Money, Banking and Dynamics

Two Wicksellian Routes from Mises to Hayek and Schumpeter

Bibliographic Data

ID2777779
AuthorsAgnès Festré (0000-0003-3318-7679, Université Côte d'Azur, corresponding author)
Year2002
Volume61
Issue2
Pages439-480
Publication date2002-04-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueAmerican Journal of Economics and Sociology (JOURNAL)
Journal identifiersISSN: 0002-9246 • E-ISSN: 1536-7150
PublisherWiley (PUBLISHER • GB)
DOI10.1111/1536-7150.00168
OpenAlexW1990068283
LanguageEN
References cited6

This paper examines and compares, in both historical and theoretical perspectives, Hayek's and Schumpeter's accounts 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. The following two sections deal with Hayek's and Schumpeter's respective accounts as well as critical reconstruction of this tradition. A close examination of their respective treatments of the banking system and its effects on economic productive structures then allows us to see in a new light the theoretical question of the impact of credit on economic dynamics and its related policy proposals. The last section is dedicated to a comparison between Hayek's and Schumpeter's views of the dynamics of monetary economies and their corresponding policy issues

Austrian School · Business cycle · Dynamics (music) · Economics · Keynesian economics · Macroeconomics · Monetary policy · Neoclassical economics · Perspective (graphical) · Positive economics · Quantity theory of money · Section (typography) · Sociology · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism

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