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Axel Leijonhufvud: A personal recollection from an Austrian perspective

Author

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  • 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

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    File URL: https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/17888/16892
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    References listed on IDEAS

    as
    1. Axel Leijonhufvud, 1973. "Life Among The Econ," Economic Inquiry, Western Economic Association International, vol. 11(3), pages 327-337, September.
    2. 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 "Sylos Labini’s Unpublished Notes on Schumpeter’s Business Cycles," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 14(1), pages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.
    3. 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.
    4. 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.
    5. 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.
    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. Snowdon, Brian, 2004. "Outside The Mainstream: An Interview With Axel Leijonhufvud," Macroeconomic Dynamics, Cambridge University Press, vol. 8(1), pages 117-145, February.
    8. 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.
    9. von Hayek, Friedrich August, 1989. "The Pretence of Knowledge," American Economic Review, American Economic Association, vol. 79(6), pages 3-7, December.
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    13. 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.
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    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

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