IDEAS home Printed from https://ideas.repec.org/a/psl/pslqrr/202235.html
   My bibliography  Save this article

Axel Leijonhufvud: A personal recollection from an Austrian perspective

Author

Listed:
  • Carmelo Ferlito

    (Center for Market Education, Malaysia)

Abstract

Professor Axel Leijonhufvud passed away few months ago, at the age of 89. Despite the fact that the contribution he made to economics has been widely recognized, his approach remains 'problematic' because of his dialogue and proximity with different streams of thought, and in particular with the Austrian School. This short recollection, developed from an Austrian perspective, touches only briefly on Leijonhufvud's hybrid interpretation of the Great Recession. More space is instead devoted to analysing his institutional approach to the phenomenon of inflation and its link with monetary policy and monetary regimes. Some reflections are focused on the importance of microfoundations and of studying the market process as a process of inter-temporal coordination, with a final call for humility within the economics profession.

Suggested Citation

  • Carmelo Ferlito, 2022. "Axel Leijonhufvud: A personal recollection from an Austrian perspective," PSL Quarterly Review, Economia civile, vol. 75(302), pages 299-310.
    • Handle: RePEc:psl:pslqrr:2022:35
    as

    Download full text from publisher

    File URL: https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/17888/16892
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carmelo Ferlito, 2014. "The Natural Cycle: WHY Economic Fluctuations are Inevitable. A Schumpeterian Extension of the Austrian Business Cycle Theory," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 200-219.
    2. Axel Leijonhufvud, 2001. "Monetary Theory and Central Banking," International Economic Association Series, in: Axel Leijonhufvud (ed.), Monetary Theory as a Basis for Monetary Policy, chapter 1, pages 1-30, Palgrave Macmillan.
    3. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March.
    4. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 741-757, July.
    5. David Laidler, 2008. "Axel Leijonhufvud and the Quest for Micro-foundations: Some Reflections," Chapters, in: Roger E.A. Farmer (ed.), Macroeconomics in the Small and the Large, chapter 1, Edward Elgar Publishing.
    6. David Prychitko, 2010. "Competing explanations of the Minsky moment: The financial instability hypothesis in light of Austrian theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(3), pages 199-221, September.
    7. A. Leijonhufvud, 1977. "Costs and Consequences of Inflation," International Economic Association Series, in: G. C. Harcourt (ed.), The Microeconomic Foundations of Macroeconomics, chapter 9, pages 265-327, Palgrave Macmillan.
    8. Ferlito, Carmelo, 2011. "Sylos Labini’s Unpublished Notes on Schumpeter’s Business Cycles," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 14(1), pages 88-129.
    9. Julia Korosteleva, 2007. "Maximizing Seigniorage and Inflation Tax: The Case of Belarus," Eastern European Economics, Taylor & Francis Journals, vol. 45(3), pages 33-50, June.
    10. 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.
    11. von Hayek, Friedrich August, 1989. "The Pretence of Knowledge," American Economic Review, American Economic Association, vol. 79(6), pages 3-7, December.
    12. Joseph H. Haslag, 1998. "Seigniorage revenue and monetary policy: some preliminary evidence," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q III, pages 10-20.
    13. A. Leijonhufvud, 1979. "The Wicksell Connection: Variations on a Theme," UCLA Economics Working Papers 165, UCLA Department of Economics.
    14. Heymann, Daniel & Leijonhufvud, Axel, 1995. "High Inflation: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288442.
    15. Snowdon, Brian, 2004. "Outside The Mainstream: An Interview With Axel Leijonhufvud," Macroeconomic Dynamics, Cambridge University Press, vol. 8(1), pages 117-145, February.
    16. Axel Leijonhufvud, 1998. "Three Items for the Macroeconomic Agenda," Kyklos, Wiley Blackwell, vol. 51(2), pages 197-218, May.
    17. Axel Leijonhufvud, 1973. "Life Among The Econ," Economic Inquiry, Western Economic Association International, vol. 11(3), pages 327-337, September.
    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. Ferlito, Carmelo, 2014. "Ludwig M. Lachmann Against the Cambridge School. Macroeconomics, Microfoundations, Expectations, Rate of Profit, Equilibrium and Innovations," MPRA Paper 67709, University Library of Munich, Germany, revised 22 Jan 2015.
    2. Ferlito, Carmelo, 2015. "At the Root of Economic Fluctuations: Expectations, Preferences and Innovation. Theoretical Framework and Empirical Evidences," MPRA Paper 67708, University Library of Munich, Germany.
    3. Ferlito, Carmelo, 2015. "Ludwig M. Lachmann contro la Scuola di Cambridge [Ludwig M. Lachmann against the Cambridge School]," MPRA Paper 67759, University Library of Munich, Germany.
    4. Calcagno, Peter T. & Hall, Joshua C. & Lawson, Robert A., 2010. "Objectivism versus subjectivism: A market test," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 445-448, November.
    5. Ferlito, Carmelo, 2015. "Entrepreneurship: State of grace or human action?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(1-2), pages 11-36.
    6. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, October.
    7. Ferlito, Carmelo, 2018. "The Malaysian Property Boom and Bust Cycle: History Repeating?," EconStor Conference Papers 190772, ZBW - Leibniz Information Centre for Economics.
    8. Cachanosky, Nicolas, 2014. "The effects of U.S. monetary policy on Colombia and Panama (2002–2007)," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(3), pages 428-436.
    9. Zijp, R. van, 1991. "The methodology of the neo-Austrian research programme," Serie Research Memoranda 0034, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    10. Daniel B. Klein & Pedro Romero, 2007. "Model Building versus Theorizing: The Paucity of Theory in the _Journal of Economic Theory_," Econ Journal Watch, Econ Journal Watch, vol. 4(2), pages 241-271, May.
    11. Alexandre Flávio Silva Andrada, 2014. "Um Estudo Do Discurso Doutrinário De Robert E. Lucas Jr. Método E História Das Ideias Acerca Das Análises De Ciclos Econômicos," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 005, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    12. Ferlito, Carmelo, 2018. "Policy Reforms on Poultry Industry in Indonesia," EconStor Preprints 190822, ZBW - Leibniz Information Centre for Economics.
    13. Van Den Hauwe Ludwig, 2016. "Understanding Financial Instability: Minsky Versus the Austrians," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 22(1), pages 25-60, July.
    14. Ferlito, Carmelo, 2015. "Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness," MPRA Paper 67694, University Library of Munich, Germany.
    15. Ferlito, Carmelo, 2018. "Economics: A Science of Meaning," EconStor Preprints 190821, ZBW - Leibniz Information Centre for Economics.
    16. Citera, Emanuele & Sau, Lino, 2019. "Complexity, Conventions and Instability: the role of monetary policy," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201924, University of Turin.
    17. Mellár, Tamás, 2010. "Válaszút előtt a makroökonómia? [Does macroeconomics face a dilemma?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 591-611.
    18. Anz, Michael, 2009. "Effekte regionalisierter Innovationspolitik auf die Entstehung von Clustern: Eine multidimensionale Betrachtung der Biotechnologieoffensive des Freistaates Sachsen," Arbeitsmaterial der ARL: Aufsätze, in: Dannenberg, Peter & Köhler, Hadia & Lang, Thilo & Utz, Judith & Zakirova, Betka & Zimmermann, Thomas (ed.), Innovationen im Raum - Raum für Innovationen: 11. Junges Forum der ARL, 21. bis 23. Mai 2008 in Berlin, volume 127, pages 91-100, ARL – Akademie für Raumentwicklung in der Leibniz-Gemeinschaft.
    19. Shastitko, Andrey & Golovanova, Svetlana, 2016. "Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?," Russian Journal of Economics, Elsevier, vol. 2(1), pages 86-110.
    20. Peter J. Boettke & Alexander W. Salter & Daniel J. Smith, 2018. "Money as meta-rule: Buchanan’s constitutional economics as a foundation for monetary stability," Public Choice, Springer, vol. 176(3), pages 529-555, September.

    More about this item

    Keywords

    Axel Leijonhufvud; obituaries; Neo-Keynesian economics; Austrian School of Economics; disequilibrium; inflation;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional

    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:psl:pslqrr:2022:35. 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: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    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.