Austrian School of Economics: A history of its ideas, ambassadors, and institutions PDF
Preview Austrian School of Economics: A history of its ideas, ambassadors, and institutions
The Austrian School of Economics The Austrian School of Economics A History of Its Ideas, Ambassadors, and Institutions Eugen Maria Schulak and Herbert Unterköfler Translated by Arlene Oost-Zinner Copyright © 2011 by the Ludwig von Mises Institute Published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 Ph: (334) 844-2500 Fax: (334) 844-2583 mises.org 10 9 8 7 6 5 4 3 2 1 ISBN: 978-1-61016-134-3 Translator’s Note The goal of this translation is accurately to convey the content of its original German counterpart, as well as the breezy style of its unmistakably Austrian authors. Word choice was of prime consideration throughout, followed by clear English syntax and contemporary idiomatic usage. The book contains many citations from German works never before translated. All passages falling into this category have been rendered in English for the first time in this edition. The translator wishes to thank Douglas French and Jeffrey Tucker of the Mises Institute for bringing this important project to her attention; Nathalie Charron Marcus for countless hours of tracking down details; and Robert Grözinger, whose preliminary translation proved helpful throughout. Auburn, Alabama February 5, 2011 Contents Preface to the English Edition Preface The Austrian School in Brief 1. Vienna in the Mid-Nineteenth Century 2. Economics as an Academic Discipline 3. The Discovery of the Self: The Theory of Subjective Value 4. The Emergence of the Austrian School in the Methodenstreit 5. Carl Menger: Founder of the Austrian School 6. Time is Money: The Austrian Theory of Capital and Interest 7. Friedrich von Wieser: From Economist to Social Scientist 8. Eugen von Böhm-Bawerk: Economist, Minister, Aristocrat 9. Emil Sax: The Recluse from Voloska 10. Further Students of Menger and Other Supporters 11. Money Makes the World Go Round: The Monetary Theory of the Business Cycle 12. Joseph A. Schumpeter: Maverick and Enigma 13. Schumpeter’s Theory of Economic Development 14. The Austrian School’s Critique of Marxism 15. 1918 and the Consequences of War: The Imminent Collapse 16. Between the Wars: From Re-formation to Exodus 17. Ludwig von Mises: The Logician of Freedom 18. Friedrich August von Hayek: Grand Seigneur on the Fence 19. Other Members of the Younger Austrian School 20. Praxeology: A New Start from Ludwig von Mises 21. Friedrich August von Hayek’s Model of Society and His Theory of Cultural Evolution 22. The Entrepreneur 23. The Rejected Legacy: Austria and the Austrian School After 1945 24. The Renaissance of the old ‘Viennese’ School: The New Austrian School of Economics Abbreviations References Index Preface to the English Edition When preparations for the 2008 German edition were complete, the prospect of an English translation lay in the far distance. That it would come about so quickly, only shortly after the German edition’s appearance in 2009, is owed to our friend and mentor, Hans-Hermann Hoppe. He not only lent his support and good counsel in the case of the first German edition— now in its second edition —but also brought it to the attention of the Ludwig von Mises Institute, suggesting it publish a translated edition. This development is without doubt a great joy for the authors. Along with it comes the expectation that the recast contents will reach a much wider audience than ever before. Whoever believes that the honor of having one’s work translated includes the convenient self-contentment of looking on as others labor with the same text one had successfully concerned himself with years before, makes a formidable error. Rendering a comprehensive bibliography in another language in a user-friendly way is alone a task that can scarcely be brought to perfection. All in all, the pitfalls of translation are numerous, unexpected, and theoretically endless, especially in the scientific literature. This is ever more the case when intellectual or political schools of thought are to be conveyed across culture or language groups, preferably without losing meaning. The many discontinuities, violent upheavals, and contradictions in the history of middle Europe, wherein ideas, institutions, and terms were repeatedly in need of turning upside down and reframing, pose unusual problems. Take the question, for example, of whether certain historical personalities should be cited according to their legal names or according to the inherited, aristocratic titles they carried with them to foreign lands. Further, one stumbles upon the limits of language when fundamental, historically authentic but long antiquated German terms are to be rendered in a modern foreign language; or if no English equivalents for the baroque multiplicity of official titles, position descriptions, and service categories of the Austrian bureaucracy or European universities are readily found. A first translation was undertaken by Robert Grözinger and financed by André Homberg, and appeared as an online version at Mises.org. Upon the wish of the publisher and the authors, it was replaced by the present edition, which Arlene Oost-Zinner attended to in an exemplary manner. Veronika Poinstingl offered significant help with research and correction, as did Rahim Taghizadegan and Gregor Hochreiter of the Institut für Wertewirtschaft (Institute for Value-Based Economics) in Vienna. The title of the German edition, Die Wiener Schule der Nationalökonomie (The Viennese School of Economics), which emphasized Vienna’s natural role in the history of the “old” Austrian School of Economics, was modified. We ultimately decided that the internationally established, technical term was the most appropriate for the English edition, despite the fact that the Austrian School originated in Vienna and it was there that it experienced its first bloom and first international recognition. We thank all of our friends, advisors, translators, and supporters for their work and cooperation on this book. Their efforts have made the present edition possible. Special thanks are due our publisher, Douglas French, president of the Ludwig von Mises Institute in Auburn, Alabama, who actively supported our work. Finally, we wish to extend our sincere and loving thanks to those in closer proximity—Elvira and Veit Georg, and Kerstin—for their abundant support. Eugen Maria Schulak Herbert Unterköfler Vienna, January 2011
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