《The Austrian School- Market Order and Entrepreneurial Crea
Another type of knowledge that cannot be articulated and that plays an essential role in the functioning of society is composed of the set of habits, traditions, institutions, and juridical and moral rules that comprise the law that make society possible, and that human beings learn to follow, though we cannot articulate in detail nor theorize about the precise functions that these rules and institutions perform in the various situations and social processes in which they are involved.
we should comment on the development of the Austrian theory of competition and monopoly, which calls for the abandonment and reconstruction of the clumsy static theory of markets that is advanced in textbooks, and its replacement with a theory of competition, understood as a dynamic, purely entrepreneurial process of rivalry. Such a theory renders irrelevant or inexistent the problems of monopoly, understood in the traditional sense, and focuses on institutional restrictions on the free exercise of entrepreneurship in any sphere of the market. Furthermore an important economic policy corollary of the Austrian analysis of competition and monopoly is the reconsideration of all anti-trust policy and legislation, which from the Austrian perspective becomes largely detrimental and superfluous (Kirzner 1998–99, 67–77; Armentano 1972).
10.诠释语言的基本结构=unfold the fundamental structure of a language
Each entrepreneurial act entails the ex nihilo creation of new information or knowledge. This creation takes place in the mind of the person who initially exercises entrepreneurship. Indeed when a person we shall call “C” realizes that a profit opportunity exists, new information is created in his mind. Furthermore once “C” takes action and contacts, for instance, “A” and “B”, and buys cheaply from “B” a resource that “B” has too much of and then sells it at a higher price to “A”, who needs it urgently, new information is also created in the minds of “A” and “B”. “A” realizes that the resource she lacked and needed so desperately to accomplish her end is available elsewhere in the market in greater quantities than she had thought, and that therefore she can now readily undertake the action she had not initiated before due to the absence of this resource. For his part, “B” realizes that the resource he so abundantly possesses yet did not value is keenly desired by other people, and that therefore he should save and protect it, since he can sell it at a good price.
We could also cite, following Polanyi, the example of a person who is learning to ride a bicycle and attempts to maintain their balance by moving the handlebars to the side toward which they begin to fall, creating in this way a centrifugal force which tends to keep the bicycle upright; yet almost no cyclist is aware of or familiar with the physical principles behind this ability. On the contrary, what the cyclist actually uses is a “sense of balance”, which in some way informs them how to behave at each moment to keep from falling. Polanyi goes so far as to assert that tacit knowledge is in fact the dominant principle of all knowledge (Polanyi 1959, 24–5). Even the most highly formalized and scientific knowledge invariably follows from an intuition or an act of creation, which are simply manifestations of tacit knowledge. Moreover the new knowledge we can acquire through formulas, books, charts, maps and so on is important mainly because it helps us to reorganize our entire framework of practical, entrepreneurial information from different and increasingly rich and valuable perspectives, which in turn opens up new possibilities for the exercise of creative intuition. Therefore the impossibility of articulating practical knowledge manifests itself not only “statically”, in the sense that any apparently articulated statement contains information only insofar as it is interpreted through a combination of prior, inarticulable beliefs and knowledge, but also “dynamically”, since the mental process used in any attempt at formalized articulation is itself essentially tacit, inarticulable knowledge.
1.各种令人眼花缭乱的食物=the bewildering variety of foods，其中variety表示“种类，多样性”。
It is clear that, just as the difference between the “rich” Robinson Crusoe with the stick and the “poor” Robinson Crusoe without it lay in the capital good the former had obtained through prior saving, the essential difference between rich societies and poor societies does not stem from any greater effort that the former devote to work, nor even from any greater technological knowledge that the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint. These goods consist of machines, tools, computers, software, buildings, semi-manufactured goods and so on, and they exist due to prior saving by the nation’s citizens.
Jesús Huerta de Soto Ballester (Madrid, 1956) is a Spanish economist of the Austrian School. He is a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Ludwig von Mises Institute.
Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from Complutense University. His MBA in actuarial science is from Stanford University, 1985. In 2000 he became a full professor of Political Economy at Universidad Rey Juan Carlos in Madrid.
