was left with the feeling that either the author did not understand Hayek, had problems expressing himself or did not do adequate research.

When this title hit the bookshops, I immediately purchased a copy thinking that this volume would make up for the inadequacies of the first. But again, I am left with the feeling that a better work on the life and writings of the great Von Hayek is still to be written!

Recommended........2003-10-14

A very good starting point for those who have heard about Hayek and his ideas, but are not ready to jump into the details of his other works. A few well known traders say that to do well in the stock market, one must have a good understanding of the thinking of the Austrian School.

This book summarizes the ideas and discusses his many books, most of which are currently in print. It is written in an easy to read style. It may help you decide which of Hayek's works to read first.

I enjoyed it.

Only goes so far in explaining the genius.......2003-10-13

Frederich Hayek was a genius who happened upon his brilliance by both nature and nurture. He lived in an era which thought it not unusual to work in both the physical and social sciences. In Hayek's case it was most important that his first love was biology since the evolutionary underpinnings of society were fundamental to his approach to the social sciences.

He is today remembered for such classics as THE FATAL CONCEIT, THE CONSTITUTION OF LIBERTY and especially THE ROAD TO SERFDOM. He excelled in many categories and it was this fusion of various fields that made his work so unique and so vital. Starting as a scientist in the tradition of Ernest Mach, he soon began studies in economics, particularly value. From semi-Socialist leanings he became convinced of the link between economic and political freedom. This was the subtext of THE ROAD TO SERFDOM.

His argument against collectivism and central-run economies are as valid today as they were in the early part of last century. Central economies fail because 1) Society has too much knowledge to be centrally commanded (2) all economic decisions become political and thus authoritarian and noncreative and (3) there is no way to set value (price) under Socialism.

THE SENSORY ORDER dealt with epistomology, then he branched out to philosophy and politics. As an example of how Socialist we have become, Hayek's views were called ""liberal" and are now called "conservative" despite the fact that they're unchanged. He wrote one piece "WHY I AM NOT A CONSERVATIVE" which is a clarion call for libertarianism and classical liberalism.

The book examines the clashes between intellectual giants - von Mises, Popper, Mach, Wittgenstein (his cousin) and others. He was a secularist, a capitalist and a political liberal in the classical sense. His work on monetary policy still affects us (adjusting interest rates to increase or decrease the money supply, "floating" currencies externally). His influence with Western politicians and intellectual leaders was and is huge. He won the Nobel Prize for Economics in appreciation for his many contributions.

Almost as an afterward Hayek issued a brilliant statement. The aim of all economists is the increase in material wealth. He wanted this accomplished through an increase in wealth (capitalism) rather than a confiscation / redistribution of wealth (socialism / central run economies). The battle between these two points of view are with us today.

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Excellent, at least where the author is writing in his domain of expertise

Excellent historical look at the two free market schools

2c from a Chicago grad

Heady history of economics

Great book

Vienna and Chicago, Friends or Foes?: A Tale of Two Schools of Free Market Economics
Mark Skousen
Manufacturer: Capital Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0895260298

Book Description

In his new book, Vienna and Chicago, Friends or Foes? economist and author Mark Skousen debates the Austrian and Chicago schools of free-market economics, two schools in constant, heated disagreement in their theories of money, business cycle, government policy, and methodology.

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Excellent, at least where the author is writing in his domain of expertise.......2007-09-14

