James M. Buchanan co-founded the field of Public Choice. He was influenced by Austrian economics, and in turn influenced Austrian economics. In particular, he advanced the understanding of subjectivist cost theory. His individualist approach to public policy making has been adopted by many...

Joseph Schumpeter, a careful reader of Hayek, categorized Hayek’s theory of economic cycles as non-monetary. Almost every other source, including Hayek himself, categorized the theory as monetary. The issue turns on the concept of causality being used. The question of what causality concept to...