Emerald | Advances in Austrian Economics | Table of Contents http://www.emeraldinsight.com/1529-2134.htm Table of contents from the most recently published volume of Advances in Austrian Economics Book series en-gb Thu, 06 Sep 2012 00:00:00 +0100 2012 Emerald Group Publishing Limited editorial@emeraldinsight.com support@emeraldinsight.com 60 Emerald | Advances in Austrian Economics | Table of Contents http://www.emeraldinsight.com/common_assets/img/covers_book/1529-2134.gif http://www.emeraldinsight.com/1529-2134.htm 120 157 Chapter 1 Speaking of Experts: An Introduction to the Volume http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053419&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017003 Chapter literatinetwork@emeraldinsight.com (Roger Koppl) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 2 Opening Remarks http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053420&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017004 Chapter literatinetwork@emeraldinsight.com (Alfred Wirth) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 3 If Germs could Sponsor Research: Reflections on Sympathetic Connections among Subjects and Researchers http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053421&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017005 Chapter literatinetwork@emeraldinsight.com (Sandra J. Peart, David M. Levy) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 4 Clash of the Titans: When the Market and Science Collide http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053422&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017006 <p>Purpose/problem statement – Two highly successful complex adaptive systems are the Market and Science, each with an inherent tendency toward epistemic imperialism. Of late, science, notably medical science, seems to have become functionally subservient to market imperatives. We offer a twofold Hayekian analysis: a justification of the multiplicity view of spontaneous orders and a critique of the libertarian justification of market prioricity.</p><p>Methodology/approach – This chapter brings to light Hayekian continuities between diverse literatures – philosophical, epistemological, cognitive, and scientific.</p><p>Findings – The very precondition of knowledge is the exploitation of the epistemic virtues accorded by society's manifold of spontaneous forces, a manifold that gives context and definition to intimate, regulate, and inform action. The free-flow of information is the lifeblood of civil (liberal) society. The commoditization of medical knowledge promotes a dysfunctional free-flow of information that compromises notions of expertise and ultimately has implications for the greater good.</p><p>Research limitations/implications – While we accept that there are irresolvable tensions between these epistemic magisteria we are troubled by the overt tampering with the spontaneous order mechanism of medical science. The lessons of Hayek are not being assimilated by many who would go by the adjective Hayekian.</p><p>Originality/value of chapter – On offer is a Hayekian restatement (contra the libertarian view typically attributed to Hayek) cautioning that no one spontaneous order should dominate over another, neither should they be made conversable. Indeed, we argue that the healthy functioning of a market presupposes institutions that should not answer to market imperatives.</p> Chapter literatinetwork@emeraldinsight.com (David F. Hardwick, Leslie Marsh) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 5 Expertise and the Conduct of Monetary Policy http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053423&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017007 When the history of the financial crisis, stock market crash, and ensuing recession of 2007–2009 is written, the appropriate focus would be on the role that “expertise” played in almost every chapter of the story. From the expertise of the mathematicians who guided the models used by financial institutions, to the expertise of those who developed new kinds of mortgage instruments that required very low down payments, to the expertise of US policymakers who told us that new regulations to encourage more widespread homeownership would be an engine of economic growth and prosperity, the actions of those who knew better eventually littered the financial landscape with their errors. In addition to the prior list, which is hardly exhaustive, perhaps the most central set of experts in the story were those associated with the Federal Reserve System, the US central bank. The Fed rarely shies away from using its expertise to cloak its choices in a cloud of jargon and technicalities, even as its every move has significant effects across the US economy and the whole globe. The Fed's decisions to keep interest rates so low after 9/11 and to seize unprecedented powers in the wake of the recession that inevitably followed that earlier policy were both the latest examples of the history of the Fed's ever-increasing claims to expertise that have led to expanding powers and new and more damaging mistakes. Chapter literatinetwork@emeraldinsight.com (Steven Horwitz) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 6 The Institutional Context of Epistemic Communities: Experts in P. T. Bauer's Work http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053424&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017008 The growth of knowledge literature acknowledges the importance of the institutional context of science for the discovery of knowledge. This chapter argues that in addition to the institutions that connect experts, the institutional context that exists between experts and their subjects importantly influences the relevance of the knowledge that experts discover. When experts are removed from their subject and feedback mechanisms are weak, the type of knowledge discovered by networks of experts has little policy relevance. When experts operate in a network that is closely linked to their subjects, the type of knowledge they discover will have a greater degree of policy relevance. Evidence from P. T. Bauer's work on different