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Book part
Publication date: 3 December 2018

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Austrian Economics: The Next Generation
Type: Book
ISBN: 978-1-78756-577-7

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Book part
Publication date: 3 December 2018

Abstract

Details

Austrian Economics: The Next Generation
Type: Book
ISBN: 978-1-78756-577-7

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Book part
Publication date: 3 December 2018

Steven Horwitz

This chapter is the editor’s introduction to Austrian Economics: The Next Generation, which includes a brief description of the workshop that produced the papers and short…

Abstract

This chapter is the editor’s introduction to Austrian Economics: The Next Generation, which includes a brief description of the workshop that produced the papers and short summaries of each contribution organized by sub-topic.

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Book part
Publication date: 3 December 2018

David J. Hebert

Traditional public choice analysis implicitly views political outcomes as the intention of a single-minded person. This view is seriously misguided. Rather than viewing politics…

Abstract

Traditional public choice analysis implicitly views political outcomes as the intention of a single-minded person. This view is seriously misguided. Rather than viewing politics as being done by one person or a group of persons acting in concert, this chapter presents an Austrian economist’s thoughts on what an Austrian theory of public choice would look like. Particular attention is paid to the emergent, rather than additive, quality that political outcomes exhibit.

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Book part
Publication date: 3 December 2018

Peter Lewin

A keynote address in which the author looks back at the rebirth of Austrian economics, characterizes its current state, and looks forward to its future development. The early…

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A keynote address in which the author looks back at the rebirth of Austrian economics, characterizes its current state, and looks forward to its future development. The early years after the rebirth focused on methodology, but as the modern school has development its concerns have become much more varied and connected to specific current issues. The prospects for further development are good as more young scholars arrive.

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Austrian Economics: The Next Generation
Type: Book
ISBN: 978-1-78756-577-7

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Book part
Publication date: 3 December 2018

Peter C. Mentzel

This chapter investigates the, often neglected or confused, role that History plays within Austrian Economics, and suggests ways that the former can inform the latter. Relying…

Abstract

This chapter investigates the, often neglected or confused, role that History plays within Austrian Economics, and suggests ways that the former can inform the latter. Relying mostly on the work of Ludwig von Mises, the chapter explores the apparent contradictions between an a posteriori discipline like History and an a priori field like economics, and argues that they are nevertheless necessary intellectual complements of each other.

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Austrian Economics: The Next Generation
Type: Book
ISBN: 978-1-78756-577-7

Keywords

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Book part
Publication date: 3 December 2018

Witold Kwasnicki

The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an…

Abstract

The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an analysis of nine basic features of the evolutionary process and evolutionary approach, including a dynamical view of economic phenomena (seen from a historical perspective), a focus on far-from-equilibrium analysis, a proper and realistic perception of time, and a population perspective (to what extent emergent properties are results of interaction among economic agents). The relevant features of the evolutionary process are the heterogeneity and behavior of economic agents, the search for novelty based on a concept of economic agents’ hereditary information, a selection process (based on the concept of rivalry), spontaneity of development, and the presence of decision-making procedures (how economic agents make decisions, and to what extent their subjective values play a role). The goal of the comparative analysis is to estimate the level of “evolutionary content” of the three schools. My subjective evaluation suggests that only the Austrian school can be called entirely evolutionary. Slightly less evolutionary are the neo-Schumpeterians, and the least evolutionary are the institutionalists.

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Article
Publication date: 9 May 2016

Arinola Adefila, Sean Graham, Lynn Clouder, Patricia Bluteau and Steven Ball

The purpose of this paper is to discuss the use of virtual reality (VR) for experiential learning in dementia training. People have different perceptions and understanding of what…

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Abstract

Purpose

The purpose of this paper is to discuss the use of virtual reality (VR) for experiential learning in dementia training. People have different perceptions and understanding of what it is like to live with dementia, particularly those that are new to dementia care, whether in a professional capacity, or as a friend or family member. Arguably the most powerful way in which to enhance understanding is to give people a glimpse of what living with dementia might be like.

Design/methodology/approach

The myShoes project aimed to create a resource that would augment a virtual environment and expose the user to an experience that gives them a sense of what living with dementia might be like. The resource was created using the latest VR and game development software. A sample group of students from a mixed range of health professions tested the resource providing in depth feedback on its immediate impact and ideas for further development.

Findings

Notwithstanding the limited sample on which the simulation has been tested, carefully designing the activities and constructing a learning space that allows for reflection on being placed temporarily in another person’s shoes, appears to have enabled students to think beyond ‘treatment, to considering how the person might feel and altering their approach accordingly.

Research limitations/implications

This is a pilot study. More research using VR as a training resource is planned.

Practical implications

The study will support educational training, particularly that which uses virtual reality for clinicians and carers.

Social implications

The adoption of a VR approach to training formal and informal carers has potential to enhance empathy and improve holistic care of people with dementia.

Originality/value

The myShoes project adopts a novel approach to simulating the effects of dementia for training purposes.

Details

The Journal of Mental Health Training, Education and Practice, vol. 11 no. 2
Type: Research Article
ISSN: 1755-6228

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Book part
Publication date: 3 December 2018

Lynne Kiesling

The platform economy reflects the business model of some of the largest and fastest-growing firms in the economy. Platform business models emerge and thrive because of the…

Abstract

The platform economy reflects the business model of some of the largest and fastest-growing firms in the economy. Platform business models emerge and thrive because of the potential profit in taking advantage of transactions cost reductions to connect people for mutual benefit, and this value creation is best understood by thinking about the epistemology of decentralized market processes. Three essential aspects of knowledge are relevant to platform business models: (1) knowledge can be private and diffuse; (2) knowledge can be contextual; and (3) knowledge may not exist outside of the economic process. After defining and analyzing the technology, economic, and institutional aspects of platforms the author defines and applies market epistemology to explore how platforms harness technological and organizational features to create value-enhancing market platforms by exploiting the epistemic benefits of technology-enabled decentralized market processes. The author concludes by using this epistemic framework to propose an electricity distribution platform business model – the retail electricity industry is undergoing a process of technological dynamism, and as a regulated infrastructure industry, evolving into a decentralized market industry is presenting challenges to which this epistemic framework can bring increased understanding.

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Book part
Publication date: 3 December 2018

Nick Cowen

Robust political economy (RPE) is a research program that combines insights from Austrian economics and public choice to evaluate the performance of institutions in cases of…

Abstract

Robust political economy (RPE) is a research program that combines insights from Austrian economics and public choice to evaluate the performance of institutions in cases of limited knowledge and limited altruism, or “worst-case scenarios.” Many critics of RPE argue that it is too narrowly focused on the bad motivations and inadequacies of social actors while smuggling in classical liberal normative commitments as part of a purported solution to these problems. This chapter takes a different tack by highlighting the ways that RPE as currently understood may not be robust against particularly bad conduct. It suggests that depending on the parameters of what constitutes a worst-case scenario, classical liberal institutions, especially a minimal state, may turn out to be less robust than some conservative or social democratic alternatives.

Details

Austrian Economics: The Next Generation
Type: Book
ISBN: 978-1-78756-577-7

Keywords

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