The Austrian Revival
It was much more difficult to communicate ideas and establish networks before the Internet, www, e-mail, and PC. In orthodox academic circles, published journals and formal conferences played a major role in the communication and exchange of ideas—and were even more important for the development of ‘unorthodox’ schools of economics. In the 1970s, Austrian economics experienced a resurgence in the English-speaking world, especially in America—the Austrian Economics Newsletter played an important role of communicating, diffusing, and developing Austrian ideas. The first ten AEN issues reveal how the Austrian revival took place; and what its infrastructure and personalities were. They also illustrate the ideas and problems that came to characterize the resurgence in Austrian economics: dynamics, process, expectation, time, entrepreneurship, (Knightian) uncertainty, knowledge, discovery, learning, equilibration and disequilibration, spontaneous order, subjectivism, Austrian methodology and praxeology, criticism of general equilibrium, price system as a conveyor of information, monetary policy, etc. Without Hayek’s 1974 Nobel Prize combined with funding from the Institute for Humane Studies, Austrian Economics may never have been revived.