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The Ludwig von Mises Institute

Advancing Austrian Economics, Liberty, and Peace

Advancing the scholarship of liberty in the tradition of the Austrian School

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Review of Austrian Economics

The Review of Austrian Economics, the predecessor to the Quarterly Journal of Austrian Economics, was founded and edited by Murray N. Rothbard and functioned as the premier Austrian School scholarly journal between 1987 and 1997. After 1995, it was edited by Walter Block, Hans-Hermann Hoppe, and Joseph T. Salerno.

Published first by Lexington Books and later by Kluwer Academic Publishers, the journal played a central role in attracting a new generation of economists to the theoretical foundations established in the work of Carl Menger and Ludwig von Mises. It is now permanently archived on this site.

Global Table of Contents

Volume 1

Introductory Editorial
Murray N. Rothbard and Walter Block

Editorial: The Inflationary Chaos Ahead
Henry Hazlitt

ARTICLES
Why Subjectivism?
Leland Yeager

Wages, Prices, and Unemployment: Von Mises and the Progressives
Lowell Gallaway and Richard K. Vedder

A Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money
Richard H. Timberlake, Jr.

Breaking Out of the Walrasian Box: The Cases of Schumpeter and Hansen
Murray N. Rothbard

Two Forgotten Articles by Ludwig von Mises on the Rationality of Socialist Economic Calculation
William Keizer

Rent Seeking: Some Conceptual Problems and Implications
E.C. Pasour, Jr.

Some Austrian Perspectives on Keynesian Fiscal Policy and the Recovery in the Thirties
Gene Smiley

GNP, PPR, and the Standard of Living
Robert Batemarco

REVIEW ESSAYS
The Economics of Time and Ignorance: A Review
Charles W. Baird

Method versus Methodology: A Note on The Ultimate Resource
M.W. Sinnett

REVIEWS
The Evolution of Cooperation
Roger Arnold

Competition versus Monopoly: Combines Policy in Perspective
Roger Arnold

A Response to the Framework Document for Amending the Combines Investigation Act
Roger Arnold

Writing History: Essay on Epistemology
Edward H. Kaplan

The Unseen Dimensions of Wealth: Towards a Generalized Economic Theory
Edward H. Kaplan


VOLUME 2

ARTICLES

The Economic Calculation Debate: Lessons for Austrians
Israel M. Kirzner

Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics
G.A. Selgin

Competition and Political Entrepreneurship: Austrian Insights into Public-Choice Theory
Thomas J. DiLorenzo

Why the Austrians Are Wrong About Depressions
Gordon Tullock

"Social Utility" and Government Transfers of Wealth: An Austrian Perspective
David Osterfeld

Austrian Methodology: The Preferred Tax Type
Jeffrey Herbener

The Neglect of the French Liberal School in Anglo-American Economics: A
Critique of Received Explanations

Joseph T. Salerno

The Austrian Economists and the Late Hapsburg Viennese Milieu
Arthur M. Diamond, Jr.

NOTES AND REPLIES
Hayek's "The Trend of Economic Thinking"
Bruce J. Caldwell

Timberlake on the Austrian Theory of Money: A Comment
Murray N. Rothbard

Reply to Comment by Murray N. Rothbard
Richard H. Timberlake, Jr.

On Yeager's "Why Subjectivism?"
Walter Block

Reply to Comment by Walter Block
Leland B. Yeager

Saving the Depression: A New Look at World War II
Mark Skousen

BOOK REVIEWS
The Myth of Free Banking in Scotland
Murray N. Rothbard

White's Free-Banking Thesis: A Case of Mistaken Identity
Larry J. Sechrest

A Critique of What Do Unions Do?
Morgan Reynolds

The Crash and Its Aftermath: A Review Article
Clifford F. Thies

Berger on Capitalism
David Gordon


VOLUME 3

IN MEMORY

A Tribute to W.H. Hutt
Morgan O. Reynolds

ARTICLES
The Austrian Theory of the Business Cycle in the Light of Modern Macroeconomics
Roger W. Garrison

A Subjectivist Perspective on the Economics of Crime
Samuel Cameron

The Hermeneutical Invasion of Philosophy and Economics
Murray N. Rothbard

Antitrust Reform: Predatory Practices and the Competitive Process
Dominick T. Armentano

Why the U.S. Economy Is Not Depression-Proof
Mark Skousen

The Efficient-Markets Hypothesis and Entrepreneurship
E.C. Pasour, Jr.

