The Theory of Dynamic Efficiency
Routledge – 2008 – 372 pages
This book gathers a collection of English language essays by Jesús Huerta de Soto over the past ten years, examining the dynamic processes of social cooperation which characterize the market, with particular emphasis on the role of both entrepreneurship and institutions. The author’s multidisciplinary approach to the subject is in keeping with a trend in economic thought established by the Austrian school of economics; a discourse that had witnessed a significant revival over the last thirty years.
Areas covered in this book include an introduction to the theory of dynamic efficiency as an alternative to the standard paretian criteria, an explanation of the differences between the Austrian and the neoclassical approach to economics, a generalized definition of socialism that allows the joint application of the analysis of interventionism, a dynamic Austrian approach to the analysis of free market environmentalism, nationalism, the reform of Social Security and the theory of banking and an evaluation of the role of Spanish Scholastics of the Sixteenth Century.
1. THE THEORY OF DYNAMIC EFFICIENCY, 2. THE ONGOING METHODENSTREIT OF THE AUSTRIAN SCHOOL, 3. CONJECTURAL HISTORY AND BEYOND, 4. ENTREPRENEURSHIP AND THE ECONOMIC ANALYSIS OF SOCIALISM, 5. THE CRISIS OF SOCIALISM, 6. ENTREPRENEURSHIP AND THE THEORY OF FREE MARKET ENVIRONMENTALISM, 7. A THEORY OF LIBERAL NATIONALISM, 8. A LIBERTARIAN THEORY OF FREE IMMIGRATION, 9. THE CRISIS AND REFORM OF SOCIAL SECURITY, 10. A CRITICAL ANALYSIS OF CENTRAL BANKS AND FRACTIONAL-RESERVE FREE BANKING FROM THE AUSTRIAN SCHOOL PERSPECTIVE, 11. A CRITICAL NOTE ON FRACTIONAL-RESERVE FREE BANKING, 12. THE ETHICS OF CAPITALISM, 13. A HAYEKIAN STRATEGY TO IMPLEMENT FREE MARKET REFORMS, 14. THE FUTURE OF LIBERALISM: THE DECONSTRUCTION OF THE STATE THROUGH DIRECT DEMOCRACY, 15. JUAN DE MARIANA AND THE SPANISH SCHOLASTICS, 16. NEW LIGHT ON THE PREHISTORY OF THE THEORY OF BANKING AND THE SCHOOL OF SALAMANCA, 17. LUDWIG VON MISES' HUMAN ACTION AS A TEXTBOOK OF ECONOMICS, 18. IN MEMORIAM OF MURRAY N. ROTHBARD, 19. HAYEK’S BEST TEST OF A GOOD ECONOMIST, 20. THE RICARDO EFFECT, 21. SPANISH ROOTS OF THE AUSTRIAN SCHOOL -- INTERVIEW
Jesús Huerta De Soto is Professor of Political Economy at King Juan Carlos University in Madrid.