"The Economics of Time and Ignorance" is 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 Ignorance" is reprinted here with a substantial new introduction which outlines the major developments in the area since the books original publication a decade ago.
"This is a superb book. In terms of style, tone, and execution, it is flawless. It is a distinctly Austrian contribution. At the same time, it is an original, and indeed a very creative work. . .it strikes me that "The Economics of Time and Ignorance has all the makings of a classic."
-Bruce J. Caldwell, "Southern Economic Journal
"The title of this valuable work. . .comes from a remark of J. M. Keynes: The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future.' The moral of this work however is that time and ignorance are not so much dark forces to be defeated as unavoidable aspects of the human condition that must be lived with. . . The major task of the authors, which they have accomplished with considerable success is to integrate the Austrian, subjective approach to economic theory with that of its close relations in post-Keynesians and a few of those lone rebels against neo-classical orthodoxy."
-Kenneth Boulding, "American Journal of Sociology
..." O'Driscoll and Rizzo's book remains an Austrian classic ... [I]t still deserves to be read by serious academics across the political and economic spectrum."
-"Review of Radical Political Economics
"Perhaps now the Austrians will be allowed to help renovate economics."
-"The Times Literary Supplement
Series: Foundations of the Market Economy
Tertiary; University or College
Number Of Pages: 300
Published: 18th April 1996
Country of Publication: GB
Dimensions (cm): 24.13 x 15.88
Weight (kg): 0.54
Edition Number: 2
Edition Type: New edition