Advanced Introduction to the Austrian School of Economics

‘Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.’ –Joseph Salerno, Pace University, US

‘What book should I read to understand the Austrian School of Economics? It’s a question I’ve been asked at least a hundred times by economics students and business professionals. I’ve never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe’s book is the new gold standard!’ –Benjamin Powell, Texas Tech University, US

‘Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.’ –Peter Boettke, George Mason University, US

Randall G. Holcombe is the DeVoe Moore Professor of Economics at Florida State University.