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1、I.INTRODUCTIONThispaperpresents,innon-technicalterms,an‘Austrian’viewofhowamarketeconomyworks.Thetheoryis‘Austrian’initsbeingderivedfrominsightswhichmaturedduringthecourseofthecenturyandaquarterhistoryoftheAustriantradition.Theseinsightscametobearticulatedwithespecialcl
2、arityandwithoriginalityofemphasisinthemid-20th-centurycontributions,respectively,oftwogreatexponentsoftheAustriantradition,LudwigvonMisesandFriedrichHayek.DuringthepastquarterofacenturyanumberofyoungereconomistsworkingintheAustriantradition,includingthepresentwriter,hav
3、econtributedtothefurthercrystallisationofthetheoryofentrepreneurialdiscoveryandofitsimplicationsforeconomicunderstandingandpolicy.Mosteconomistsagreethatmarkets‘work’-that,throughvoluntaryexchangetransactionsagentsinamarketeconomyare,withoutcentraldirectionorcontrol,abl
4、etoparticipateinanenormouslyproductivesystem,takingadvantageofspecialisationanddivisionoflabour.Moreover,economistsgenerallyagreethattheoverallsocialpatternofresourceallocationspontaneouslysoachievedishighlyandbenignlysensitivetochangesinconsumerpreferences,resourceendo
5、wmentavailabilitiesandknowntechnologicalpossibilities.Theseshareddoctrinesenableeconomiststounderstandboththedramaticincreaseinthestandardoflivingachievedinmarketsocietiesduringthepastcenturyandtherelativefailures(andtherecentnumerousexamplesofcompletebreakdown)ofsocial
6、isteconomies,whetherinEasternEuropeorelsewhere.Yetthereremainsafundamentalmysteryattheheartoftheseshareddoctrines.Surprisingly,standardeconomicsdoesnotprovideasatisfyingexplanationofexactlywhyandhowmarketswork.AdamSmith’s‘invisiblehand’turnsouttobeanaptmetaphorforwhatre
7、mainsananalyticalblackboxineconomictheory.Economictheory,atleastinitsmainstreamversion,explainswithgreatsophisticationtheoperationofasmoothlyworkingmarketeconomyinwhich1eachagenthassomehowalreadyfoundhisplace.Butitturnsouttobevirtuallysilentinexplainingthecourseofevents
8、whichenablesagents,startingfrominitialabsenceofco-ordination,tofindtheirplacesinthesocialjig-sawpuzzle.Sothere
