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


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  • Agnès Festré

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)


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 ofthese 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 two following sections deal with Hayek and Schumpeter's respective accounts as well ascritical reconstruction of this tradition. A close examination of their respective treatments ofthe banking system and its effects on economic productive structures then allows to see in anew light the theoretical question of the impact of credit on economic dynamics and its related policy proposals in a different light. The last section is dedicated to a comparison between Hayek and Schumpeter's views of the dynamics of monetary economies and their corresponding policy issues.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00271372.

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Date of creation: 2002
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Publication status: Published, The American Journal of Economics and Sociology, 2002, 61, 2, 439-480
Handle: RePEc:hal:journl:halshs-00271372

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Keywords: Money ; banking ; credit theory ; monetary business cycle theory ; Wicksell ; Hayek ; Schumpeter ; von Mises;

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  1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521641739.
  2. Laidler, D., 1992. "Hayek on Neutral Money and the Cycle," UWO Department of Economics Working Papers, University of Western Ontario, Department of Economics 9206, University of Western Ontario, Department of Economics.
  3. White, Lawrence H, 1999. "Hayek's Monetary Theory and Policy: A Critical Reconstruction," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 31(1), pages 109-20, February.
  4. Hans-Michael Trautwein, 1996. "Money, Equilibrium, and the Business Cycle: Hayek's Wicksellian Dichotomy," History of Political Economy, Duke University Press, vol. 28(1), pages 27-55, Spring.
  5. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198284239, October.
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Cited by:
  1. Agnès Festré, 2006. "Knut Wicksell and Ludwig von Mises on Money, Interest and Price Dynamics," Post-Print, HAL halshs-00272399, HAL.
  2. Vanberg, Viktor J., 2008. "Schumpeter and Mises as 'Austrian economists'," Freiburg Discussion Papers on Constitutional Economics 08/2, Walter Eucken Institut e.V..


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