Trade Unions: The Private Use of Coercive Power
W.H. Hutt

NOTES AND REPLIES
Mises on the Evenly Rotating Economy
J. Patrick Gunning

Subjective Cost Revisited
William Barnett II

Reply to Comment by William Barnett II
Leland B. Yeager

Comment on Tullock's "Why Austrians Are Wrong About Depressions"
Joseph T. Salerno

Reply to Comment by Joseph T. Salerno
Gordon Tullock

Comment on Professor Timberlake's Squared Rule for the Equilibrium Value for the Marginal Utility of Money
William Barnett II

Marginal Utility Equilibrium between Money and Goods: A Reply to Professor Barnett's Criticism
Richard H. Timberlake, Jr.

Professor Caldwell on Ludwig von Mises' Methodology
J. Patrick Gunning

BOOK REVIEW ESSAYS
In Defense of Extreme Rationalism: Thoughts on Donald McCloskey's The Rhetoric of Economics
Hans-Hermann Hoppe

A Look at Subjectivism, Intelligibility, and Economic Understanding: Essays in Honor of Ludwig M. Lachmann on his Eightieth Birthday
Walter Block

BOOK REVIEWS
You'll Find It in The New Palgrave
Mark Skousen

The Origins of Language: A Review
David Gordon

The Politics of Hunger: A Review
Ralph Raico


VOLUME 4

ARTICLES

Eugen Richter and Late German Manchester Liberalism: A Reevaluation
Ralph Raico

Ludwig von Mises as Social Rationalist
Joseph T. Salerno

Banking, Nation States and International Politics: A Sociological Reconstruction of the Present Economic Order
Hans-Hermann Hoppe

National Goods versus Public Goods: Defense, Disarmament, and Free Riders
Jeffrey Rogers Hummel

Karl Marx: Communist as Religious Eschatologist
Murray N. Rothbard

The Subjectivist Roots of James Buchanan's Economics
Thomas J. DiLorenzo

NOTES AND COMMENTS
The DMVP-MVP Controversy: A Note
Walter Block

Misconceptions about Austrian Business Cycle Theory: A Comment
James Clark and James Keeler

BOOK REVIEWS
Gary B. Madison. Understanding: A Phenomenological-Pragmatic Analysis
Reviewed by David Gordon

Thomas Sowell. A Conflict of Visions
Reviewed by David Gordon

David Conway. A Farewell to Marx
Reviewed by David Gordon

Richard L. Lucier. The International Political Economy of Coffee
Reviewed by E.C. Pasour, Jr.

Walter Block and Llewellyn H. Rockwell, Jr., eds. Man, Economy, and Liberty
Reviewed by Hans-Hermann Hoppe


VOLUME 5.1

ARTICLES

Eighteen Problematic Propositions in the Analysis of the Growth of Government
Robert Higgs

An Evolutionary Contractarian View of Primitive Law: The Institutions and Incentives Arising Under Customary Indian Law
Bruce L. Benson

Austrian Capital and Interest theory: Wieser's Contribution and the Menger Tradition
A.M. Endres

New Classical and Old Austrian Economics: Equilibrium Business Cycle Theory in Perspective
Roger W. Garrison

REVIEW ESSAY
Marxism, Capitalism, and Mercantilism A Review of Traders Versus the State, by Garcia Clark
David Osterfeld
BOOK REVIEWS
Israel M. Kirzner. Discovery, Capitalism, and Distributive Justice
Reviewed by David Gordon

Philip Mirowski. More Heat Than Light: Economics as Social Physics, Physics as Nature's Economics
Reviewed by David Gordon

Robert Formaini. The Myth of Scientific Public Policy
Reviewed by David Gordon

Morris Silver. Fountains of Economic Justice
Reviewed by David Gordon


VOLUME 5.2

ARTICLES

The Great Depression of 1946
Richard K. Vedder and Lowell Gallaway

Ludwig von Mises and the Austrian School of Economics
Jeffrey M. Herbener

The End of Socialism and the Calculation Debate Revisited
Murray N. Rothbard

De-Socialization in a United Germany
Hans-Hermann Hoppe

NOTES AND REPLIES
The Preferred Tax Type: Comment on Herbener
Alexander Tabarrok

Comment on Preferred Tax Type: Reply to Tabarrok
Jeffrey M. Herbener

BOOK REVIEWS
Bettina Bien Greaves, ed., Ludwig von Mises, Economic Freedom and Interventionism: An Anthology of Articles and Essays
Reviewed by Roger W. Garrison