Huerta de Soto was Editor of seven volumes of the Spanish language version of the University of Chicago Press's The Collected Works of F.A. Hayek. In that capacity, he was responsible for bibliographies, footnotes, introductions, and hiring translators. He is a member of the editorial board of New Perspectives on Political Economy and on the advisory editorial board of the Journal of Markets and Morality. Huerta de Soto is a Senior Fellow of the Ludwig von Mises Institute and is on the editorial board of its Quarterly Journal of Austrian Economics. He was formerly a Trustee of the Madrid Institute for Advanced Studies (IMDEA) in social sciences and was a vice-president and director of the Mont Pelerin Society from 2000 to 2004.
7.阻止和消除饥饿=stem and eradicate hunger
Austrians are particularly critical of the narrow concept of economics which originated with Robbins and his well-known definition of the subject. In his own words, “economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses” (Robbins 1932, 16). Robbins’s conception implicitly presupposes a given knowledge of ends and means and reduces the economic problem to a technical problem of mere allocation, maximization or optimization, subject to certain restrictions which are also assumed known. In other words, Robbins’s concept of economics reflects the essence of the neoclassical paradigm and can be considered completely foreign to the methodology of the Austrian school as it is understood today. Indeed, Robbins portrays man as an automaton, a simple caricature of a human being, who may only react passively to events. In contrast with this view, Mises, Kirzner and the rest of the Austrian school maintain that man does not so much allocate given means to given ends, as constantly seek new ends and means, while learning from the past and using his imagination to discover and create the future (via action). Thus, for Austrians, economics forms part of a much broader and more general science, a general theory of human action (and not of human decision or choice). According to Hayek, if for this general science of human action “a name is needed, the term praxeological sciences now clearly defined and extensively used by Ludwig von Mises, would appear to be most appropriate” (Hayek 1952a, 209).
4.支配语法=dictate a grammar
The exercise of entrepreneurship does not require any means. That is to say, entrepreneurship does not entail any costs and is therefore fundamentally creative. This creative aspect of entrepreneurship is embodied in its production of a type of profit which, in a sense, arises out of nothing, and which we shall therefore refer to as pure entrepreneurial profit. To derive entrepreneurial profit one needs no prior means, but only to exercise entrepreneurship well. It is particularly important to emphasize that any act of entrepreneurship brings about three extraordinarily significant effects. First, entrepreneurship creates new information. Second, this information is transmitted throughout the market. Third, the entrepreneurial act teaches each of the economic agents involved to tune their behavior to the needs of the others. These consequences of entrepreneurship, as the authors of the Austrian school have analytically formulated them, are so important that they are worth studying closely one by one.
Very early on, the young Menger realized that the classical theory of price determination, as Adam Smith and his Anglo-Saxon followers had formulated it, left much to be desired. Menger’s personal observations of the functioning of the stock market (during one period he was a stock market correspondent for the Wiener Zeitung), along with his own research, led him to write at 31 years of age, in, according to Hayek, “a state of morbid excitement” (Hayek 1992, 69), the book which would officially give birth to the Austrian school of economics. In this book the author strove to establish the new foundations upon which he believed it was necessary to rebuild all economic science. These principles essentially included the development of an economic science which would always rest on “man”, viewed as a creative actor and the protagonist of all social processes and events (subjectivism), as well as, for the first time in the history of economic thought, the formulation, based on subjectivism, of an entire formal theory on the spontaneous emergence and evolution of all social (economic, legal and linguistic) institutions, understood as established behavior patterns. All of these ideas are incorporated in the book, Principles of Economics, which Menger published in 1871, and which would become one of the most influential works in the history of economic thought.
