This book, the first of two volumes, comes to life through the transcription of captivating classroom lectures spanning several years, providing a comprehensive overview of the core topics within Austrian economics. With a focus on microeconomics, it explores foundational ideas within Austrian economics, including human action, entrepreneurship, competition theory, and price theory, to give readers a deep understanding of each topic unravelling complex economic concepts with clarity and precision. Economic uncertainty, rationality, marginal utility, productivity, exchange interactions, valuation, price determination, and monopoly are also discussed. Through a seamless blend of theory and real-world examples, readers are invited to challenge conventional wisdom and explore the implications of Austrian economics on society and individual freedom.

This book offers an accessible and engaging synthesis of Austrian economics that redefines the topic within modern economics. It will be relevant to students, teachers, and scholars of many other academic institutions around the world, interested in the approach of the Austrian School of economics and its relevance in today's ever-evolving world.

Provides a comprehensive overview of the core topics within Austrian economics Redefines Austrian economics within current economic research Explores foundational economics ideas within Austrian economics, including entrepreneurship and price theory

Autorentext

Jesús Huerta de Soto is Professor of Economics at the King Juan Carlos University and a Senior Fellow at the Mises Institute.

Inhalt

1. Introduction.- 2. Human Action and Entrepreneurship.- 3. The Concept of Human Action.- 4. Time, Uncertainty and Institutions.- 5. Cost, Profit and Loss.- 6. Entrepreneurship, Alertness and Knowledge.- 7. The Characteristics of Entrepreneurial Knowledge (I).- 8. The Characteristics of Entrepreneurial Knowledge (II).- 9. The Characteristics of Entrepreneurial Knowledge (III).- 10. The Characteristics of Entrepreneurial Knowledge (IV).- 11. The Essential Effects of any Entrepreneurial Act.- 12. The Essential Principle of Entrepreneurship.- 13. The Classification of Phenomena according to their Degree of Complexity.- 14. Methodological Differences between the Natural and the Social Sciences.- 15. Theory and History.- 16. The Method of Political Economy.- 17. Criticism of Positivism.- 18. Exaggerated Rationalism and Polylogism.- 19. A First Analysis of the Category of Action.- 20. The Law of Marginal Utility.- 21. The Law of Diminishing Marginal Returns or Productivity.- 22. From Individual Human Action to Society and Exchange Interactions.- 23. Economic Calculation.- 24. The Market.- 25. The Basic Law of Price Determination.- 26. Cost, Value & Appraisement.- 27. Competition and Monopoly.