Donald N. McCloskey. If You're So Smart: The Narrative of Economic Expertise
Reviewed by David Gordon

Jonathan Wolff. Robert Nozick: Property, Justice, and the Minimal State
Reviewed by David Gordon


VOLUME 6.1

ARTICLES

The Development Of Keynes's Economics: From Marshall to Millennialism
Joseph T. Salerno

How and How Not To Desocialize
Murray N. Rothbard

The Role of Entrepreneurship in Desocialization
Jeffrey M. Herbener

REVIEW ESSAY
Aurophobia: or, Free Banking on What Standard? A Review of Gold, Greenbacks, and the Constitution, by Richard H. Timberlake
Murray N. Rothbard
BOOK REVIEWS
Bruce L. Benson. The Enterprise of Law
Reviewed by David Gordon

Paul Edward Gottfried. Carl Schmitt: Politics and Theory
Reviewed by David Gordon

Donald R. Hoke. Ingenious Yankees: The Rise of the American System of Manufactures in the Private Sector
Reviewed by Murray N. Rothbard

David Schmidtz. The Limits of Government
Reviewed by David Gordon


VOLUME 6.2

ARTICLES

Ludwig von Mises on Principle
Larry J. Eshelman

The Impetus for Recognizing Private Property and Adopting Ethical Behavior in a Market Economy: Natural Law, Government Law, or Evolving Self-Interest
Bruce L. Benson

The Protectionist Roots of Antitrust
Donald J. Boudreaux and Thomas J. DiLorenzo

REVIEW ESSAYS
Toward a Deconstruction of Utility and Welfare Economics
David Gordon

Mises and Hayek Dehomogenized
Joseph T. Salerno

BOOK REVIEWS
Tibor Machan. Capitalism and Individualism
Reviewed by David Gordon

Henry B. Veatch. Swimming Against the Tide in Contemporary Philosophy
Reviewed by David Gordon


VOLUME 7.1

ARTICLES

Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics
Paul A. Cantor

The Theory of the Firm: The Austrians as Precursors and Critics of Contemporary Theory
Nicolai Juul Foss

F.A. Hayek on Government and Social Evolution: A Critique
Hans-Hermann Hoppe

The Philosophical Contributions of Ludwig von Mises
David Gordon

The Contributions of W.H. Hutt
John B. Egger

NOTE
A Note on Jean-Baptiste Say and Carl Menger Regarding Value
Kenneth K. Sanders
BOOK REVIEW
Mark A. Kleiman. Against Excess: Drug Policy for Results
Reviewed by Mark Thornton


VOLUME 7.2

ARTICLES

Banning a Risky Product Cannot Improve Any Consumer's Welfare (Properly Understood), with Applications to FDA Testing Requirements
Robert Higgs

Slavery, Profitability, and the Market Process
Mark Thornton

How is Fiat Money Possible?-or, The Devolution of Money and Credit
Hans-Hermann Hoppe

The Consumption Tax: A Critique
Murray N. Rothbard

NOTES AND REPLIES
Mises and Hayek on Calculation and Knowledge
Leland B. Yeager

Reply to Leland B. Yeager
Joseph T. Salerno

The Philosophy of Austrian Economics
Barry Smith

Second Thoughts on The Philosophical Origins of Austrian Economics
David Gordon


VOLUME 8.1

ARTICLES

The Federal Reserve: Then and Now
Roger W. Garrison

Sticky Wages, Efficiency Wages, and Market Process
Don Bellante

Total Repeal of Antitrust Legislation: A Critique of Bork, Brozen, and Posner
Walter Block

Ludwig von Mises's Monetary Theory in Light of Modern Monetary Thought
Joseph T. Salerno

Justice and Redistributive Taxation: James Buchanan versus Ludwig von Mises
David Gordon


VOLUME 8.2

ARTICLES

Arthur Marget in the Austrian Tradition of the Theory of Money
John B. Egger

A Critical Analysis of Central Banks and Fractional-Reserve Free Banking
Jesús Huerta de Soto

