Program Description: The Law & Economics Center at George Mason University School of Law was pleased to hold the LEC Workshop for Law Professors on Austrian Law and Economics, October 1-3, 2014, in Arlington, VA. The goal of the Workshop was to provide law professors basic tools for understanding the Austrian school and a sense of how they might look at their research and teaching differently if they put on their “Austrian glasses”.
The Workshop presented the basic and distinctive ideas of Austrian economics, including market process v. equilibrium, spontaneous order, division of knowledge, entrepreneurship, and subjectivism, using historical issues as case studies to apply these ideas to particular concepts. The Workshop also covered Hayek’s contributions to law and economics, a comparison of Austrian and neoclassical approaches to law and economics, market magic and price formation experiments, and applications of Austrian perspectives to law and regulation.
The highlight of the Workshop was a free-standing program on “Hayek, the Nobel Prize, and the Modern Austrian School of Economics” which celebrates the 40th Anniversary of the awarding of the Nobel Prize to Hayek in 1974. The F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University is organizing that conference which will feature a roundtable discussion by three Nobel Laureates in Economics –Edmund Phelps of Columbia University, Eric S. Maskin of Harvard University, andVernon Smith of Chapman University.
Video highlights of “Hayek, the Nobel Prize, and the Modern Austrian School of Economics” are available through Mercatus.org.