Mainline Economics: Six Nobel Lectures in the Tradition of Adam Smith

by Peter J. Boettke (Editor), Stefanie Haeffele-Balch (Editor), Virgil Henry Storr (Editor)

Adam Smith is often referred to as the father of modern economics. Throughout his work, he attempted to answer one of the most important questions of all How can we humans live together peacefully and prosperously? The mainline of economic thought attempts to address the questions Smith advanced and is defined by a set of positive propositions about social order that were held in common from Adam Smith onward. The six Nobel Laureates in Economics featured in this volume—F. A. Hayek, James M. Buchanan, Ronald H. Coase, Douglass C. North, Vernon L. Smith, and Elinor C. Ostrom—are the ones who have most consistently sought to advance the insights found in Adam Smith. In their Nobel lectures, these scholars embrace the propositions of mainline economics and argue for continued work within the mainline tradition. Additionally, they offer serious critiques of mainstream economics and make appeals urging a return to the mainline. This collection will serve as a useful resource for anyone interested in learning more about the mainline economists and for scholars who seek to contribute research in the mainline tradition.

Genres: Economics

284 pages, Paperback

First published January 1, 2016

About the author

Peter Joseph Boettke is an American economist of the Austrian School. He is currently a University Professor of Economics and Philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, Vice President for Research, and Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at GMU.

Reviews

[Vance Ginn]

Excellent read of several Nobel Prize speeches by mainline economists who emphasize the importance of mental models and how institutions matter. This book helped broaden my scope of research while helping narrowing it to what really helps individuals prosper: freedom within an institutional framework (social, economic, political) that gives people the opportunity to succeed freely and fail freely.

[Jerrod]

A nice introduction to how to do good economic research. The main points of the majority of the lectures are what questions to ask and how to answer them. Hayek is still a miserable writer, and Vernon Smith's lecture is more than a bit meandering. Coase and North are the most succinct and lucid out of the bunch. Recommended for any economics graduate student or advanced undergraduate student thinking of going to graduate school. A bit esoteric (as expected) for a general audience.

[Patrick Carlin]

6 Nobel Prize speeches who the authors believe harkens back to Adam Smith and pushes against mainstream economics

[Javier]

Very illustrative, and provocative for the mainstream economic thought. Easy to read, maybe except Vernon Smith's chapter.