Market Process and Market Order

Rosolino A. Candela is senior fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.Kristen R. Collins is senior fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.Christopher J. Coyne is professor of economics at George Mason University and associate director at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

This volume expands our understanding of the relevance of the market process and market order in the Austrian tradition for political economy today. By applying insights about imperfect human beings who still can form helpful institutions through collective actions rather than one intelligent designer to many aspects of political life, the volume demonstrates the wide applicability of the Austrian tradition of political economy across several policy issues from federalism to Chinese entrepreneurship to education reform.

• Introduction: From Human Action, but Not of Human Design: The Market Process and the Market Order by Rosolino A. Candela, Kristen R. Collins, and Christopher J. CoynePart I: Market Process Theory in ContextChapter 1: Federalism-Preserving Markets by Andrey YushkovChapter 2: Keeping the Money Stream Stable: Hayek’s Response to Wicksell and Its Implications for Monetary Policy Today by Casey PenderPart II: Cultural and Social Embeddedness of a Market OrderChapter 3: Austrian Economics on Mushrooms: A Mycelial Approach to Understanding Market Processes in Disaster Recovery Planning in Vancouver, Canada by Jonathan EatonChapter 4: Sociocultural Markets: Matrifocal Families and Social Capital in the Caribbean Region and Diaspora by Kayleigh ThompsonPart III: Entrepreneurship, Knowledge, and the Market ProcessChapter 5: Foreign (Aid) in a Domestic Sense: Public Health in an Unincorporated Territory by Brian MareinChapter 6: Informal Institution Entrepreneurs and the Knowledge Problem by Shadwa Zah