Anthony J. Evans

• PhD
• Professor (Full) at ESCP Business School

This article explores the dynamics of modern authoritarian regimes, using Belarus under Alexander Lukashenko as a case study. By examining Belarus’s transition from a “competitive authoritarian” regime to a “hegemonic authoritarian” one from 1994 to 1996 and its further shift from a spin dictatorship to a fear dictatorship in 2020, the study offers...

Because of their novelty, the rise of large platform companies, such as Uber, pose a genuine challenge to our attempts to classify and understand economic activities. This article utilises a broad view of cultural economics and subjectivist economic analysis to provide some clarity. We see how economic analysis is capable of dealing with companies...

This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand brings the economy back towards equilibrium or (2) th...

This article provides a potential denouement of a rich debate about one of the most contentious ethical issues in economics: fractional reserve lending. It provides a considered response to Philipp Bagus, David Howden, and Amadeus Gabriel’s (2017) claim that hybrid contracts are examples of “hubris,” provides some new empirical evidence, and clarif...

It may appear surprising that economists devote such little attention to the heterogeneity nature of entrepreneurship, however there are several possible explanations. The concept represents a well-known tension between typical economic theory and the concept of entrepreneurship itself. When Baumol (1968) and Kirz-ner (1973) wrote their seminal wor...

The natural rate of interest, also known as R*, is a central concept for many monetary economists. Although policymakers and commentators make judgements based on an implicit belief regarding its value, attempts to measure it are quite rare. This article uses productivity data to estimate the natural rate for the UK economy during 1998–2018. It fin...

A recent paper Bank of England paper cast doubt on the ‘textbook’ model of the money multiplier. However, this criticism is inconsistent and misleading. It understates the importance of the central bank's control over the monetary base, and how this influences the money supply. The confusion suggests that it would be more fruitful to conduct analys...

Background. When one economic entity is both a creditor and debtor to another economic entity, a somewhat obvious and simple resolution is to cross-cancel their debts. Aim. To give students experience of researching important data and to conduct a policy-relevant negotiation exercise. Method. We created a classroom simulation in which students were...

This paper is an attempt to contribute to the microfoundations debate by discussing the distinctive methodological characteristics of the Austrian school, and how they relate to different conceptions of equilibrium and general equilibrium models. Further, we shall focus on one specific branch of the Austrian school (those who see markets as exhibit...

This paper investigates the manner in which economic policy promotes entrepreneurship, and how this relates to the monetary sources of the business cycle. Whilst access to finance is commonly seen as a crucial means to generate economic growth, efforts to expand the money supply beyond the stock of real savings leads to systemic crises. Therefore t...

If fractional-reserve demand deposits are common, and illegitimate, an obvious flaw in the banking system is exposed. However, this article maintains that the only reason why demand deposits may be considered illegitimate is because of a way of defining them that renders them almost irrelevant. This article provides a response to Bagus et al. (J Bu...

In light of Wittman (1995) and Caplan (2007) this paper contends that the rational-choice approach to political science (“Public Choice theory”) has reached a dead end. By critiquing their treatment of rationality, knowledge assumptions, and views of the democratic process, an alternative is presented based on the core insight of the “Epistemic Pri...

This article contributes to a recent debate between Barnett and Block (J Bus Ethics 88(4): 711-716, 2009), Bagus and Howden (J Bus Ethics 90(3): 399-406, 2009), Barnett and Block (J Bus Ethics 100: 299-238, 2011), Cachanosky (J Bus Ethics 104: 219-221, 2011) and Bagus and Howden (J Bus Ethics 106: 295-300, 2012a) regarding the conceptual distinctio...

The aim of this paper is twofold: firstly to discuss the foundations of Grid-Group “Cultural Theory” and highlight the compatibility with Austrian economics, and secondly to apply this framework to the context of organisational culture. My claim is that “Corporate Cultural Theory” provides a rigorous and grounded social anthropological framework to...

This article argues that although economic science is not well equipped to make predictions, it is a myth to claim that “no one” saw the financial crisis coming – the economic events that we have experienced were possible to navigate. Section 1 surveys those who saw it coming, demonstrating that the financial crisis was visible and predictable at...

When one economic entity is both a creditor and debtor to another, a somewhat obvious and simple idea is to cross cancel their debt. We created a classroom simulation where students were required to research the debt position of 8 EU countries (Portugal, Ireland, Italy, Greece, Spain, Britain, France and Germany) and then conduct a negotiation exer...

In their recent article in the Quarterly Journal of Austrian Economics, Bagus and Howden (2010) present “quibbles” with fractional-reserve free banking. Specifically, they raise what they call “unaddressed issues” in this system, with a particular emphasis on Selgin (1988). We deem their arguments to be more substantial than “quibbles” and see them...

Purpose The purpose of this paper is to use a case study of Liverpool, UK, to perform a public choice analysis of the governance of Chinatown. This case study is a theoretical application of clubs and interest group theory to ethnic economies. Design/methodology/approach The paper is based on fieldwork conducted in the Chinatown of Liverpool, Engl...

Much of the literature on corporate performance focuses on institutional restructuring, and implicitly assumes that constitutional factors are determined exogenously. Existing theories of the firm—whether a “goal paradigm” or an “exchange paradigm”—provide useful insights; but we find them incomplete because they miss the extent to which companies...

Abstract Ifwe define institutions as the rules of the game (North 1990), it can be hard to separate the cause and effect between ,individual beliefs and cultural context. I utilise “Cultural Theory” (Thompson, Ellis and Wildavsky 1990) which creates a typology of needs and resources, and four logical strategies that derive from an individual’s expe...

The Theory of Money and Credit (1912) is a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the quantity theory is distinct from both the Fisherian and Cambridge versions, and warrants recognition as a third, separate version. After supporting this claim we demonstrate how it...

This article provides a brief survey of contemporary developments in the Austrian school of economics, signalling that: (i) the amount of Austrian research and the number of Austrian researchers is growing exponentially; (ii) good Austrian economists are not being marginalised by the economics profession; and (iii) there have been significant advan...

This paper seeks to provide a distinctly Austrian interpretation of the financial crisis and subsequent recession that affected the UK economy in 2007-2010. In doing so it challenges the conventional wisdom that focuses on poorly aligned incentives, providing a theoretical and empirical claim for the primacy of ignorance explanations. Particular em...

In their recent article in the Quarterly Journal of Austrian Economics, Bagus and Howden (2010) present “quibbles” with fractional reserve free banking. Or specifically, what they call “unaddressed issues” in this system, with a particular emphasis on Selgin (1988). We deem their arguments to be more substantial than “quibbles” and are part of a lo...

Economists tend to view ignorance as “rational,” neglecting the possibility that ignorance is unintentional. This oversight is reflected in economists’ model of “information search,” which can be fruitfully contrasted with “information browsing.” Information searches are designed to discover unknown knowns, whose value is calculable ex ante, such t...

Much of the literature on corporate performance focuses on institutional restructuring, and implicitly assumes that constitutional factors are determined exogenously. This misses the extent to which companies can and do build unique and meaningful constitutional orders. Based on an assumption that the institutions that generate social prosperity ar...

Contemporary economic commentators have a habit of dismissing Austrian business cycle theory on the grounds that the implications for policy responses are unconvincing. Often the 'Austrian' position is misunderstood. But even if we wish to draw on other schools of thought to understand depressions, this does not affect the importance of Austrian in...

This paper attempts to shift the debate between fractional and 100% reserve free banking from issues of fraud to issues of solvency. By drawing attention to the reflux mechanism of “adverse clearings,” “withdrawal notices” and “option clauses” it is argued that fractional reserve “instant access” funds are not necessarily fraudulent. However additi...

This article documents the spread of the Austrian school of economics in central and eastern Europe following the fall of the Berlin Wall. Extensive research based on interviews, fieldwork and archival analysis records the development of distinct epistemic communities throughout the region and the subsequent networks that have emerged to unite them...

Following the 2008/09 financial crisis renewed attention has been given to the ability of central banks to effectively monitor the quantity of money in circulation. We present a new definition of the money supply called “Austrian money supply” (MA) and apply it to the UK economy. Unlike conventional measures this suggests that the UK suffered a mon...

This article discusses the problem of “thought experiments” in Austrian economics and takes as a starting point Lawrence Moss’ argument on the divide between the older Austrian economists—for whom thought experiments were crucial—and the new generation that, in Moss’ view, has “abandoned” such methods. The article is an attempt not only to bridge t...

This unique book develops two different but related research agendas: the study of the spread of 'neoliberalism' - as seen from the perspective of Eastern European post-communist evolutions; and the study of Eastern European transition - as seen from an ideas-centred perspective. It challenges a series of misunderstandings and myths about the sprea...

This unique book develops two different but related research agendas: the study of the spread of 'neoliberalism' - as seen from the perspective of Eastern European post-communist evolutions; and the study of Eastern European transition - as seen from an ideas-centred perspective. It challenges a series of misunderstandings and myths about the sprea...

"Central banks are facing an unprecedented test in the wake of the credit crisis. We briefly outline prevailing theoretical frameworks and argue that central bankers effectively have a choice between three separate frameworks: Vienna, Cambridge and Chicago. Despite Austrian economics being the least acknowledged we survey increasing exposure in mai...

This article seeks to illuminate the phenomenon of whistleblowing (defined as “the unauthorized revelation of wrongdoing”) from the perspective of grid–group “cultural theory” and the capabilities theory of the firm. Stylized facts include a strong sense of group solidarity combined with a rejection of imposed regulations, and this suggests that wh...

We contribute to the debate over the contemporary relevance of the Austrian Business Cycle theory (ABC) by making three theoretical developments. First, we claim that the heterogeneous nature of entrepreneurship is the best means to respond to a Rational Expectations (RE) critique. If entrepreneurs are different then the “cluster of errors” are not...

This article provides epistemic foundations for traditional rational-choice political science, to explain when and how ideas matter. Operational codes, epistemic communities and the structural patterns of ideas demonstrates the constitutional moments that occur during crises, and how ideas can underpin and direct the formation of interest groups. T...

This paper is an exploratory comparative analysis of the spread of the flat tax in postcommunist Eastern Europe. The paper reviews the flat tax as a public policy prescription, discusses the various arguments that underpin its potential reception, introduces and applies a synthetic comparative method to study its spread in eleven East European coun...

Cet article porte sur le problème des expérimentations par la pensée dans la théorie autrichienne et prend comme point de départ l’argument de Lawrence Moss sur la division entre les économistes autrichiens de l’ancienne génération - pour lesquels les expérimentations par la pensée étaient centrales -et ceux de la nouvelle génération qui, d’après M...

This paper is a case study that traces the spread of the flat tax, and analyzes the conditions that are necessary for its adoption. Of most concern are the early adopters, and since by definition there are only a few, empirical cases must be compared to hypothetical cases. By providing the factual history of the flat tax, with biographical accounts...

In this essay I claim that productive markets need not necessarily involve clearly defined and enforced property rights, upon which a price system can be used to allocate resources. I shall pursue this thought by an examination of the mechanisms that facilitate the exchange of economic ideas, and link academic norms to the emerging theoretical just...