February 2021

Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28            
Blog powered by Typepad

« Scientific American: An Interview on Pirates | Main | States Budget, Public Spending, and Fiscal Discipline: Are we at a Crossroad? »

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Preach it brother. And pat yourself on the back too. As I said to both you and Dave last weekend, teaching your book has made me fall in love with economics all over again. And that has been wonderful.

Good post, Pete.

Steve -- I've really enjoyed the EWOT text from the very beginning. I tutored from it when I was an undergrad. My prof Howard Swaine (a student of Alchian in the early 60's) used it from the first 1973 edition until he died a couple years ago at 80. It is one of Julie's favorite undergrad texts, and it lead her to fall in love with economics and minor in it.

One thing: when Pete and I were approached with writing future editions, we did not jump on the idea. Thrilled, yes, but we thought and talked it over for a couple weeks before coming on board. We didn't want to destroy Heyne's message and his medium.

happy thanksgiving to all...

Great post. I've reasonably new to this blog, and loving it. You're right, even to we non-economists, we owe it to ourselves to get informed, for - erm, and speaking as a Libertarian - economics lies at the base of everything, or certainly the laissez-faire honed by the Austrians. It's what finances a philosophy for living a free life.

(Still like the economist jokes though :) )

'I'm' reasonably new. I hate typos.

(Okay, you can start the accountant jokes now :) )

Preaching is the exact word. I'm reading this blog for I don't know how long and it is starting to get repetitive. If more exposure is your aim, I do not understand why you organise "Austrian" panels without getting some other people as well. Preaching to the converted has a big social function for academic group behavior, but I still don't get your strategy. The biggest problem is probably that Leeson is getting some attention by some big players and that some people interpret as an increasing exposure of Austrian economics to the mainstream. Nah, it is just pirational economics and whatever word play he came up with.

What Austrian Economics has always tended to be able to do is offer a wonderful account of how this magnificant spontaneous order all fits together, that we all live and participate in, but rarely reflect on, and most certainly take for granted.

I have been using "The Economic Way of Thinking" this semester in my two sections of Principles of Economics at Trinity College in Hartford.

I had not read the book in many, many years. It reminded me what a brilliant economist Paul Heyne was for constructing such an insightful and attractive way to organize the "story" of the economic and market process.

And it also made me aware of what a truly excellent job both Peter and Dave have done in preserving Heyne's wonderful book, while add, updating and revising with tasteful and brilliant additions. They have made it a continuing relevent and valuable economics textbook.

There is an economic way of thinking. And the logic of choice and marginal decision-making, and what an equilibrium among a multitude of peole would look like is part of that story.

But what has made Austrians and others like them so effective and persuasive in their expositions(I would even say, as we all know, generate devoted "followers")is their ability to show man and his actual cirsumstance in every page of the analysis and application.

It is not surprising that economists like Lionel Robbins or W. H. Hutt always remembered with deep appreciation and affection studying under Edwin Cannan at the LSE.

Cannan, too, for example, had that ability to make economics alive. If you open his book on "Wealth," for instance, he soon is telling about the extended global division of labor that links all men together and brings that material plenty of the world to everyone's doorstep.

Or you turn to Cannan's 1933 presidential address before the Royal Economics Society on ""Plenty of Work," and all the reasons why men are suffering from mass unemployment is explained by him in terms of a common sensical exposition of Say's Law. When, Cannan says, there is a general "asking too much" (in terms of prices and wages) there is a general unemployment.

It is not surpriing that Cannan's ideas lead Hutt to restate Say's Law decades after he would have sat at the feet of Cannan at the LSE. The words and the ideas of the "master" had influenced and stayed with him.

(I might add, that Allen G. B. Fishe's 1935 book, "The Clash of Progress and Security," is also along many of the same dynamic, process adjustment lines, and shows the same strong imprint of Cannan's influence -- the book is dedicated to him.)

That, also, is what made and makes Austrian Economics uniquely special among contemporary schools of thought. Whether in the pages of their books or before the students in class, or in personal contact and discussion, Austrians seem to have had that special nack for having this influence.

And besides personalities, which surely matters as well, it is because of that way that they have in clear, meaningful, and fascinating ways of showing the economic way the world really works.

Richard Ebeling

I really enjoyed reading this article.Thanks, Anne Cleveland

A timely reminder, Pete. As a non-formally trained student of economics, I am forever grateful for having come in contact with the thinking of Mises, Hayek, et al. before I was able to absorb the common fallacies. This way of thinking has served me well ever since. I continue to learn from you and your generation of colleagues, as well as the generation behind you. Thanks to you all.

The comments to this entry are closed.

Our Books