The Economics Of Time And Ignorance

The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago. Review: This is a superb book. In terms of style, tone, and execution, it is flawless. It is a distinctly Austrian contribution. At the same time, it is an original, and indeed a very creative work. . .it strikes me that The Economics of Time and Ignorance has all the makings of a classic. -Bruce J. Caldwell, Southern Economic Journal The title of this valuable work. . .comes from a remark of J. M. Keynes: The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future.' The moral of this work however is that time and ignorance are not so much dark forces to be defeated as unavoidable aspects of the human condition that must be lived with. . . The major task of the authors, which they have accomplished with considerable success is to integrate the Austrian, subjective approach to economic theory with that of its close relations in post-Keynesians and a few of those lone rebels against neo-classical orthodoxy. -Kenneth Boulding, American Journal of Sociology ... O'Driscoll and Rizzo's book remains an Austrian classic ... [I]t still deserves to be read by serious academics across the political and economic spectrum. - Review of Radical Political Economics Perhaps now the Austrians will be allowed to help renovate economics. - The Times Literary Supplement