What is social justice? At this point, there is considerable disagreement. For many, the term social justice is baffling and useless, with no real meaning. Most who use it argue that social justice is the moral fairness of the system of rules and norms that govern society. Do these rules work so that all persons get what is due to them as human beings and as members of the community? Shifting from the will of individuals in rendering justice to the (...) outcome of the system of rules in achieving justice can be a dangerous leap. To some, it suggests that virtually every inequality arises because the rules of the game are unfair and that the state must intervene whenever there are unequal outcomes. The dangers of this leap are the primary focus of Is Social Justice Just?, whose twenty-one authors accepted an invitation to "explore, reassess, and critique the concept of social justice-relating it to ongoing debates in economics, history, philosophy, politics, public policy, religion, and the broader culture.". (shrink)

Each chapter in this volume seeks to explore, critique, and emphasize the continuing relevance of the vast contributions of Buchanan to our understanding of political economy and social philosophy.

Each chapter in this volume seeks to explore, critique, and emphasize the continuing relevance of the vast contributions of Buchanan to our understanding of political economy and social philosophy.

The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The (...) act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure and its addressing of a heterodox problem situations. The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume. (shrink)

While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in practice directly depend on the institutional environment that makes certain activities legal or illegal. Shifts in the institutional environment are a result of entrepreneurial activity over the rules (...) of the game. The rules of the game and resulting shade of the market in turn impact entrepreneurs acting within those rules and hence economic development or the lack thereof.L’économie de marché est en réalité une économie des marchés. La variété des marchés s’explique par la légalité des activités sur chacun d’entre eux. Ainsi il n’existe pas une économie de marché en soi, mais plutôt plusieurs formes de marché. Ces formes manifestes de marché sont fonction de l’environnement institutionnel qui rend certaines activités légales ou illégales. Les changements de l’environnement institutionnel sont le résultat de l’activité entrepreneuriale en dehors des règles du jeu. Les règles du jeu ainsi que la forme du marché qui leur est associée influencent à leur tour les actions entrepreneuriales et donc le développement économique. (shrink)