IDEAS home Printed from https://ideas.repec.org/a/nea/journl/y2020i45p44-63.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.econorus.org/repec/journl/2020-45-44-63r.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.31737/2221-2264-2020-45-1-2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    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, December.
    3. Michael Latzer & Stefan W. Schmitz (ed.), 2002. "Carl Menger and the Evolution of Payments Systems," Books, Edward Elgar Publishing, number 2630, March.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. Kiichiro Yagi, 1993. "Carl Menger's Grundsätze in the Making," History of Political Economy, Duke University Press, vol. 25(4), pages 697-724, Winter.
    9. Yukihiro Ikeda, 2008. "Carl Menger's monetary theory: A revisionist view," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 15(3), pages 455-473.
    10. 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.
    11. 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.
    12. Vladimir Avtonomov, 2018. "Austrian economics and its reception in different countries," Russian Journal of Economics, ARPHA Platform, vol. 4(1), pages 1-7, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. 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.
    3. Dimitrios P Tsomocos & F.H. Capie & City UniversityG.E. Wood & Bank of England and City University, 2005. "Modelling Institutional Change in the Payments System, and its Implications for Monetary Policy," Economics Series Working Papers 2005-FE-01, University of Oxford, Department of Economics.
    4. Gilles Campagnolo, 2022. "Was Menger Aristotelian? A Rejoinder and Clarification," Post-Print hal-03896083, HAL.
    5. David A. Harper & Anthony M. Endres, 2023. "Menger’s precursors in the German subjective-value tradition and his advancements in the theory of wants and goods," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 217-245, June.
    6. 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.
    7. Thomas I. Palley, 2008. "Endogenous Money: Implications for the Money Supply Process, Interest Rates, and Macroeconomics," Working Papers wp178, Political Economy Research Institute, University of Massachusetts at Amherst.
    8. Ács, Attila, 2014. "Pénzintézeti mérlegadatok monetáris politikai újraértelmezése. A brókerkereskedő szervezetek reálgazdasági és likviditási jelentősége [Reconsidering the role of financial institutions balance sheet," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 166-192.
    9. Gilles Campagnolo, 2022. "Carl Menger on time and entrepreneurship," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(5), pages 817-835, September.
    10. Sandye Gloria-Palermo, 2015. "Menger contre Walras," GREDEG Working Papers 2015-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    11. Yukihiro Ikeda, 2011. "The Development of Economic Theories in Germany: From Karl Heinrich Rau to Wilhelm Roscher," Chapters, in: Heinz D. Kurz & Tamotsu Nishizawa & Keith Tribe (ed.), The Dissemination of Economic Ideas, chapter 4, Edward Elgar Publishing.
    12. Sandra J. Peart & David M. Levy, 2023. "Menger and Jevons: beliefs and things," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 271-287, June.
    13. Emiliano Giupponi, 2022. "Influenciadores y su importancia para la adopción de bitcoin," Asociación Argentina de Economía Política: Working Papers 4567, Asociación Argentina de Economía Política.
    14. Eric Tymoigne, 2014. "Monetary Mechanics: A Financial View," Economics Working Paper Archive wp_799, Levy Economics Institute.
    15. Rajeev, Meenakshi, 2012. "Search cost, trading strategies and optimal market structure," Economic Modelling, Elsevier, vol. 29(5), pages 1757-1765.
    16. Luo, Guo Ying, 1998. "The evolution of money as a medium of exchange," Journal of Economic Dynamics and Control, Elsevier, vol. 23(3), pages 415-458, November.
    17. Zhang, Cathy, 2014. "An information-based theory of international currency," Journal of International Economics, Elsevier, vol. 93(2), pages 286-301.
    18. David A. Spencer, 2013. "Integrating economics with the other human (and related) sciences: some initial considerations," Working papers wpaper01, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    19. Gilbert Bougi & Helmi Hamdi, 2007. "La crédibilité de la banque centrale face aux défis de la monnaie électronique," CAE Working Papers 56, Aix-Marseille Université, CERGAM.
    20. 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.

    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

    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:nea:journl:y:2020:i:45:p:44-63. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexey Tcharykov (email available below). General contact details of provider: https://edirc.repec.org/data/nearuea.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.