The Economic Theory of Costs Now in Paperback

By: Matthew McCaffrey

I’m happy to announce that the 2018 collection The Economic Theory of Costs: Foundations and New Directions, is now available in paperback at a substantially reduced price (see the post announcing its original publication here). This collection includes contributions from both leading and up-and-coming scholars working in the Austrian tradition. The contributors include many of the senior faculty members of the Mises Institute, as well as many of the younger fellows. It focuses especially on price theory, the unique feature of Austrian economics.

At the moment, the cheapest copies are available here and here.

The table of contents is as follows:

Introduction: “The Economic Theory of Costs in Perspective” Matthew McCaffrey

Cost and Choice

Chapter 1: “Contemporary Debates on Opportunity Cost Theory and Pedagogy” Jonathan Newman

Chapter 2: “The ‘Income Effect’ in Causal-Realist Price Theory” Joseph T. Salerno

The Evolution of Causal-Realist Production Theory

Chapter 3: “From Marshallian Partial Equilibrium to Austrian General Equilibrium: The Evolution of Rothbard’s Production Theory” Patrick Newman

Chapter 4: “Man, Economy and State, Original Chapter 5: Producer’s Activity” Murray N. Rothbard

Risk, Uncertainty, and Cost

Chapter 5: “The Myth of the Risk Premium” Jörg Guido Hülsmann

Chapter 6: “Time and the Theory of Cost” Jeffrey M. Herbener

Causal-Realist Price Theory: Debate and Synthesis

Chapter 7: “Monopsony Theory Revisited” Xavier Méra

Chapter 8: “Costs and Pricing: An Austro-Post-Keynesian Synthesis?” Mateusz Machaj

Economic Organization, Entrepreneurship, and the Firm

Chapter 9: “Austrian Economics and Transaction Cost Economics: Notes on a Doubtful Compatibility” Mihai-Vladimir Topan

Chapter 10: “The Management Problem of Socialism: Cost at the Expense of Value” Per L. Bylund

Chapter 11: “Economic Calculation and the Limits of Social Entrepreneurship” Matthew McCaffrey


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