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Book part
Publication date: 30 November 2016

Bruce Caldwell

The paper offers a number of vignettes surrounding Friedrich A. Hayek’s receipt of the Nobel Prize. It examines Hayek’s life before he got the prize, describes the events…

Abstract

The paper offers a number of vignettes surrounding Friedrich A. Hayek’s receipt of the Nobel Prize. It examines Hayek’s life before he got the prize, describes the events in Stockholm, and offers a summary of the main themes of his Prize Lecture. It then examines the subsequent impact on Hayek’s life and career. It concludes by looking at the impact of the Prize on scholarship about Hayek and the Austrian movement.

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Revisiting Hayek’s Political Economy
Type: Book
ISBN: 978-1-78560-988-6

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Article
Publication date: 1 March 1988

H. Visser

The epithet “Austrian” in “Austrian economics” is applied to the work of economists as far apart in time as Carl Menger, whose Grundsätze der Volkswirthschaftslehre

Abstract

The epithet “Austrian” in “Austrian economics” is applied to the work of economists as far apart in time as Carl Menger, whose Grundsätze der Volkswirthschaftslehre (Principles of Political Economy) first appeared in 1871, and Ludwig Lachmann, Israel Kirzner and Murray Rothbard, writing a century or more later. It would be vain to attempt to define Austrian economics by a set of beliefs, commonly held by its adherents. There is much to be said for following Zuidema (1987), who prefers to speak of “styles” rather than “schools”. This implies that there need be no clear‐cut dividing lines between Austrians and the rest of the economics fraternity and that not all those dubbed “Austrian” are necessarily “typically” Austrian all of the time. There certainly seems to be a style of reasoning that can be seen as specifically Austrian. Some of the components of a “style” mentioned by Zuidema are:

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Journal of Economic Studies, vol. 15 no. 3/4
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 10 July 2020

Reinhard Schumacher and Scott Scheall

During the last years of his life, the mathematician Karl Menger worked on a biography of his father, the economist and founder of the Austrian School of Economics, Carl…

Abstract

During the last years of his life, the mathematician Karl Menger worked on a biography of his father, the economist and founder of the Austrian School of Economics, Carl Menger. The younger Menger never finished the work. While working in the Menger collections at Duke University’s David M. Rubenstein Rare Book and Manuscript Library, we discovered draft chapters of the biography, a valuable source of information given that relatively little is known about Carl Menger’s life nearly a hundred years after his death. The unfinished biography covers Carl Menger’s family background and his life through early 1889. In this chapter, the authors discuss the biography and the most valuable new insights it provides into Carl Menger’s life, including Carl Menger’s family, his childhood, his student years, his time working as a journalist and newspaper editor, his early scientific career, and his relationship with Crown Prince Rudolf.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Economists and Authoritarian Regimes in the 20th Century
Type: Book
ISBN: 978-1-83867-703-9

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Article
Publication date: 1 March 1990

Volker Nienhaus

1. Reason as the Source of Knowledge For medieval men, the existence of a personal and acting God was beyond any doubt. They were convinced that God intervenes into and…

Abstract

1. Reason as the Source of Knowledge For medieval men, the existence of a personal and acting God was beyond any doubt. They were convinced that God intervenes into and interferes with the course of the world. The acting of God was a main factor for the explanation of natural phenomena. But with the passing of time, the understanding of nature improved and more and more phenomena could be explained by appeal to reason only and without recourse to actions of God. It became the general opinion that natural phenomena are subject to invariable natural laws. This clear departure from the God‐related understanding of nature happened when modern philosophy emerged in the 17th and 18th century. This modern philosophy saw nature as a mechanic construction. One of the leading philosophers of that period, Rene Descartes, argued that the laws of mechanics are the laws of nature. Descartes, the founder of rationalistic philosophy, was no atheist, but when he referred to God, it was only to become sure that what is clear (and rational) is also true.

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Humanomics, vol. 6 no. 3
Type: Research Article
ISSN: 0828-8666

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Book part
Publication date: 4 March 2015

Rustam Jamilov and Yusaf H. Akbar

This paper introduces the readers to Neo-Transitional Economics – a volume which aspires to reinvigorate scholarly interest in transition economics research. The classical…

Abstract

This paper introduces the readers to Neo-Transitional Economics – a volume which aspires to reinvigorate scholarly interest in transition economics research. The classical transition storyline is briefly revisited, and new directions for empirical and policy-relevant research that target post-transition economies in the post-crisis paradigm are highlighted.

