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A century ago Frederick Lanchester formulated a mathematical model of combat which suggested that the combat power of a military force was proportional to the product of the individual effectiveness of the units in the force and the square of the number of units...
The six monarchies on the Arabian Peninsula have devoted enormous sums to defense in past decades. Nevertheless, the gap between their expensive armaments and their capacity to deter aggression and/or project military strength has narrowed but little in that time. This...
Property rights are the rules governing ownership in society. This Element offers an analytical framework to understand the origins and consequences of property rights. It conceptualizes of the political economy of property rights as a concern with the follow questions:...
This Element focuses on Latin American fossil fuel producer countries and how they are dealing with the transition towards a greener energy matrix. The challenges involved are multiple and ethical in substance. In particular, a worldwide expansion in clean energies...
This Element introduces students, policy-makers, politicians, governments and business-people to this new discipline within economics. It presents the recent history of the subject and its range of coverage. Traditional topics covered include models of arms races,...
This Element provides a detailed overview of the structural changes in the Asia-Pacific region from the early 2000s onwards. It reviews the most relevant literature on this important topic. The following two research areas are explored: first, by deploying visual...
Since Meese and Rogoff (1983) results showed that no model could outperform a random walk in predicting exchange rates. Many papers have tried to find a forecasting methodology that could beat the random walk, at least for certain forecasting periods. This Element...
Increasingly, economists realize that a deeper understanding of culture can improve their insights into the most important questions in economics. The Austrian school of political economy, which has always taken economics to be a science of meaning, and therefore, a...
The primary focus of this Element is to understand the rise of smart 'social' infrastructures in BoP emerging markets like India. It has been observed that new focus areas and frontiers of global economy are taking shape where social and environmental outcomes along...
This Element surveys the field of defense, peace, and war economics with particular emphasis on the contributions made by Austrian economists. I first review treatments of defense, peace, and war by the classical economists. I then discuss the rise of a distinct and...
This Element examines the historical emergence of evolutionary economics, its development into a strong research theme after 1980, and how it has hosted a diverse set of approaches. Its focus on complexity, economic dynamics and bounded rationality is underlined. Its...
Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing...
This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is...
In the years since the subprime financial crisis of 2007–2011, we have learned a number of important lessons about the crisis, and have subsequently applied appropriate legislation, such as increased capital ratios and systematic stress testing, in order to combat it....
Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights...
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