networks of experts in the developing world is used to illustrate this theory. Chapter literatinetwork@emeraldinsight.com (Diana W. Thomas) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 7 Experts and Entrepreneurs http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053425&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017009 This chapter conceptualizes the Kirznerian entrepreneur as performing a unique and crucial role of driving an open-ended market process. Entrepreneurial alertness is a theoretical concept that occurs prior to choice and consists of changing perceptions of prices and real resource constraints. This chapter emphasizes the role of subjective perception in both arbitraging and innovative entrepreneurship and develops a simple matrix to synthesize these dual roles. This unique epistemic position in the market process qualifies both the arbitraging and innovative entrepreneur as capable of performing functions that are nonreplicable by experts outside the system. Chapter literatinetwork@emeraldinsight.com (Emily C. Skarbek) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 8 The Epistemology of Entrepreneurship http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053426&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017010 Entrepreneurs have two advantages over credentialed experts. They “know” less of what is false, and they (informally) know more of what is true. They know less of what is false because they are either ignorant of, or willing to ignore, the currently dominant theories. They know more of what is true by having more informal knowledge (whether local, tacit, or inchoate). Funding of projects by firms or governments will rely on expert judgments based on the currently dominant theory. So breakthrough innovations depend on innovative entrepreneurs being able to find funding independent of the insider incumbent institutions, usually self-funding. Chapter literatinetwork@emeraldinsight.com (Arthur M. Diamond) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 9 A Race to the Top: Enabling Juries to make Informed Decisions when Confronted with Forensic Evidence http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053427&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017011 This chapter examines whether the view of the jury in cases involving forensic evidence can be changed from that of “naïve automatons” to that of “sophisticated decision makers”; whether the defense and prosecution must provide the jurors with information to help them develop a schema upon which to evaluate the forensic evidence; and whether to remove decision making from the expert forensic scientist and return it to the jury. The chapter uses secondary sources of information collected from criminal cases, the current federal law, as interpreted by the U.S. Supreme Court dealing with expert testimony, studies of how to enable juries confronted with forensic evidence, as well as a framework of learning theory and persuasion games. I argue that expert forensic scientists make errors. Juries are capable of making decisions based on complex forensic evidence if provided the knowledge within which to develop schema to evaluate that evidence. Competition between the defense and prosecution in presenting interpretations of scientifically valid evidence, as well as providing schema to enable the jury to evaluate the information, provides juries with the ability to arrive at a full information decision. Expert nullification of jury decision making should be halted and decision making returned to the jury. The value of this chapter is to integrate learning theory from cognitive psychology with one-shot and extended persuasion games to evaluate the roles of the jury and the expert forensic scientists within the criminal justice system. Chapter literatinetwork@emeraldinsight.com (E. James Cowan) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 10 Experts and Information Choice http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053428&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017012 Chapter literatinetwork@emeraldinsight.com (Roger Koppl) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 11 Model Uncertainty and Empirical Policy Analysis in Economics: A Selective Review http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053429&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017013 Chapter literatinetwork@emeraldinsight.com (Steven N. Durlauf) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 12 Schools of Thought in the Republic of Social Science http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053430&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017014 Chapter literatinetwork@emeraldinsight.com (Robert Garnett) Thu, 06 Sep 2012 12:00:00 +0100 Chapter 13 Nothing New Under the Sun? The Dialectic of Prudence and Justice in the Modern Era http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&chapterid=17053431&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017015 Chapter literatinetwork@emeraldinsight.com (Laurent Dobuzinskis) Thu, 06 Sep 2012 12:00:00 +0100 Experts and Epistemic Monopolies http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&articleid=17053432&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017016 Editorial Board Thu, 06 Sep 2012 12:00:00 +0100 Advances in Austrian Economics http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&articleid=17053433&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017017 Editorial Board Thu, 06 Sep 2012 12:00:00 +0100 Advances in Austrian Economics http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&articleid=17053434&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017018 Editorial Board Thu, 06 Sep 2012 12:00:00 +0100 List of Contributors http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&articleid=17053418&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017002 Index Thu, 06 Sep 2012 12:00:00 +0100 Copyright Page http://www.emeraldinsight.com/books.htm?issn=1529-2134&volume=17&articleid=17053435&show=abstract http://www.emeraldinsight.com/10.1108/S1529-2134(2012)0000017019 Miscellaneous Thu, 06 Sep 2012 12:00:00 +0100