"The Austrian School of Economics - Market and Entrepreneurial Creativity"

Jesus Huerta de Soto's book deals with a topic that leads to the center of our understanding of the economy. Unlike the standard textbooks of political economy, which devote themselves thoroughly to the neoclassical approach, this book refers to the ideas that were first developed by the "Austrian School of Economics" a century ago. This world of ideas was developed in the result of the forced emigration of its leading figures in the thirties from the Anglo-Saxon realm. It is now under the name of  "Austrian Economics" in order to compete with the neoclassicals, and there it thrives. 

To the outstanding, older representatives from this movement count the former "Vienna" Friedrich A. von Hayek, Ludwig von Mises, Gottfried von Haberler and Fritz Machlup. They teach, just like how Huerta de Soto shows, that the neoclassical economy with its emphasis on the image of man equipped with a nearly comprehensive knowledge "homo economicus" is barren. Their starting point is to challenge the assumption that our individual knowledge is strictly limited in "Großbürokratien" which cannot be accumulated and that the discovery of new ways and means is our constant task.

Under such conditions, how can such a prosperous society arise and which rules must be observed. This is the major theme from this movement. Huerta de Soto's book has been a new introduction to the ideas of the "Austrians" for some time.

Jesus Huerta de Soto is a professor of political economy at the Rey Juan Carlos University in Madrid (Spain). In the Spanish speaking world, he is known as the specialist of the "Austrian School". In 2006, he was bestowed the "Franz Cuhel Prize for Excellence in Economic Education" award in Prague and in 2005, he was awarded the "Adam Smith Award" in Brussels; in addition, he was also given the " King Juan Carlos International Prize for Economics".