Some specific Austrian insights on markets and the "new economy"

In section 1 of this contribution, we will recall the usual arguments which are put forward to analyze the New Economy (NE) as the empirical realization of the Competitive Economic Equilibrium (CEE) model. After having stressed the limits of these arguments, we will try to show that some Austrian concepts and developments better fit to explain the economic impact of Information Technologies on present markets. This purpose is characterized in section 2 of this contribution. Finally, in section 3, we will refer to some concrete examples taken from the reality of electronic markets, in order to emphasize how these concepts and developments allow a better understanding of the working of markets in the NE, even if they exhibit some limitation.Austrian legacy, subjectivism, New Economy, economic analysis

Macroeconomic analysis and individual economic rationality: some lessons from Wicksell to Schumpeter and von Mises

The purpose of this contribution is to investigate the problem of the room attributed to individual economic rationality by circulation approaches. Our investigation will not privilege however the modern contributions of this approach but will instead utilize the works of some economists of the past, namely, Knut Wicksell, Josef Schumpeter and Ludwig von Mises. Our first section will recall how the modern ‘circulation approach' considers the problem of the compatibility between economic individual rationality and macroeconomic analysis and how this problem emerged in Wicksell's original theory of a pure credit economy. Section 2 will focus on the transition from Schumpeter's circular flow to economic development and show how it is directly related to the problem of economic rationality. Section 3 will show that Mises' conception of economic progress emphasizes the importance of consumers and producers' individual behaviours. In the last section, we will finally draw some conclusions from our previous investigation of Wicksell, Schumpeter and Mises' works and confront them to the developments of the modern circulation approach.Individual economic rationality ; macroeconomic analysis ; knowledge ; beliefs

Knowledge and beliefs in economics: the case of the Austrian tradition

The contribution focuses on the problem of the influence of individual knowledge and beliefs on the working of economic activity, within the Austrian tradition of economic thought. More specifically, the contributions of von Mises, Hayek and Schumpeter are investigated. These contributions show a large variety of answers concerning the relation between individual and social beliefs. This variety is not exhaustive but it substantially contributes to a better understanding of contemporary theoretical debates.Individual/social beliefs, shared Knowledge, subjectivism, social rules

Market or Markets?

The purpose of this contribution is related to our own view of the Austrian market approach. We first point out how Menger, Wieser, Hayek (to a more limited extent) and Lachmann successively made various analytical achievements which contributed to the emergence of an Austrian view of markets as institutions. We then characterize the original features of this notion and show why and how it allows a better understanding of the specificities of empirical markets and their dynamics.markets, coordination, creation and evolution

Introduction

This book surveys how economists engage with knowledge and beliefs in various fields of economic analysis, such as general equilibrium theory, decision theory, game theory, experimental economics, evolutionary theory of the firm, financial markets and the history of economic thought.The contributors to this book also suggest the need for a more integrated perspective on the meaning, as well as the role, of knowledge and beliefs in economics in the future. Possible lines of future research such as the extension of the concept of rationality in economics or the focus on cognitive processes in economic action are discussed.A platform for future research and investigation into the role of knowledge and beliefs in economics, this book will be of great appeal to advanced scholars interested in cross-fertilization between different fields of the social sciences and also post-graduate students interested in the lines of research suggested in the book.Knowledge ; beliefs ; economic analysis

Note sur les apports de Sismondi à la théorie classique

The topic of the paper is to estimate the importance of the contribution of Sismondi's economic analysis to the classical economic theory. To do this, the theoretical framework and the main concepts of the latter approach are first described. Three main themes allow us to distinguish the classical theory between the other ones: its conception of time and economic evolution, its apprehension of the different categories of economic agents and its analysis of wealth and prices. The paper deals with each theme and analyses its contents and place in Sismondi's work. The study of the relation between time and economie evolution allows the introduction of uncertainty in the perfect foresight classical scheme. As far as the notion of economic agent is concerned, Sismondi specified the classical conception of social classes in capitalism. Finally, in his treatment of wealth and prices, Sismondi emphasizes the importance of market forces and gluts. The conclusions of the paper are the following: Sismondi's approach and classical analysis cannot be interpreted as inconsistent; moreover, Sismondi can be considered both as Ricardo's successor and as Keynes' predecessor

Une synthèse entre post-keynésiens et néo-ricardiens est-elle encore possible?

La synthèse post-classique entre les versions « constituées » des analyses néo-ricardiennes et post-keynésiennes apparaît peu probable, car toutes deux offrent une flexibilité insuffisante à la réalisation d’une telle synthèse. Par contre les versions « dissidentes » de ces analyses comportent de nombreuses analogies et complémentarités, notamment une dynamique récursive, des prix déterminés par le principe de la demande effective, c’est-à-dire par l’offre, et des règles macroéconomiques systémiques qui s’imposent aux agents.The post-classical synthesis between the "constituted" versions of the neo-Ricardian and post-Keynesian theories appears next to impossible, since both constituted theories offer too little flexibility to allow for such a synthesis. On the other hand the "dissenting" versions of these theories offer several similarities and complementarities, in particular a recursive dynamics, prices which are determined according to the principle of effective demand, that is by the supply side, and systemic macroeconomic rules which impose themselves to agents

Une synthèse entre post-keynésiens et néo-ricardiens est-elle encore possible?

The post-classical synthesis between the "constituted" versions of the neo-Ricardian and post-Keynesian theories appears next to impossible, since both constituted theories offer too little flexibility to allow for such a synthesis. On the other hand the "dissenting" versions of these theories offer several similarities and complementarities, in particular a recursive dynamics, prices which are determined according to the principle of effective demand, that is by the supply side, and systemic macroeconomic rules which impose themselves to agents. La synthèse post-classique entre les versions « constituées » des analyses néo-ricardiennes et post-keynésiennes apparaît peu probable, car toutes deux offrent une flexibilité insuffisante à la réalisation d’une telle synthèse. Par contre les versions « dissidentes » de ces analyses comportent de nombreuses analogies et complémentarités, notamment une dynamique récursive, des prix déterminés par le principe de la demande effective, c’est-à-dire par l’offre, et des règles macroéconomiques systémiques qui s’imposent aux agents.