作者：Jesús Huerta de Soto
2.从认知的角度理解=in cognitive terms，其中in terms表示“从……角度理解”。
In a modern economy present and future behaviors are reconciled through entrepreneurial activity in the market where present goods are exchanged for future goods and where the interest rate, the market price of one type of good in terms of the other, is established. Thus the more plentiful the savings, that is, the larger the quantity of present goods sold or supplied, other things being equal, the lower their price in terms of future goods; and consequently, the lower the market rate of interest. This indicates to entrepreneurs that more present goods are available to enable them to increase the length and complexity of the stages in their production processes, thereby making these stages more productive. In contrast, the fewer the savings, that is, other things being equal, the less willing economic agents are to give up immediate consumption of present goods, the higher the market rate of interest. Hence a high market rate of interest shows that savings are relatively scarce, an unmistakable sign that entrepreneurs must heed in order to avoid unduly lengthening the different stages in the production process and generating, as a result, discoordination or maladjustments which pose grave danger to the healthy, harmonious and sustained development of society. In short, the interest rate conveys to entrepreneurs which new productive stages or investment projects they can and should embark on and which they should not, in order to keep coordinated, as far as humanly possible, the behavior of savers, consumers and investors, and to prevent the different productive stages from remaining unnecessarily short or becoming too long.
5.涵盖规模=entail the dimensions
et us bear in mind that it fully agrees with the original etymological meaning of the word “enterprise” (empresa in Spanish). Indeed both the Spanish word empresa and the French and English word entrepreneur derive etymologically from the Latin verb in prehendo-endi-ensum, which means “to discover, to see, to perceive, to realize, to capture”; and the Latin term in prehensa clearly implies action and means “to take, to seize”. In short, empresa is synonymous with action
time preference 是奥地利学派提出来的，非常有意思的概念，企业管理有时候就是协调团队的 time preference，让人的相对随机行为转变为统一协调的行为，从而产生更明显的波峰和波谷，完成个人所难以达到的目标，管理者需要具备调整相关人员 time preference 的能力。
澳门娱乐场网址， 8.某事由某人做出=something is initiated by somebody
In short, the Scholastics of the Spanish Golden Age were able to articulate what would later become the key theoretical principles of the Austrian school of economics, specifically: first, the subjective theory of value (Diego de Covarrubias y Leyva); second, the correct relationship between prices and costs (Luis Saravia de la Calle); third, the dynamic nature of the market and the impossibility of realizing the equilibrium model (Juan de Lugo and Juan de Salas); fourth, the dynamic concept of competition understood as a process of rivalry between sellers (Castillo de Bovadilla and Luis de Molina); fifth, the principle of time preference (rediscovered by Martín de Azpilcueta); sixth, the profoundly distorting effect inflation exerts on the real economy (Juan de Mariana, Diego de Covarrubias and Martín de Azpilcueta); seventh, the critical analysis of fractional-reserve banking (Luis Saravia de la Calla and Martín de Azpilcueta); eighth, the recognition that bank deposits form part of the money supply (Luis de Molina and Juan de Lugo); ninth, the impossibility of organizing society via coercive commands, since the information necessary to give such commands a coordinating quality is lacking (Juan de Mariana); and tenth, the libertarian tradition that all unjustified intervention in the market constitutes a violation of natural law (Juan de Mariana).
9.成功的学术生涯的先决条件=a prerequisite for a successful academic career
Hayek always wished to avoid involvement in politics. Furthermore he considered the role of the intellectual, who must make scientific truth their chief goal in life, to be incompatible with the role of the politician, who is always obliged to yield to the dictates of public opinion to secure votes (Hayek 1991, 45). Hence Hayek believed that in the long term, efforts directed toward convincing intellectuals (thus his great success in founding the classical liberal Mont Pèlerin Society) or influencing public opinion would be much more productive. (Hayek dissuaded Anthony Fisher from entering politics and convinced him that it would be much more useful to create the Institute of Economic Affairs, and later the Atlas Research Foundation, to spread classical liberal ideas throughout the world.) So without the strategic initiatives that Hayek took, it would have been impossible to conceive of the change in public opinion and in the intellectual sphere which led to the fall of the Berlin Wall and to the free market/conservative revolution that took place in the USA under Ronald Reagan and in the UK under Margaret Thatcher, a revolution which has exerted, and continues to exert, such a powerful influence on a worldwide scale.
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