The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics.The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.

1. IntroductionPeter Boettke and Christopher CoyneMETHODOLOGY2. Austrian Methodology: A Review & SynthesisAdam MartinMICROECONOMICS3. The Knowledge ProblemLynne Kiesling4. Market Theory and the Price SystemFrederic Sautet5. Austrians Versus Market SocialistsJes?s Huerta de Soto6. Spontaneous OrderDaniel D'AmicoMACROECONOMICS AND MONETARY ECONOMICS7. The Capital Using EconomyPeter Lewin and Howard Baetjer8. Capital-Based Macroeconomics: Austrians, Keynes, and KeynesiansJohn P. Cochran9. Austrian Business Cycle Theory: A Modern AppraisalAndrew Young10. Free BankingKevin DowdINSTITUTIONS AND ORGANIZATIONS11. Social Economy as an Extension of the Austrian Research ProgramEmily Chamlee-Wright and Virgil Storr12. Organizations and MarketsNicolai J. Foss, Peter G. Klein, and Stefan Linder13. The Evolution of Property Rights SystemsBruce Benson14. On the Origins of Stock MarketsEdward StringhamPUBLIC POLICY AND INTERVENTIONISM15. The Rule of ExpertsRoger Koppl16. The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral EconomicsMario Rizzo17. Dynamics of InterventionismSanford IkedaPOLITICAL ECONOMY18. Ordoliberalism and the Austrian SchoolStefan Kolev19. The Tax State as Source of Perpetual CrisisRichard Wagner20. Constitutional Political Economy and Austrian EconomicsMark Pennington21. Public Choice and Austrian EconomicsRandall Holcombe22. The Market Process Theory Perspective of Capitalism: Normative Facets and ImplicationsPaul Dragos AligicaAUSTRIAN CONNECTIONS AND EXTENSIONS23. On the Economy Wide Implications of Kirznerian AlertnessMaria Minnitti24. Contemporary Austrian Economics and the New Economic SociologyRyan Langrill and Virgil Storr25. The Austrian Theory of Finance: Is It a Unique Contribution to the Field?Gregory Dempster26. Austrian Economics and the Evolutionary ParadigmUlrich Witt and Naomi Beck27. Complexity and Austrian EconomicsJ. Barkley Rosser28. The Sensory Order, Neuroeconomics and Austrian EconomicsBill Butos and Thomas McQuadeDEVELOPMENT, TRANSITION, AND SOCIAL CHANGE29. What Have we Learned from the Collapse of Communism?Peter Boettke and Olga Nicoara30. The Political Economy of Foreign InterventionThomas K. Duncan and Christopher Coyne31. From Subsistence to Advanced Material Production: Austrian Development EconomicsG.P. Manish and Benjamin Powell32. On Your Mark, Get Set, Develop! Leadership and Economic DevelopmentScott A. Beaulier and Daniel J. SmithAPPLICATIONS: THE 2007 FINANCIAL CRISIS33. The Financial Crisis in the United StatesSteven Horwitz34. The Financial Crisis in the UK: Uncertainty, Calculation and ErrorAnthony J. Evans