IDEAS home Printed from https://ideas.repec.org/p/gre/wpaper/2015-37.html
   My bibliography  Save this paper

Wieser as a Theorist of Institutional Change

Author

Listed:
  • Agnès Festré

    (GREDEG CNRS
    University of Nice Sophia Antipolis, France)

  • Pierre Garrouste

    (GREDEG CNRS
    University of Nice Sophia Antipolis, France)

Abstract

In this contribution, we provide an interpretation of Friedrich von Wieser’s contribution to economics, which pays tribute to the originality of his work, and particularly his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and psychological factors such as force of habit or herd behavior, are the product of human action but also constitute constraints on further action. The section 1 stresses the institutionalist background of Wieser’s economics. We concentrate on Wieser’s general method – which we assimilate to an example of Joseph Agassi’s (1975) institutional individualism – and his analysis of the emergence and evolution of institutions via the dynamics of leaders and masses. In the section 2, we reinforce and illustrate the ‘institutionalist’ stamp of Wieser’s economics by focusing on his work on monetary economics (Wieser 1904, 1909a, 1909b, 1927b) and his analysis of the emergence of money, based on our reading of Wieser’s Social Economics (Wieser [1927a] 1967) and The Law of Power (Wieser [1926] 1983).

Suggested Citation

  • Agnès Festré & Pierre Garrouste, 2015. "Wieser as a Theorist of Institutional Change," GREDEG Working Papers 2015-37, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Handle: RePEc:gre:wpaper:2015-37
    as

    Download full text from publisher

    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2015-37.pdf
    File Function: First version, 2015
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Robert Ekelund & Mark Thornton, 1987. "Wieser and the Austrian connection to social economics," Forum for Social Economics, Springer;The Association for Social Economics, vol. 16(2), pages 1-12, September.
    2. Agnes Festre & Pierre Garrouste, 2008. "Rationality, behavior, institutional, and economic change in Schumpeter," Journal of Economic Methodology, Taylor & Francis Journals, pages 365-390.
    3. Samuels, Warren J., 1983. "The Influence of Friedrich von Wieser on Joseph A. Schumpeter Presidential Address History of Economics Society May, 1982," Journal of the History of Economic Thought, Cambridge University Press, vol. 4(02), pages 5-19, December.
    4. Erich Streissler, 1972. "To What Extent Was the Austrian School Marginalist?," History of Political Economy, Duke University Press, vol. 4(2), pages 426-441, Fall.
    5. Agnes Festre & Eric Nasica, 2009. "Schumpeter on money, banking and finance: an institutionalist perspective," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(2), pages 325-356.
    6. Samuels, Warren & Blitch, Charles P., 1979. "Research Queries," Journal of the History of Economic Thought, Cambridge University Press, vol. 1(02), pages 25-27, June.
    7. Gilles Campagnolo & Christel Vivel, 2012. "Before Schumpeter: forerunners of the theory of the entrepreneur in 1900s German political economy -- Werner Sombart, Friedrich von Wieser," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(6), pages 908-943, December.
    8. Arrigo Opocher, 2005. "FORMALIZING WIESER's THEORY OF DISTRIBUTION: CONSISTENT IMPUTATION IN ALTERNATIVE THEORETICAL PERSPECTIVES," Metroeconomica, Wiley Blackwell, vol. 56(2), pages 200-220, May.
    9. F. H. Knight, 1925. "A Note on Professor Clark's Illustration of Marginal Productivity," Journal of Political Economy, University of Chicago Press, vol. 33, pages 550-550.
    10. Richard Arena & Sandye Gloria-Palermo, 2007. "Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality," Chapters,in: The Evolution of Economic Institutions, chapter 11 Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Wieser; emergence and evolution of institutions; money; economic sociology;

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gre:wpaper:2015-37. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Patrice Bougette). General contact details of provider: http://edirc.repec.org/data/credcfr.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.