Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter

Abstract

ABSTRACT. This paper examines and compares, in both historical and theoretical perspectives, Hayek and Schumpeter's account of the role played by banks and credit in their respective explanations of business cycles. The first section is focused on the common inheritance of these two authors, which can be traced back to Wicksell, going from Mises whose Theory of Money and Credit provides, as we shall see, a crucial link in this perspective.

Los Fundamentos Mengerianos De La Escuela Austriaca De Economía Y La Teoría Austriaca Del Ciclo Económico: Vínculos Y Controversias

“…En esta economía circular hay reacciones a eventos externos, hay progreso, aumento de la población y del capital, pero no hay "desarrollo, que consiste principalmente en emplear los recursos existentes de una manera diferente, en hacer cosas nuevas con ellos" (Schumpeter 1943, p. 65). El papel del dinero en esta economía circular es limitado: el dinero cumple el propósito de la unidad de cuenta y facilita la circulación de mercancías dentro de la economía (Festre, 2002). 5 Para Schumpeter, a efectos prácticos, el Capital y el Interés son conceptos que tienen relevancia cuando de repente unos agentes con capacidad de liderazgo ponen en marcha un proceso de innovación y de desarrollo económico.…”

“…Ver también: McCaffrey (2013) sobre las diferencias entre Schumpeter and Mises.4 Schumpeter tenía una relación ambivalente con la Escuela Austriaca(Salerno 1999b, Festre 2002. Schumpeter no es considerado parte de la Escuela Austriaca(Haberler 1951.…”

On the intellectual foundations of Hayek’s and Schumpeter’s economics: an appraisal

“…The task of comparing Hayek's and Schumpeter's contributions regarding these fields has already been done perfectly by Agnès Festré (Festré /2004). We will therefore only relate in this paper her contributions to our two first sections.…”

Macroeconomic Analysis and Individual Economic Rationality: Some Lessons from Wicksell, von Mises and Schumpeter

“…Ludwig Mises is often presented as an inheritor of Wicksell (see, for instance, Seccareccia 1990, Laidler 1991, Bellofiore 1998, Festré 2002b, Leijonhufvud 1981 even if this filiation is sometimes underestimated in the literature. However, in contrast to Schumpeter, Mises did 22 halshs-00271370, version 1 -11 Dec 2008 not accept Wicksell's conception of the circular flow.…”

“…Our re-lecture of Mises' theory of economic dynamics provides a new opportunity to contrast his views with those of Schumpeter (Festré 2002b). These differences do not conceal however the substantial analogies between both contributions.…”