New Waver of Austrian Economics

Peter J. Boettke was born on January 3, 1960, in Rahway, New Jersey, USA. He earned his B.A. in Economics from Grove City College and completed his Ph.D. in Economics at George Mason University, where he studied under noted economists including Don Lavoie. He is currently a University Professor of Economics and Philosophy at George Mason University, where he also serves as the Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. Boettke is one of the foremost contemporary voices in Austrian economics, and a key figure in the revival of classical liberal and market-based thinking in the academic world.

Boettke’s work centers on the interplay of institutions, incentives, and spontaneous order, drawing from the intellectual tradition of Friedrich Hayek, Ludwig von Mises, and James Buchanan. His scholarship often emphasizes the importance of rules and institutions in enabling economic coordination, particularly within contexts of political or economic transition. One of his central contributions has been in the area of comparative political economy, focusing on the failure of central planning and the dynamics of post-socialist economies.

In books like “Living Economics: Yesterday, Today, and Tomorrow,” Boettke champions the importance of teaching economics as a living discipline grounded in real-world applications rather than sterile formalism. In “Calculation and Coordination: Essays on Socialism and Transitional Political Economy,” he rigorously analyzes the collapse of socialism and the theoretical failures of centrally planned economies, arguing that economic calculation is impossible without market prices. His edited volume, “The Oxford Handbook of Austrian Economics,” stands as a comprehensive reference for those working in or studying the Austrian tradition.

Boettke is widely regarded for his efforts to bridge Austrian economics with the broader field of public choice and institutional economics, positioning him as a unifying figure in heterodox and mainstream circles alike. His teaching, editorial leadership, and public scholarship have helped to expand the influence of Austrian ideas, especially in areas relating to liberty, governance, and economic reform.