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Money, cycles and capital formation: von Mises the "Austrian" vs. Robertson the "Dynamist"

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  • Lilia Costabile

Abstract

A 'disequilibrium' between saving and investment decisions determines a maladjustment in production, the disruption of capital, and a downturn in economic activity, according to the 'Austrian' approach. By contrast, the 'Dynamists' argue that it may lead to economic growth, as disequilibrium may well be instrumental to capital accumulation. What explains these different predictions in otherwise similar models? The key is in the interplay between the analytical features and the ideological options underlying each of these approaches: alternative lines of thought, entirely compatible with their analytical models, were abandoned by some of these authors when they conflicted with their pre-analytical views. This paper illustrates the argument by exploring the models of two 'fathers', von Mises and Robertson. Copyright 2005, Oxford University Press.

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  • Lilia Costabile, 2005. "Money, cycles and capital formation: von Mises the "Austrian" vs. Robertson the "Dynamist"," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(5), pages 685-707, September.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:5:p:685-707
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    File URL: http://hdl.handle.net/10.1093/cje/bei021
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    Cited by:

    1. Giuseppe Fontana, 2006. "The 'New Consensus' View of Monetary Policy: A New Wicksellian Connection?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(2), pages 263-278.
    2. Costabile, Lilia, 2009. "Current global imbalances and the Keynes Plan: A Keynesian approach for reforming the international monetary system," Structural Change and Economic Dynamics, Elsevier, vol. 20(2), pages 79-89, June.
    3. Lilia Costabile, 2015. "Augusto Graziani: Theoretician, Applied Economist, Historian of Economic Thought—An Appraisal," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(2), pages 155-170, July.

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