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On the intellectual foundations of Hayek’s and Schumpeter’s economics: an appraisal

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  • Richard Arena

Abstract

Several contributions have been devoted to a comparison between the works of Joseph Schumpeter and Friedrich Hayek, both of them rooted in the Austrian tradition but they generally concerned specific aspects of their respective global contributions as, for instance, monetary theory, business cycles economic evolution or price theory. These partial comparisons may explain why some confusion is today prevailing concerning the similarities and differences between Hayekian and Schumpeterian approaches. In this paper, we adopt a different approach and try to find the basic theoretical and methodological elements which explain the fundamental compatibility of incompatibility between Hayek’s and Schumpeter’s respective intellectual projects. Specific aspects will not be, however, underestimated or neglected in this contribution but they will not be considered independently from these basic elements. Copyright Springer-Verlag Berlin Heidelberg 2015

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  • Richard Arena, 2015. "On the intellectual foundations of Hayek’s and Schumpeter’s economics: an appraisal," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 77-90, January.
    • Handle: RePEc:spr:joevec:v:25:y:2015:i:1:p:77-90
    DOI: 10.1007/s00191-014-0371-7
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    References listed on IDEAS

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    1. Marina Colonna & Harald Hagemann, 1995. "The Economics of F.A. Hayek," Books, Edward Elgar Publishing, volume 0, number 101.
    2. Richard Arena & Agnès Festré, 2006. "Knowledge, Beliefs and Economics," Post-Print halshs-00271316, HAL.
    3. Richard Arena & Agnès Festré, 1996. "Banks, credit and the financial system in Schumpeter: an interpretation," Post-Print halshs-00271365, HAL.
    4. Agnès Festré, 2002. "Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 439-480, April.
    5. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    6. Agnès Festré, 2002. "Money, Banking and Dynamics: Schumpeter vs. Hayek," Post-Print halshs-00271359, HAL.
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    More about this item

    Keywords

    Hayek; Schumpeter; Austrian School of Economics; Methodological individualism; Quantification; Emergence of Institutions; Economic dynamics; Economic equilibrium; B3; B4; B5;
    All these keywords.

    JEL classification:

    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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