The Austrian School of Economics: A history of its ideas, ambassadors, and institutions

262 Pages·2011·1.66 MB·English

by  Eugen-Maria Schulak

e Austrian School of Economics

e Austrian School of Economics
A History of Its Ideas, Ambassadors, and Institutions
Eugen Maria Schulak
and
Herbert Unterköfler
TranslatedbyArleneOost-Zinner
Ludwig
von Mie
Intitute
AUBURN,ALABAMA
Copyright©2011bytheLudwigvonMisesInstitute
PublishedundertheCreativeCommonsAttributionLicense3.0.
http://creativecommons.org/licenses/by/3.0/
LudwigvonMisesInstitute
518WestMagnoliaAvenue
Auburn,Alabama 36832
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Fax: [phone]
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ISBN:978-1-61016-134-3
Translator’s Note
egoalofthistranslationisaccuratelytoconveythecontentofitsoriginal
Germancounterpart,aswellasthebreezystyleofitsunmistakablyAustrian
authors. Wordchoicewasofprimeconsiderationthroughout,followedby
clearEnglishsyntaxandcontemporaryidiomaticusage. ebookcontains
many citations from German works never before translated. All passages
fallingintothiscategoryhavebeenrenderedinEnglishforthefirsttimein
thisedition.
etranslatorwishestothankDouglasFrenchandJeffreyTuckerofthe
MisesInstituteforbringingthisimportantprojecttoherattention;Nathalie
Charron Marcus for countless hours of tracking down details; and Robert
Grözinger,whosepreliminarytranslationprovedhelpfulthroughout.
Auburn,Alabama
February,
v

Contents
PrefacetotheEnglishEdition ix
Preface xi
eAustrianSchoolinBrief xv
1 ViennaintheMid-NineteenthCentury 
2 EconomicsasanAcademicDiscipline 
3 eDiscoveryoftheSelf: eeoryofSubjectiveValue 
4 eEmergenceoftheAustrianSchoolintheMethodenstreit 
5 CarlMenger: FounderoftheAustrianSchool 
6 TimeisMoney: eAustrianeoryofCapitalandInterest 
7 FriedrichvonWieser: FromEconomisttoSocialScientist 
8 EugenvonBöhm-Bawerk: Economist,Minister,Aristocrat 
9 EmilSax: eReclusefromVoloska 
10 FurtherStudentsofMengerandOtherSupporters 
11 MoneyMakestheWorldGoRound: eMonetaryeoryof
theBusinessCycle 
vii
viii CONTENTS
12 JosephA.Schumpeter: MaverickandEnigma 
13 Schumpeter’seoryofEconomicDevelopment 
14 eAustrianSchool’sCritiqueofMarxism 
15 andtheConsequencesofWar: eImminentCollapse 
16 BetweentheWars: FromRe-formationtoExodus 
17 LudwigvonMises: eLogicianofFreedom 
18 FriedrichAugustvonHayek: GrandSeigneurontheFence 
19 OtherMembersoftheYoungerAustrianSchool 
20 Praxeology: ANewStartfromLudwigvonMises 
21 FriedrichAugustvonHayek’sModelofSocietyandHis
eoryofCulturalEvolution 
22 eEntrepreneur 
23 eRejectedLegacy: AustriaandtheAustrianSchoolAfter
 
24 eRenaissanceoftheold‘Viennese’School: eNew
AustrianSchoolofEconomics 
Abbreviations 
References 
Index 
Preface to the English Edition
WhenpreparationsfortheGermaneditionwerecomplete,theprospect
ofanEnglishtranslationlayinthefardistance. atitwouldcomeabout
so quickly, only shortly after the German edition’s appearance in , is
owedtoourfriendandmentor,Hans-HermannHoppe. Henotonlylent
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
LudwigvonMisesInstitute,suggestingitpublishatranslatededition. is
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
audiencethaneverbefore.
Whoever believes that the honor of having one’s work translated in-
cludes 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 an-
other 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.
isis evermorethecase when intellectual orpolitical schools of thought
are to be conveyed across culture or language groups, preferably without
losing meaning. e many discontinuities, violent upheavals, and con-
tradictions 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 cer-
tain 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
ix