IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v26y2013i1p27-37.html
   My bibliography  Save this article

The difficulty of applying the economics of time and ignorance

Author

Listed:
  • Solomon Stein
  • Virgil Storr

Abstract

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 possible reasons are considered, including a disagreement with the substantive claims made in Time & Ignorance or the possibility that Time & Ignorance has nothing to offer this generation. We challenge these potential explanations and, argue, that the root cause of this seeming neglect is the movement by this generation towards applied research, an area where Time & Ignorance has relatively less to offer. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Solomon Stein & Virgil Storr, 2013. "The difficulty of applying the economics of time and ignorance," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 27-37, March.
    • Handle: RePEc:kap:revaec:v:26:y:2013:i:1:p:27-37
    DOI: 10.1007/s11138-012-0178-4
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11138-012-0178-4
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11138-012-0178-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Edward P. Stringham, 2010. "Economic Value and Costs are Subjective," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 4, Edward Elgar Publishing.
    2. Benjamin Powell & David Skarbek, 2006. "Sweatshops and Third World Living Standards: Are the Jobs Worth the Sweat?," Journal of Labor Research, Transaction Publishers, vol. 27(2), pages 263-274, April.
    3. Virgil Henry Storr, 2015. "Weber’s spirit of capitalism and the Bahamas’ Junkanoo ethic," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 11, pages 243-266, Edward Elgar Publishing.
    4. Emily Chamlee-Wright & Virgil Henry Storr, 2010. "The Role of Social Entrepreneurship in Post-Katrina Community Recovery," Chapters, in: Emily Chamlee-Wright & Virgil Henry Storr (ed.), The Political Economy of Hurricane Katrina and Community Rebound, chapter 6, Edward Elgar Publishing.
    5. Edward Stringham, 2002. "The Emergence of the London Stock Exchange as a Self-Policing Club," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 17(Spring 20), pages 1-19.
    6. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528, January.
    7. Peter Boettke & David Prychitko, 2011. "1985: A defining year in the history of modern Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 129-139, June.
    8. Storr Virgil Henry, 2002. "All We've learnt: Colonial Teachings and Caribean Underdevelopment," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(4), pages 1-29, December.
    9. Stringham, Edward, 2003. "The extralegal development of securities trading in seventeenth-century Amsterdam," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 321-344.
    10. Scott A. Beaulier, 2003. "Explaining Botswana’s Success: The Critical Role of Post-Colonial Policy," Cato Journal, Cato Journal, Cato Institute, vol. 23(2), pages 227-240, Fall.
    11. Emily Chamlee-Wright & Justus Myers, 2008. "Discovery and social learning in non-priced environments: An Austrian view of social network theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 151-166, September.
    12. Virgil Storr, 2010. "Schütz on meaning and culture," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 147-163, June.
    13. Scott Beaulier & J. Subrick, 2006. "The Political Foundations of Development: The Case of Botswana," Constitutional Political Economy, Springer, vol. 17(2), pages 103-115, June.
    14. John, Arielle & Storr, Virgil Henry, 2011. "Which institutions matter? Separating the chaff from the wheat," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 583-588, December.
    15. Virgil Henry Storr & Bridget Colon, 2015. "Subalternity and entrepreneurship: tales of marginalized but enterprising characters, oppressive settings and haunting plots," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 15, pages 337-354, Edward Elgar Publishing.
    16. Leeson, Peter T., 2010. "Pirational choice: The economics of infamous pirate practices," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 497-510, December.
    17. Peter J. Boettke (ed.), 2010. "Handbook on Contemporary Austrian Economics," Books, Edward Elgar Publishing, number 12822.
    18. Peter Leeson, 2009. "The calculus of piratical consent: the myth of the myth of social contract," Public Choice, Springer, vol. 139(3), pages 443-459, June.
    19. Peter T. Leeson, 2007. "An-arrgh-chy: The Law and Economics of Pirate Organization," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 1049-1094, December.
