Hayek, Read, Mises in the Classroom

25 August 2008 at 11:46 am 4 comments

| Peter Klein |

Today the University of Missouri welcomes its largest freshman class in history, with 5,680 student expected at their desks for the first day of the semester. (Could the increased enrollment be the result of Mizzou football’s surprising 10-2 record, and Big Twelve North Championship, last season? Not as crazy as you might think.) I am teaching an undergraduate class, “Economics of Managerial Decision Making,” that focuses on organizational and managerial issues. Finding good readings is often a challenge, though the textbook options are much better than a generation ago (Brickley, Besanko, FroebHendrikse, and more.) Here are a couple of classroom resources I discovered today:

Mises is not usually considered “classroom friendly” but I have found that “Profit and Loss” (1958) works well with undergraduates. And of course Mises emphasizes the entrepreneur as the driving force behind price adjustment, an aspect missing from Hayek’s treatment (in which agents are modeled as responders, not initiators). Section I of Bureaucracy, on “Profit Management,” is also quite good, and only 20 pages.

Entry filed under: - Klein -, Teaching.

Best Three Sentences I Read Today Save Grandma, Don’t Give Makeup Exams

4 Comments Add your own

  • 1. josephlogan  |  25 August 2008 at 3:12 pm

    It’s not entirely economics focused, but I have had a good experiene with Chris Grey’s “Very Short, Fairly Interesting, and Reasonably Cheap Book About Studying Organizations”. It covers a lot of ground.

  • 2. Brian Pitt  |  25 August 2008 at 11:40 pm

    A difficult, but readable, work by Hayek in Law, Leg, and Lib, I on the differences between orders and organizations. I find this to be eminently useful in explaining the difficulties of making decisions in organizations.

  • 3. Rafe Champion  |  26 August 2008 at 5:03 pm

    How about “Notes and Recollections” for historical background, especially if you have folk studying history in the class.

    And now there is the short reading guide to “Human Action” on line.

  • 4. Rafe Champion  |  26 August 2008 at 5:17 pm

    Robert Murphy’s study guide to Human Action can be found on the Human Action home page http://mises.org/resources/3250

    and freestanding here

    as a community service and a companion to the “Open Society and its Enemies” study guide.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Nicolai J. Foss | home | posts
Peter G. Klein | home | posts
Richard Langlois | home | posts
Lasse B. Lien | home | posts


Former Guests | posts


Recent Posts



Our Recent Books

Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
Peter G. Klein and Micheal E. Sykuta, eds., The Elgar Companion to Transaction Cost Economics (Edward Elgar, 2010).
Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
Richard N. Langlois, The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (Routledge, 2007).
Nicolai J. Foss, Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources (Oxford University Press, 2005).
Raghu Garud, Arun Kumaraswamy, and Richard N. Langlois, eds., Managing in the Modular Age: Architectures, Networks and Organizations (Blackwell, 2003).
Nicolai J. Foss and Peter G. Klein, eds., Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization (Elgar, 2002).
Nicolai J. Foss and Volker Mahnke, eds., Competence, Governance, and Entrepreneurship: Advances in Economic Strategy Research (Oxford, 2000).
Nicolai J. Foss and Paul L. Robertson, eds., Resources, Technology, and Strategy: Explorations in the Resource-based Perspective (Routledge, 2000).

%d bloggers like this: