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Die Geldordnungstheorie der Freiburger Schule

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  • Köhler Ekkehard A.

    (Universität SiegenFreiburgGermany)

Abstract

This article illustrates the emergence and key insights of the monetary thought in the Freiburg School of Economics – the intellectual root of ordoliberalism. It shows that capital theory shaped the Freiburg School’s approach to monetary theory. Nevertheless, the monetary regime proposals by the founding generation of the Freiburg School were remarkably diverse ranging from a powerful central bank to a Free-Banking regime. The proposals are discussed from the perspective of monetary order theory. With this perspective, the Freiburg School analyzed predicted outcomes of hypothetical monetary constitutions tacitly assuming methodological individualism and rational choice of actors to finally evaluate if predictability in the value of money could be expected. Eucken’s monetary institutionalism adopted key insights from the discussion in the 1930’s Chicago School of Economics while his capital theory remained in the statist world of Böhm-Bawerk tradition.

Suggested Citation

  • Köhler Ekkehard A., 2019. "Die Geldordnungstheorie der Freiburger Schule," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 70(1), pages 21-49, December.
    • Handle: RePEc:bpj:ordojb:v:70:y:2019:i:1:p:21-49:n:4
    DOI: 10.1515/ordo-2020-0005
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    Keywords

    Monetary Institutionalism; Freiburg School of Economics; Ordoliberalism; Central Bank; Capital Theory; Chicago Plan; Commodity Reserve; Geldordnungstheorie; Freiburger Schule; Geldverfassung; Kapitaltheorie; Geldsysteme; Chicago-Plan; Waren-Reserve-Währung; Zentralbanken; Monetary Institutionalism; Freiburg School of Economics; Ordoliberalism; Central Bank; Capital Theory; Chicago Plan; Commodity Reserve;
    All these keywords.

    JEL classification:

    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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