Language is thus a prime example of what the Austrian economist
Friedrich Hayek calls "spontaneous order.
In this sense, East Asia's economies have embraced the process of "creative destruction" described by the Austrian economist
Joseph Schumpeter, whereby the economic structure is continually revolutionised from within.
The Austrian economist
Joseph Schumpeter talked about the "perennial gale of creative destruction" that howls through the business world.
Some economists are now pointing out that we also need to be aware that economic cycles - first identified by Austrian economist
Joseph Schumpeter in his book Business Cycles, published in 1939.
This year s two prize-winning papers, which were selected from numerous excellent submissions, address particularly topical economic policy issues and display outstanding academic quality: Systemic Sovereign Risk: Macroeconomic Implications in the Euro Area by Saleem Abubakr Bahaj, University of Cambridge, and Information Frictions and the Law of One Price: 'When the States and the Kingdom became United by Claudia Steinwender, an Austrian economist
currently at the London School of Economics.
The Austrian economist
will work with a group of ten to scrutinise the feasibility of joint issuance of European debt from a political, economic and legal point of view.
Rather than the "perennial gale of creative destruction" Austrian economist
Schumpeter used to describe innovation, Prof Swann likened its force to more of a gentle breeze.
Now, it has missed the train," the Austrian economist
said, referring to Cyprus' bid to have an aid package approved before the end of the year.
Such a transformation by means of radical innovation or "creative destruction," as termed by Austrian economist
Joseph Schumpeter, is the foundation of Topol's expose of a not-so-distant future when the frontier of individual genomic data, wireless physiologic biosensors, and personal health records rescue medicine, as we know it, from its current path toward fiscal self-destruction.
Creative destruction," said by the Austrian economist
Joseph Schumpeter to be the defining characteristic of capitalism, has not destroyed the demand for coal or the need for Coal Age to cover it.
Rather, as the Austrian economist
Ludwig von Mises emphasized, they are a reflection of people's aggregate time preference - or desire for present versus future satisfaction - not a determinant of it.
Hayek grew up in Austria and studied under the famous Austrian economist
Friedrich von Wieser.