This book brings together emerging and established scholars to explore the insights that can be gleaned from applying Austrian economics to a range of different topics and a variety of related disciplines, from history to politics to public policy.

Theories of political entrepreneurship usually focus on the construction of coalitions necessary to change policy. We argue that political entrepreneurs who are unable to secure favored policies may redirect their efforts to a “higher tier,” attempting to change the rules of the game to...

Deirdre McCloskey's Bourgeois Dignity deploys Israel Kirzner's theory of entrepreneurial discovery in her explanation of the Industrial Revolution. This essay examines whether Kirzner's theory can bear the analytical load that McCloskey would place on it. I identify two potential incongruities...

Abstract: James Buchanan argues that profit seeking and rent seeking are formally the same sort of behavior, but that the substance of such activities — whether they create or destroy wealth — depends on the institutional environment within which they take place. William Baumol and Israel...