Austrian Economics Re-examined

When it first appeared in 1986, O'Driscoll and Rizzo's The Economics of Time and Ignorance was a signal event: a highly original explication of the main tenets of Austrian economics by two of the "new generation" of scholars. This volume, which carries a new introduction, gathers together in one place the 1980 paper that gave birth to the book, the text from the 1996 Routledge edition, a reprinting of Rizzo's 2009 New Palgrave article on recent work in Austrian economics, and O'Driscoll's "response to critics" that was produced for session at the 2011 Southern Economic Association meetings to celebrate, in good critical style, the twenty-fifth anniversary of the publication of the original book. I can think of few better introductions to Austrian economics.

Bruce Caldwell, Duke University, USA.

Austrian Economics Re-Examined is more than a reprint of O'Driscoll and Rizzo's classic The Economics of Time & Ignorance, it is an updated and expanded edition with new material that both contextualizes the research program of time & ignorance in the contemporary philosophical, political and economic scene, and suggests how to meet the new challenges head on for a new generation of a scholars working along these lines. Once again, O'Driscoll and Rizzo present the Austrian tradition as a living body of scientific thought, and economic theory as an invitation to inquiry. The work remains fresh, exciting and surprising -- like a fine wine, O'Driscoll and Rizzo's classic work has improved over time. A great achievement.

Peter Boettke is a University Professor of Economics and Philosophy at George Mason University, USA.