Summary Austrian Economics

Mario Rizzo writes of Austrian economics.

The highly interrelated themes I listed are:

(1) the subjective, yet socially embedded, quality of human decision making;

(2) the individual’s perception of the passage of time (‘real time’);

(3) the radical uncertainty of expectations;

(4) the decentralization of explicit and tacit knowledge in society;

(5) the dynamic market processes generated by individual action, especially entrepreneurship;

(6) the function of the price system in transmitting knowledge;

(7) the supplementary role of cultural norms and other cultural products (‘institutions’) in conveying knowledge;

(8) the spontaneous – that is, not centrally directed – evolution of social institutions.