"The Economics of Time & Ignorance" (1985) is a key text within Austrian economics. Among the so-called "third generation" of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation. Several...

This paper presents a case study of the emergence of currency from a barter economy, a process discussed theoretically by Menger (1892). In particular, we use this case study to attempt to adjudicate between chartalist and emergent theories of currency formation. Using the records of an online...

Over the course of three hundred years, the institutional organization of the Christian church evolved from small loosely organized groups meeting in house churches to a form of hierarchical organization known as monepiscopacy. Monepiscopacy denotes a form of ecclesial polity in which a single...

This paper applies Kirzner’s theory of entrepreneurial alertness to central banking. As opposed to entrepreneurs operating within the market, central banks can operate outside the market by defining its structure and regulations. We label as “super-alertness” the particular type of...

The purpose of this paper is to analyze the political philosophy of John C. Calhoun from the perspective of Virginia Political Economy. Specifically, this paper argues that Calhoun's theory of the concurrent majority offers a way of operationalizing the "generality norm" of Buchanan and...

I present a theory of political property rights that serves as a complement to familiar Tiebout mechanisms in explaining governance outcomes. I argue that when the structure of political property rights is such that the polity most closely resembles a business corporation, governance will be...

This paper develops the theory of entangled political economy by outlining a process by which the political-economic order can become increasingly entangled. The theory posits that a Big Player polity organization, a key feature of which is a lack of a hard budget constraint, exports this...