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On the evaluation of Menger's theoretical evolution, or a story on "four Mengers"

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  • Kavaliou, A.

    (Belarusian National Technical University, Minsk, Belarus)

Abstract

The article analyzes some directions of the evolution of scientific thought of the founder of the Austrian School C. Menger, which became the subject of discussions in the last decade. It is shown that it is wrong to tract changing of his definition of the "capital" as a principal reversal. It is just a different accent: on the one hand, capital is a homogeneous fund for generating future income, and on the other, it realized in the heterogeneous capital goods. Money as an organic institution by its origin is combined with the possibility of the state's influence on its improvement. Classical liberalism as a worldview basis of the theory does not contradict the performance of certain economic functions by the state. The introduction to the analysis of human associations as an uber-individual agent with their own needs and demands for goods, however, does not mean Menger's abandon of the methodological individualism. The main method is the content analysis of both well-known and less-known his works, including the second posthumous edition of "Grundsatze der Volkswirtschaftslehre".

Suggested Citation

  • Kavaliou, A., 2020. "On the evaluation of Menger's theoretical evolution, or a story on "four Mengers"," Journal of the New Economic Association, New Economic Association, vol. 45(1), pages 44-63.
    • Handle: RePEc:nea:journl:y:2020:i:45:p:44-63
    DOI: 10.31737/2221-2264-2020-45-1-2
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    References listed on IDEAS

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    1. Jaffe, William, 1976. "Menger, Jevons and Walras De-Homogenized," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 511-524, December.
    2. Harald Hagemann & Tamotsu Nishizawa & Yukihiro Ikeda (ed.), 2010. "Austrian Economics in Transition," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28161-5, September.
    3. Giandomenica Becchio, 2014. "Social Needs, Social Goods, and Human Associations in the Second Edition of Carl Menger’s Principles," History of Political Economy, Duke University Press, vol. 46(2), pages 247-264, Summer.
    4. Michael Latzer & Stefan W. Schmitz (ed.), 2002. "Carl Menger and the Evolution of Payments Systems," Books, Edward Elgar Publishing, number 2630.
    5. Endres, Anthony M. & Harper, David A., 2011. "Carl Menger And His Followers In The Austrian Tradition On The Nature Of Capital And Its Structure," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(3), pages 357-384, September.
    6. Kuznetsov, Yuri, 1997. "Fiat Money as an Administrative Good," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 10(2), pages 111-114.
    7. Kiichiro Yagi, 1993. "Carl Menger's Grundsätze in the Making," History of Political Economy, Duke University Press, vol. 25(4), pages 697-724, Winter.
    8. Braun, Eduard, 2014. "The Menger–Lachmann Trajectory On Capital: A Comment On Endres And Harper," Journal of the History of Economic Thought, Cambridge University Press, vol. 36(1), pages 97-102, March.
    9. Giandomenica Becchio, 2014. "Carl Menger on States as Orders, not Organizations: Entangled Economy into a Neo-Mengerian Approach," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 55-66, Emerald Group Publishing Limited.
    10. Vladimir Avtonomov, 2018. "Austrian economics and its reception in different countries," Russian Journal of Economics, ARPHA Platform, vol. 4(1), pages 1-7, April.
    11. Menger, Carl, 1892. "On the Origins of Money," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 2, pages 239-255.
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    More about this item

    Keywords

    Menger; Austrian school; methodological individualism; money; capital; economic liberalism;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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