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Article
Publication date: 1 March 1985

Tomas Riha

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and…

Abstract

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

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International Journal of Social Economics, vol. 12 no. 3/4/5
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 August 2005

Kiichiro Yagi

To establish the place of Karl Knies in the history of economics of the German‐speaking academics.

Abstract

Purpose

To establish the place of Karl Knies in the history of economics of the German‐speaking academics.

Design/methodology/approach

Knies's economics teaching is summarized on the basis of a student's notebook of the course on general economics in Heidelberg, 1886. Knies's relation with two Austrian visitors, Friedrich Wieser and Eugen Böhm‐Bawerk, is explored. Finally, Knies's influence on Max Weber and Weber's difference from Knies is discussed.

Findings

This paper provides the structure and the summary of Knies's lecture, illuminates his inability to grasp the significance of Austrian value theory, and shows the new position that Max Weber acquired by absorbing the Austrian theory into the framework of historicism.

Research limitations/implications

The comparison of (possibly) remaining notes of Knies's lectures may reveal the development as well as the wide coverage of his teaching in Heidelberg. Knies's influence on Max Weber should be studied more in detail by an archival investigation of young Weber's unpublished writings.

Originality/value

The mild and synthetic feature of the real teaching of Knies, “the methodologist of the Historical School”, and the true distinction of the Austrian value theory from the “use value” theory of German economists are shown clearly. Thus, the relation between Historicists and Austrians is established from the viewpoint of the economic theory.

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Journal of Economic Studies, vol. 32 no. 4
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 23 July 2016

Janek Wasserman

Historians of economic thought have begun to reintegrate “un-Austrian” Austrians back into discussions of Austrian Economics, yet many scholars have argued that the…

Abstract

Historians of economic thought have begun to reintegrate “un-Austrian” Austrians back into discussions of Austrian Economics, yet many scholars have argued that the Austrian School dissolved after emigration, with only Mises and his followers left to carry on the legacy. This chapter argues that a renewed focus on the networks established by the Austrians themselves, before and after emigration, reveals a distinctly different picture of Austrian Economics. Focusing on their shared interest in international trade theory and business cycle theory and their continued contributions to economic methodology, we see the émigré Austrians advancing Austrian ideas while also reconstituting and elaborating new Austrian affiliations. Ultimately, we find ourselves in agreement with Herbert Furth that Austrian Economics is far broader than Hayek, Mises, and their acolytes would have it, and that it is vital to understand and preserve this more diverse tradition by investigating more closely the works of Haberler, Machlup, Morgenstern, and others.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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Book part
Publication date: 23 July 2016

Hansjörg Klausinger

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) provides a prominent example of the Viennese economic circles and associations that more than…

Abstract

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) provides a prominent example of the Viennese economic circles and associations that more than academic economics dominated scientific discourse in the interwar years. For the first time this chapter gives a thorough account of its history, from its foundation in 1918 until the demise of its long-time president, Hans Mayer, 1955, based on official documents and archival material. The topics treated include its predecessor and rival, the Gesellschaft österreichischer Volkswirte, its foundation in 1918 soon to be followed by years of inactivity, the relaunch by Mayer and Mises, the survival under the NS-regime and the expulsion of its Jewish members and the slow restoration after 1945. In particular, an attempt is made to provide a list of the papers presented to the NOeG, as complete as possible, for the period 1918–1938.

Details

Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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Article
Publication date: 1 April 2003

Anghel N. Rugina

Discusses, after an introduction, Hayek’s life from his early Viennese upbringing and his education at Vienna University, plus his further work at New York University and…

Abstract

Discusses, after an introduction, Hayek’s life from his early Viennese upbringing and his education at Vienna University, plus his further work at New York University and the London School of Economics, the University of Chicago and several notable others. Covers his lecture in 1974 about the pretence of knowledge and his ideals. Declares that the lecture contains good advice in all sciences.

Details

International Journal of Social Economics, vol. 30 no. 4
Type: Research Article
ISSN: 0306-8293

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