The Theory of Dynamic Efficiency

by Jesús Huerta de Soto

This book gathers a collection of English language essays by Jesus Huerta de Soto over the past ten years, examining the dynamic processes of social cooperation which characterize the market, with particular emphasis on the role of both entrepreneurship and institutions. The author s multidisciplinary approach to the subject is in keeping with a trend in economic thought established by the Austrian school of economics; a discourse that had witnessed a significant revival over the last thirty years.Areas covered in this book include an introduction to the theory of dynamic efficiency as an alternative to the standard paretian criteria, an explanation of the differences between the Austrian and the neoclassical approach to economics, a generalized definition of socialism that allows the joint application of the analysis of interventionism, a dynamic Austrian approach to the analysis of free market environmentalism, nationalism, the reform of Social Security and the theory of banking and an evaluation of the role of Spanish Scholastics of the Sixteenth Century. "

Genres: Economics

288 pages, Kindle Edition

First published February 1, 2008

About the author

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.

Reviews

[Josema España · Rating 5 out of 5]

From my point of view this book is a must read if you are into real economic science. Prof. Huerta de Soto wonderfully explains and updates the Austrian theory of dynamic efficiency, and connects it with the ethics of private property. Specially thought-provoking is the idea of "if it's economically efficient it's just and viceversa". A theory that goes beyond the neoclassical approach of static efficiency, therefore allowing us to discover a whole new "world of possibilities" for the creative entrepreneur and, as a result, it opens up a new way of thinking abouta waide range of issues like human development, environmentalism, democracy, etc., where this theory proves itself to be fully applicable.