This book is a lovely addition to the history of economic thought, and aptly describes the modern 'methodenstreit' between the Austrian and Chicagoan schools. Skousen fails only in one regard: his understanding of Misesian apriorism is horrific. Granted, Mises was not clear enough and reintroduced arcane terms into his exposition on method (i.e. rationalism vs empiricism; see on this the source 3, provided below) that have largely obfuscated his contributions, and indeed some of his writings were incorrect. However, even an undergraduate in Economics myself with a modest understanding of praxeology can see massive holes in the author's understanding. Austrians emphasize the value and necessity of theory in interpreting data which has no voice of its own. Contra Skousen, they do not disregard history or empirical evidence. That is nonsense, and his writings on Mises show an utter misunderstanding (he does not even sufficiently disentangle Mises from Ricardo and other classical economists.) It is praxeological theorems (e.g. law of demand) that are necessary to approach statistical data, and formulate complete economic theorems, and are themselves logical truths. It is a common misunderstanding that Austrians completely disregard empirical data, and I was hopeful that Skousen would not repeat it - yet he does, and more ineptly than usual even. Economists serious about understanding the Austrian School comprehend this. It was Mises' position that neither mathematics nor statistics can yield praxeological truths. This does not mean that math and statistics can't be useful in understanding particular historical episodes (in fact the author realizes this -as did Friedman,- when he makes reference of faulty studies going counter to economic wisdom, which were later corrected by theoretically informed economists.) Nor does it mean dogmatic adherence to "broken" theories, which lack explanatory power (which are a signal either of faulty deduction or induction.) Rather than relegating Mises -whose theorems largely stand correct- to the status of crank, Skousen could've put more effort into understanding Mises. He is right to laud Austrians for engaging in more empirical studies, wrong in his understanding of what the Austrian method is. Empirical studies, statistical methods and graphs are wonderful tools in relaying information and insuring that our theories possess explanatory power, all of which Austrians have put to use without compromising their stance on praxeological theorems. He also misrepresents Mises' position on free will, which at most is compatibilist (http://www.mises.org/books/ufofes/ch3~4.aspx)

For more on the matter:
[...]

Other than this and some minor errors, the book is great. The author skilfully recounts the birth of both schools, and provides a balanced assessment of their respective strengths and weaknesses, where he is equipped to do so (he is best on the business.) For a brief history of free market economics (and economics more generally), this book is excellent; for a philosophical treatise on method in Economics, it ought to be avoided. Readers will appreciate the author's exposition of certain basic concepts of economics in his work.

Excellent historical look at the two free market schools.......2007-07-07

Those interested in economic history as well those who sympathize with the Chigaco or Austrian Schools will find this to be a great read. A great explanation of what free market economics means to two different schools.

2c from a Chicago grad.......2007-06-11

As someone educated in the Chicago school (supposedly...), it is, of course, easy to identify any of the endless supply of Ivy League communists masquerading as economists. But it is perplexing to run into other free-market sympathizers only to have them disintegrate into gold standard crackpots right before one's eyes. You've probably seen them posting on message boards decrying CFR, Rockefeller . . . or supporting Ron Paul. These folks belong to the Austrian school of economics (a k a the conspiracy theory school).

Skousen's book tackles the much-needed task of clarifying the differences between the Chicago and Vienna schools. It is written for a mid-level audience and is very light reading. (Maybe too light.) On the downside, it probably raises as many questions as it answers. A couple comments:

-Skousen leans Austrian and it isn't clear how that influenced the book...for instance, I'm not sure how appropriate it is to include the early, pre-Friedman Chicago school in compaing the modern versions.
-I found the discussion of the gold standard to be inadequate in debunking that foolish idea. I couldn't tell if this was a fault of the Chicago school in not opposing it strongly enough, or the author softening the blow to the Austrian school.
-Skousen is too quick to dismiss the praxeologic view of Mises. Quantitative tools are very useful in explaining economics but they can also easily be used to deceive and obfuscate.
-"Business Cycles" are the Global Warming of economics.
-"Chicago and Supply-Side" would be a good sequel. The brief section on Supply-Side only confuses the issue to me.
-I think Skousen underestimates the damage conspiracy theorists like Rothbard have done to the credibility of the Austrian school.

Recommended, but likely to leave you just as confused.

Heady history of economics.......2007-05-29

This is a heady book - you really have to be interested in economic history and policy to dissect the finer points between the Austrian and Chicago schools of free market economics. Mark Skousen, a free market economist with strong sympathies to both camps (perhaps Austrian in the end?) writes of the history and differences between the two.

