The Economics of Time and Ignorance: With a New Introduction

The Economics of Time and Ignoranceis one of the seminal works in the development of modern Austrian economics. Building on the work of Hayek, Lachman and Shackle, the authors engage in a powerful critique of neo-classical economics. O'Driscoll and Rizzo argue against neo-classical models which use inappropriate pretenses of knowledge and are overly deterministic. This key text has helped set the agenda for the remarkable revival of work on the Austrian economic tradition and has led to an even wider interest in the once heretical ideas of Austrian economists. The Economics of Time and Ignoranceis reprinted here with a substantial new introduction which outlines the major developments in the area since the books original publication a decade ago.