    20. Virgil Henry Storr, 2010. "The Facts of the Social Sciences are what People Believe and Think," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 3, Edward Elgar Publishing.
    21. Peter Leeson, 2010. "Pirates," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(3), pages 315-319, September.
    22. Stringham, Edward & Boettke, Peter & Clark, J.R., 2008. "Are regulations the answer for emerging stock markets? Evidence from the Czech Republic and Poland," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(3), pages 541-566, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. David Harper, 2013. "“The Economics of Time and Ignorance”: A critical re-examination after 25 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 1-6, March.
    2. Eduardo Angeli, 2018. "Caminhos da Escola Austríaca: relação com ortodoxia, engajamento e produção de novo conhecimento [Paths of the Austrian School: its relationship with orthodoxy, engagement and production of new knowle," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 28(2), pages 681-704, May-Augus.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Virgil Storr, 2011. "On the hermeneutics debate: An introduction to a symposium on Don Lavoie's “The Interpretive Dimension of Economics—Science, Hermeneutics, and Praxeology”," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 85-89, June.
    2. Peter Leeson, 2014. "Pirates, prisoners, and preliterates: anarchic context and the private enforcement of law," European Journal of Law and Economics, Springer, vol. 37(3), pages 365-379, June.
    3. Ennio E. Piano, 2018. "Outlaw and economics: Biker gangs and club goods," Rationality and Society, , vol. 30(3), pages 350-376, August.
    4. Zanotti, Gabriel J. & Cachanosky, Nicolás, 2015. "Implications Of Machlup’S Interpretation Of Mises’S Epistemology," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(1), pages 111-138, March.
    5. Andrew Young, 2015. "From Caesar to Tacitus: changes in early Germanic governance circa 50 BC-50 AD," Public Choice, Springer, vol. 164(3), pages 357-378, September.
    6. Anthony J. Evans & Vlad Tarko, 2014. "Contemporary Work in Austrian Economics," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2014), pages 135-157.
    7. Ennio E. Piano, 2017. "Free riders: the economics and organization of outlaw motorcycle gangs," Public Choice, Springer, vol. 171(3), pages 283-301, June.
    8. Roth, M. Garrett & Skarbek, David, 2014. "Prison Gangs and the Community Responsibility System," Review of Behavioral Economics, now publishers, vol. 1(3), pages 223-243, May.
    9. Stringham, Edward Peter, 2011. "Embracing morals in economics: The role of internal moral constraints in a market economy," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1), pages 98-109.
    10. David Skarbek & Peng Wang, 2015. "Criminal rituals," Global Crime, Taylor & Francis Journals, vol. 16(4), pages 288-305, October.
    11. David Skarbek, 2024. "The political economy of criminal governance," Public Choice, Springer, vol. 200(1), pages 1-24, July.
    12. Freire, Danilo, 2017. "Prison Gangs," SocArXiv kuqqx, Center for Open Science.
    13. Edward Stringham & Todd Zywicki, 2011. "Rivalry and superior dispatch: an analysis of competing courts in medieval and early modern England," Public Choice, Springer, vol. 147(3), pages 497-524, June.
    14. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, October.
    15. Benjamin Powell & Edward Stringham, 2009. "Public choice and the economic analysis of anarchy: a survey," Public Choice, Springer, vol. 140(3), pages 503-538, September.
    16. Andrew Young, 2022. "The Peace of God," Rationality and Society, , vol. 34(1), pages 28-55, February.
    17. Norgaard, Julia R. & Walbert, Harold J. & Hardy, R. August, 2018. "Shadow markets and hierarchies: comparing and modeling networks in the Dark Net," Journal of Institutional Economics, Cambridge University Press, vol. 14(5), pages 877-899, October.
    18. Carl Mildenberger, 2015. "Virtual world order: the economics and organizations of virtual pirates," Public Choice, Springer, vol. 164(3), pages 401-421, September.
    19. Stringham, Edward Peter & Zywicki, Todd J., 2011. "Hayekian anarchism," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 290-301, May.
    20. Peter Boettke, 2012. "An anarchist’s reflection on the political economy of everyday life," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(1), pages 1-7, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:26:y:2013:i:1:p:27-37. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.