Dynamics of the Mixed Economy

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1、DYNAMICSOFTHEMIXEDECONOMYWhydoesonefailedinterventionalwaysseemtoleadtoanother?Sincethecollapseofthecentrallyplannedeconomies,someformofmixedeconomyhasbecomethedominantparadigmguidingsocialandeconomicpolicythroughouttheworld.Yettherehasbeenrelativelylittleanalysisoftheinherentlydestabiliz

2、ingtensionsandcontradictionswithinthemixedeconomyitself,noroftheunderlyinglogicofinterventionismthatengendersthem.DynamicsoftheMixedEconomyappliestheinsightsofmodernAustrianpoliticaleconomytotheseissues.Bystudyingthenear-andlong-termrepercussionsofinterventionunderconditionsofdispersedkno

3、wledgeandradicalignorance,inbothmarketandgovernment,itreachessometroublingconclusionsaboutthelikelyprospectsforactualmixedeconomies.Itcomparesandcontrastsstandardapproachestothegrowthofthestate(includingpublicchoice)withthatofmodernAustrianpoliticaleconomy;examinesindetailthenatureandoper

4、ationoftheinterventionistprocessinthecontextofnationalization,regulationandthewelfarestate;analyzesconditionsthatproduceinstabilityunderlaissez-fairecapitalism;arguesthattheinterventionistprocessisa“spontaneousorder”;andoffersseveral“patternpredictions”regardingthecharacterandbehaviourofe

5、xistingeconomies.SanfordIkedaisAssociateProfessorofEconomicsatTheStateUniversityofNewYork,Purchase.HereceivedhisPh.D.fromNewYorkUniversityunderMarioJ.RizzoandIsraelM.Kirzner.Hisarticlesonmarket-processtheory,interventionism,andbureaucracyhaveappearedinseveralbooksandjournals.FOUNDATIONSOF

6、THEMARKETECONOMYEditedbyMarioJ.Rizzo,NewYorkUniversityandLawrenceH.White,UniversityofGeorgiaAcentralthemeofthisseriesistheimportanceofunderstandingandassessingthemarketeconomyfromaperspectivebroaderthanthestaticeconomicsofperfectcompetitionandParetooptimality.Suchaperspectiveseesmarketsas

7、causalprocessesgeneratedbythepreferences,expectationsandbeliefsofeconomicagents.Thecreativeactsofentrepreneurshipthatuncovernewinformationaboutpreferences,pricesandtechnologyarecentraltotheseprocesseswithrespecttotheirabilitytopromotethediscoveryanduseofknowledgeins