Egalitarianism and the Elites
Murray N. Rothbard

NOTES AND REPLIES
Ethics, Efficiency, Coasian Property Rights, and Psychic Income: A Reply to Harold Demsetz
Walter Block

Information and the Market Economy: A Note on a Common Marxist Fallacy
Nicolai Juul Foss

BOOK REVIEW
James M. Buchanan. Ethics and Economic Progress
Reviewed by David Gordon


VOLUME 9.1

ARTICLES

Free Banking and the Free Bankers
Jörg Guido Hülsmann

Portfolio Management of the Free Banks of Illinois: An Examination of Historical Allegations
Salim Rashid and Abdus Samad

Hayek, Business Cycles, and Fractional Reserve Banking: Continuing the De-Homogenization Process
Walter Block and Kenneth M. Garschina

The Myth of the Income Effect
Pascal Salin

Hayek: Some Missing Pieces
Anthony de Jasay

Vertical Restraints and the Retail Free Riding Problem: An Austrian Perspective
David W. Boyd

NOTES AND REPLIES
Rejoinder: Salerno on Calculation, Knowledge, and Appraisement
Leland B. Yeager

A Final Word: Calculation, Knowledge, and Appraisement
Joseph T. Salerno

Socialism: A Property or Knowledge Problem?
Hans-Hermann Hoppe

Calculation and the Question of Arithmetic
Jeffrey M. Herbener

REVIEW ESSAYS
Keynes Was a Keynesian
Roger W. Garrison

Intimidation by Rhetoric
Murray N. Rothbard

BOOK REVIEW
Murray N. Rothbard. Economic Thought Before Adam Smith (vol. I) and Classical Economics (vol. II)
Reviewed by Leland B. Yeager


VOLUME 9.2
Dedicated to the Memory of Murray N. Rothbard

ARTICLES

Economic Calculation and the Limits of Organization
Peter G. Klein

Cartels as Efficient Productive Structures
Pascal Salin

The Myth of Natural Monopoly
Thomas J. DiLorenzo

New Light on the Prehistory of the Theory of Banking and the School of Salamanca
Jesùs Huerta de Soto

In Defense of Fiduciary -- Media or, We Are Not Devo(lutionists), We Are Misesians!
George Selgin and Lawrence H. White

Central Banking, Free Banking, and Financial Crises
Roger W. Garrison

Who Owes What, and To Whom? Public Debt, Ricardian Equivalence, and Government Form
Richard E. Wagner

Reflections on the Misesian Legacy in Economics
Israel M. Kirzner


VOLUME 10.1

ARTICLES

A Theory of the Theory of Public Goods
Randall G. Holcombe

Knowledge, Judgement, and the Use of Property
Jörg Guido Hülsmann

On Certainty and Uncertainty, Or: How Rational Can Our Expectations Be?
Hans-Hermann Hoppe

The Pareto Rule and Welfare Economics
Jeffrey M. Herbener

The Recession of 1990: An Austrian Explanation
Arthur Middleton Hughes

NOTES AND REPLIES

How Different Were Röpke and Mises?
Ivan Pongracic

Calculation and Knowledge: Let's Write Finis
Leland B. Yeager

BOOK REVIEWS
Frank M. Machovec. Perfect Competition and the Transformation of Economics
Reviewed by William D. Curl

Paul Krugman. Pop Internationalism
Reviewed by David Gordon

Robert Skidelsky. The Road From Serfdom: The Economic and Political Consequences of the End of Communism
Reviewed by David Gordon


VOLUME 10.2

ARTICLES

The Option Clause in Free-Banking Theory and History: A Reappraisal
Parth Shah

In Defense of Fundamental Analysis: A Critique of the Efficient Market Hypothesis
Frank Shostak

Government Family Planning: Effects and Incentives
Jacqueline R. Kasun

NOTES AND REPLIES

Statistical Malfeasance and Interpreting Economic Phenomena
Richard Vedder

Some Austrian Perspectives on Unintended Consequences
Lowell Gallaway

Block's Erroneous Interpretations
Harold Demsetz

Fiat Money as an Administrative Good
Yuri Kuznetsov

BOOK REVIEWS

George Reisman. Capitalism: A Treatise on Economics
Reviewed by Alexander Tabarrok

Karen I. Vaughn. Austrian Economics in America: The Migration of Tradition
Reviewed by Robert Ekelund, Jr.