Macroeconomic analysis and individual economic rationality: some lessons from Wicksell to Schumpeter and von Mises
AbstractThe purpose of this contribution is to investigate the problem of the room attributed to individual economic rationality by circulation approaches. Our investigation will not privilege however the modern contributions of this approach but will instead utilize the works of some economists of the past, namely, Knut Wicksell, Josef Schumpeter and Ludwig von Mises. Our first section will recall how the modern ‘circulation approach' considers the problem of the compatibility between economic individual rationality and macroeconomic analysis and how this problem emerged in Wicksell's original theory of a pure credit economy. Section 2 will focus on the transition from Schumpeter's circular flow to economic development and show how it is directly related to the problem of economic rationality. Section 3 will show that Mises' conception of economic progress emphasizes the importance of consumers and producers' individual behaviours. In the last section, we will finally draw some conclusions from our previous investigation of Wicksell, Schumpeter and Mises' works and confront them to the developments of the modern circulation approach.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00271370.
Date of creation: 2005
Date of revision:
Publication status: Published, The Monetary Theory of Production: Tradition and Perspectives, Routledge (Ed.), 2005, 23-38
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00271370/en/
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
Individual economic rationality ; macroeconomic analysis ; knowledge ; beliefs;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Enrico Santarelli & Enzo Pesciarelli, 1990. "The Emergence of a Vision: The Development of Schumpeter's Theory of Entrepreneurship," History of Political Economy, Duke University Press, vol. 22(4), pages 677-696, Winter.
- Edward J. Nell, 1967. "Wicksell's Theory of Circulation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 386.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.