The book sides with the Chicago school on it's focus on empirical data, where the Austrians prefer theoretical and logical arguements. The Chicago school suggests business cycles are purely a function of money, while the Austrian school gets solid marks for it's explanations of the temporal (capital overinvestment over time) natures of business cycles.

The book is balanced enough that one can learn and make the most out of both schools. It's rooted in both the history of the ideas, as well as how they've fared over time. It also covers how the ideas have changed over time. (Chicago was initially anti-concentration of industry, but changed over time, as the data suggested industry concentration rarely created true pricing power.) Take the book with a warning though - it's not an introductory textbook, and not aimed at the uninitiated. But for those interested in various approaches to free market economics (it's not a monolith) it's an outstanding resource.

Great book.......2006-03-22

This is one of the best economics books I have read. It provides a good overview of the ongoing debate on some of the most relevant and still unresolved issues confronting economists today. But, unlike many economists, Skousen avoids verbosity and jargon; he presents quite complex issues simply and clearly. I also greatly enjoyed one of his other books, 'The making of modern economics'. Together, these books have challenged my views on many issues, including the causes of the great depression, the role of government in the economy, and the merits of a gold standard. The contribution of the Chicago and Austrian schools was badly neglected by my university lecturers, and I found 'Vienna & Chicago' a thoroughly fascinating read.

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What Has the Government Done?
No dumba$$
This book is a MUST READ
Makes the Case for Getting the FedGov Out of the Minting Biz
A concise wake-up call for fiscal responsibility

What Has Government Done to Our Money?
Murray N. Rothbard
Manufacturer: Ludwig Von Mises Institute
ProductGroup: Book
Binding: Paperback

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ASIN: 0945466102

Book Description

Rothbard's most famous monetary essay has appeared in multiple editions and influenced two generations of economists, investors, and businessmen. After presenting the basics of money and banking theory, he traces the decline of the dollar from the 18th century to the present, and provides lucid critiques of central banking, New Deal monetary policy, Nixonian fiat money, and fixed exchange rates. He also provides a blueprint for a return to a 100 percent reserve gold standard.

Customer Reviews:

What Has the Government Done?.......2006-01-29

This is a very insightful piece devoted to the study of money and how it has evolved over time within the U.S. Rothbard shows the evolution of our current money system and what the forces that brought its demise in our world today. If you consider yourself an Austrian, in economic terms, then this book will make you seriously question the Federal Reserve today. Besides in the supposedly capitalist system we have I thought supply and demand were suppose to determine everything right? Not exactly, and as Rothbard points out, the very institution which we trust our money with has absolute control over the money supply, which they can incidently cause the economy to go boom or bust. What Has Government Done to Our Money?, should be a book that any serious economics student, libertarian, or any one who hails themselves as a champion of democracy and liberty.

No dumba$$.......2006-01-07

"The `government' is out there to screw us. Forget about the fact that we elected them; forget about the fact that they are us."

No they aren't. They are individuals and so are we. They do many things that many of us might dissaprove of and not do ourselves, which they get away with only by stacking the game and making us vote for package deals where most people who elected Bush or Kerrty might not have wanted ALL of the policies of both of them. We might have elected them, but in government you don't get to vote as often as on the market and certainly not for different things, thus making 'government inmpossible to customize for different people. Plus, most of the government has closed competition anyways. We elected them to run OUR lives and they screw us over in some other way, even as they might fulfill some of the other promises to their constituents. Your collectivist stupidity shows no bounds. I didn't elect Bush or Kerry.

This book is a MUST READ.......2005-08-28

This is not only a must read, but a must share it with everyone you know. Everyone knows how corrupt the government is but this will open your eyes to read others to see how much which is more than you can imagine. America needs to wake up and smell the coffee. If you want to keep your family and finances safe, I urge you to read this and "A Case Against the Fed" and "Creature from Jekyll Island, A Second Look at the Fed". You owe it to yourself, your family and your friends.

Makes the Case for Getting the FedGov Out of the Minting Biz.......2005-06-03

This slender volume is but a mere 119 pages, yet it is one of the most important books ever written on the subject of economics, freedom, corruption, politics and greed. One might wonder how such a tiny publication could cover so many topics in such a through manner. The answer is simple: "money", as most people know the substance, truly is the root of all evil - especially when the government is allowed to get its hands in the mix.

What Has Government Done to Our Money? by Murray N. Rothbard is the book that modern governments surly don't want their citizens to have. First the reader learns exactly what money is and how it came to be in relation to the history of many. Next we explore several different types of money, their pros and cons and several systems of accounting and banking. And finally, the reader proceeds to learn about banks, how they came into existence and the needs they fill in early as well as modern economies.

But the author doesn't stop there. This well-written, extremely pointed title lays out the manner in which central banks are used by governments to control the populous and strangle the economy. Then, we explore the roles of the various players in any economy (bankers, mints, creditors, debtors, etc) and how these players leverage their positions. Finally, Rothbard provides historical examples of how governments have pulled off various swindles by manipulating the monetary supply and otherwise defrauding the public.

You didn't read this stuff in your high school economics class and you probably never will read it anywhere else. This is one of the most informative books of its size or price that I have ever read. You are definitely getting your money's worth (no pun intended) out of this one.

A concise wake-up call for fiscal responsibility.......2004-07-11

I know what you're thinking: "Wow, a book on the finer points of monetary policy and its geopolitical legacies throughout history....my eyelids are getting heavy already..." You may not, however, get to sleep too quickly afterward as a result of this book-it's too short and well-written for that. Plus, the implications of a collapse in the value of the dollar and having all of your life savings being worth a medium-sized Pepsi at Burger King is not all that comforting, either. While the furor over money and its value has died down considerably since the 1970s, Inflation, unfathomable amounts of government debt, and ever increasing amounts of spending on all fronts means that asking "where did the money go?" will not soon go out of style.
Murray Rothbard, one of the most influential economists of the late 20th century, wrote this book-essentially a glorified policy memo (read: Math-free reading)-at the end of the 1970s, when America was in the final stages of the most devastating period of inflation in its history. His book, "What Has Government Done to Our Money?", talks about what money is and can be, the ways in which currency REALLY works, why more "money" in everybody's pocket really isn't "more money", and how almost all of any government intervention into the realm of the worth of money makes things worse instead of better. And just when you wonder about how any of this applies to the real world, it charts a course from the Worldwide Gold Standard years at the end of the 19th century up through the late 1970s. He looks at how great coutries like America, Great Britain, and others almost bakrupted themselves and their citizens through ignorant and irresponsible policies regarding their respective currencies. Through it all, he makes continuous and well-thought-out arguments for a standard of exchange based on an outside measure of value-gold-and pleas for governments of all kinds to exercise financial restraint.
If you ever wondered about why prices keep going up, if you ever wondered why cars don't cost $2,000 anymore, if you asked questions like this and never thought you were getting a full answer, this is the book you need to read. You may never look at money the same way again, and you'll probably be richer for it, too.

Oil Empire: Visions of Prosperity in Austrian Galicia (Harvard Historical Studies)

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Must read for historians and activists alike

Oil Empire: Visions of Prosperity in Austrian Galicia (Harvard Historical Studies)
Alison Fleig Frank
Manufacturer: Harvard University Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0674018877

Book Description

At the beginning of the twentieth century, the Austrian Empire ranked third among the world's oil-producing states (surpassed only by the United States and Russia), and accounted for five percent of global oil production. By 1918, the Central Powers did not have enough oil to maintain a modern military. How and why did the promise of oil fail Galicia (the province producing the oil) and the Empire?

