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Carl Menger And His Followers In The Austrian Tradition On The Nature Of Capital And Its Structure

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  • ENDRES, ANTHONY M.
  • HARPER, DAVID A.

Abstract

We examine various, sometimes divergent, conceptions of capital and its structure in the Austrian tradition from Menger (1871) to Lachmann (1956). We outline Menger’s methodological and philosophical position that recommends investigating the morphology of capital—its shape, form, and structure; it also recommends maintaining some “realisticness” in the treatment of capital in economics. Prominent Austrian contributions are examined and compared along various dimensions: the existence or otherwise of “original” factors of production; time conceptions; analytical domain assumptions; real and money capital doctrines; the causal role of the entrepreneur in creating capital; and the fundamental question of capital aggregation into a stock or fund. We consider the extent to which Menger’s avowed followers and successors diverged from his original vision of capital, subsequent consequences for the development of Austrian capital theory, and implications of Mengerian structural analysis for the study of capital more generally.

Suggested Citation

  • 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.
    • Handle: RePEc:cup:jhisec:v:33:y:2011:i:03:p:357-384_00
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    Cited by:

    1. 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.
    2. Harper, David A. & Endres, Anthony M., 2012. "The anatomy of emergence, with a focus upon capital formation," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 352-367.
    3. Zheng, Shuxian & Zhou, Xuanru & Zhao, Pei & Xing, Wanli & Han, Yawen & Hao, Hongchang & Luo, Wenbo, 2022. "Impact of countries’ role on trade prices from a nickel chain perspective: Based on complex network and panel regression analysis," Resources Policy, Elsevier, vol. 78(C).
    4. Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    5. Ferdinando Meacci & Carmelo Ferlito, 2018. "The classical roots of the Austrian theory of capital and entrepreneurship," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(3), pages 315-339, September.
    6. Victor I. Espinosa & Miguel A. Alonso Neira & Jesús Huerta de Soto, 2021. "Principles of Sustainable Economic Growth and Development: A Call to Action in a Post-COVID-19 World," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    7. Eduard Braun, 2015. "Carl Menger’s Contribution to Capital Theory," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 23(1), pages 77-100.
    8. Peter Lewin & Nicolás Cachanosky, 2018. "Value and capital: Austrian capital theory, retrospect and Prospect," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(1), pages 1-26, March.

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