In a brilliantly conceived work, Alison Frank traces the interaction of technology, nationalist rhetoric, social tensions, provincial politics, and entrepreneurial vision in shaping the Galician oil industry. She portrays this often overlooked oil boom's transformation of the environment, and its reorientation of religious and social divisions that had defined a previously agrarian population, as surprising alliances among traditional foes sprang up among workers and entrepreneurs, at the workplace, and in the pubs and brothels of new oiltowns.

Frank sets this complex story in a context of international finance, technological exchange, and Habsburg history as a sobering counterpoint to traditional modernization narratives. As the oil ran out, the economy, the population, and the environment returned largely to their former state, reminding us that there is nothing ineluctable about the consequences of industrial development.

Customer Reviews:

Must read for historians and activists alike.......2006-09-12

This book is a rare historical work which combines readability and depth of insight. While I have read others that also achieve this mark, OIL EMPIRE is one of the few that does so and still maintains the specificity of an academic work. At times I found the author violated Orwell's dictum to use the simplest vocabulary to convey an idea, but this did not distract from the pleasure of reading this book. I tend to focus more on classical histories, and new nothing about the history of Galicia before I started, but I found the the author was able to situate her research so that this was not a problem. When I finished the book I was reminded of the old saying that to understand a large problem we must first understand a small problem. After the events of 9/11 it is no longer just the leftists who assert that control of the oil economy is at the heart of our foreign policy. This book provides a case study of how the same ambitions that we have today were played out on a smaller scale at the turn of the last century. I look forward to seeing what the author has in store for her next work.

Economic Science and the Austrian Method

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Austrian Methodology Defended

Economic Science and the Austrian Method
Hans-Hermann Hoppe
Manufacturer: Ludwig Von Mises Institute
ProductGroup: Book
Binding: Paperback

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ASIN: 094546620X
Release Date: 2007-02-26

Book Description

A definitive defense of the praxeological view: economics as a purely deductive science. Hoppe rests his argument on the Kantian idea of the "synthetic apriori" proposition, thereby expanding an aim of Mises's in the methodology section of Human Action. Hoppe is the Austrian School's most prominent methodologist, and here he is in top form.

Customer Reviews:

Austrian Methodology Defended.......2003-01-25

Hans-Hermann Hoppe (1949- ) is a philosopher and economist writing in the "classical" Austrian tradition, which is to say in the tradition of Mises and Rothbard. He is also one of the most creative thinkers in that tradition. (His work, Democracy: The God that Failed, is a brilliant extension of Austrian thought into the realm of politics.)

This little work (which is a collection of some stuff previously printed) provides a good introduction to and defense of Austrian methodology. The question is this: what is the status of the laws and principles of economics? Are principles such as "the law of marginal utility" everywhere and on all occasions true, or are they empirical generalizations subject to falsification? Mises - writing in the tradition of Kant and Leibniz - argued that the principles of economics are a priori. Misesian methodology therefore falls within the Kantian and rationalist tradition. (Hoppe rejects the interpretation of Kant given by Rand as "arrogant ignorance.) Economics, according to Mises, is closer to disciplines such as logic and mathematics than it is to the natural sciences. In his defense of the Austrian method, Prof. Hoppe provides brief but useful critiques of empiricism, historicism, and relativism.

Book Description

This book examines the development of the ideas of the new Austrian school from its beginnings in Vienna in the 1870s to the present. It focuses primarily on showing how the coherent theme that emerges from the thought of Carl Menger, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann, Israel Kirzner and a variety of new younger Austrians is an examination of the implications of time and ignorance (or processes and knowledge) for economic theory.

Customer Reviews:

Helping to Better Understand the World as We Know It.......2004-08-08

My introduction to the Austrian School of Economics came with a chance encounter of a publication from the Institute of Economic Affairs of London. This one monograph helped me to discover more of their particular publications and other similar books and pamphlets at the Laissez Faire Bookshop where one could often overhear at the very least some strenuous debates about economics and politics etc. My real academic introduction came with a paper by Peter Wynarczyck presented at a Newcastle upon Tyne Polytechnic Conference which drew together some of the historic strands of the school and some of the controversial ideas which it had generated.

I came back to Karen Vaughn's book while preparing another review for Amazon although in a slightly different field and, from the point of view of an educated layman, I have to say that I find this particular volume to be an excellent and succint piece of work but which perhaps at the time of writing requires a new edition.

I do not claim to be au fait with all of the various controversies within the Austrian School but I understand that there are some dogmatic fissures between certain groups some of whom claim that there's alone is the one true faith and who resist criticism especially from outside the academic arena.

My purpose in this brief review is to highlight what I believe is to be one of the best introductions to this particular field that I have read which is generally accessible to anyone with a reasonable grasp of economic and political ideas and who is at least a little sceptical of the current state of neoclassical economic theory. For readers who would like to sample the Austrian tradition without delving into a book of this size I would heartily recommend Stephen Littlechild's 'Fallacy of the Mixed Economy' even though it too is showing it's age.

Austrian Economics in America is a story of a set of ideas who's time has come. The pretentions of economics as science are seen every day while the failures are glossed over. I hasten to add that I am not engaged in a sweeping generalisation against all economics. I certainly believe that it has some usefulness but it appears to me that other than providing a means by which we may view the world there are some serious shortcomings to it's applicability.

Vaughn shows how a different perspective, originating with Carl Menger, can illuminate some of the shortcomings of the science of economics and offer a different and more richer view, but which too has it's attendant problems and issues. She sets out carefully and with the appropriate level of detail, the development of those ideas over a 120 year period and their gradual acceptance, albeit in a limited number of academic centres, in America primarily but increasingly across a post Communist world. She traces out the essential differences between some of the rival camps within the school and suggests links between them and even offers some suggestions to move forward. One of the things that I really like about this book is the openess with which she draws comparisons with other areas in economics which are looking into similar areas of study although from different perspectives and political or ideological viewpoints. In the onclusion particularly she quietly suggests that the implications for future developments in the Austrian tradition may be a lot more radical than the protaganists in the tradition expect.

Reading the book is a pleasant enough task because of the author's prose style but reader's beware of the radical notions which are introduced. As an historical document and summary it really has much to commend it. As a statement of somewhat revolutionary ideas it is a great introduction to some of the mostsignificant academic thinkers of our time who are held in great esteem. My only, very minor reservation is that the contributions of some other pioneers in this field are not included such as the sterling work of Arthur Seldon at the Institute of Economic Affairs in London and for the Atlas Foundation in brining these ideas to a wider and younger audience across the world, but that is a minor quibble.

It certainly works for me at least in helping the reader taker a broader look at economics and motivate one to delve deeper into the treasures of the Austrian tradition. I would urge anyone working for an undergraduate or graduate degree in Economics to broaden their horizons with theis very clear and succinct book.

Past Events, Current Trends.......2000-09-08

The author of this book does an excellent job of explaining the development of Austrian economics in the US. Vaughn illustrates the importance of the Calculation and Capital debates, both in the development of the Austrian paradigm and in the decline of its reputation during the 1930's. Her views on Mises, Kirzner and Rothbard are bound to cause controversy, but she develops her critiques carefully. Vaughn explains Hayek's contributions clearly, and demonstrates the importance of his work on psychology and social theory to the Austrian paradigm. Vaughn also brings her readers up to date by discussing many of the most recent developments in Austrian economics. However, the most important contribution of this book is in her discussions of lesser-known Austrians. Vaughn gives Weiser the credit that he deserves for developing the concept of opportunity cost and for raising the issue of calculation under socialism. Vaughn also explores the ideas of one of the least understood and most mysterious figures in Austrian economics- Ludwig Lachmann. Vaughn's arguments against equilibrium theorizing and for process orientated paradigms are unlikely to bring about an immediate revolution in economic science, but her case is compelling.

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