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From economic stability to social order: The debate about business cycle theory in the 1920s and its relevance for the development of theories of social order by Lowe, Hayek and Eucken

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  • Gerold Blumle
  • Nils Goldschmidt

Abstract

The concepts of Adolph Lowe, Friedrich A. Hayek and Walter Eucken play an important role in the discussion of an adequate theory of economic and social order. It is noteworthy that at the beginning of their academic careers, these three economists dealt primarily with questions of business cycle theory. As we will show, this is not coincidental, but can be explained by economic history and the history of theory. Furthermore, all three economists agree that establishing a comprehensive social order would provide the basis for economic stability, although each postulates a different relationship between liberty and order.

Suggested Citation

  • Gerold Blumle & Nils Goldschmidt, 2006. "From economic stability to social order: The debate about business cycle theory in the 1920s and its relevance for the development of theories of social order by Lowe, Hayek and Eucken," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(4), pages 543-570.
    • Handle: RePEc:taf:eujhet:v:13:y:2006:i:4:p:543-570
    DOI: 10.1080/09672560601025761
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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. repec:ucp:bkecon:9780226320649 is not listed on IDEAS
    3. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
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    Cited by:

    1. Kolev, Stefan, 2021. "When liberty presupposes order: F. A. Hayek's learning ordoliberalism," Freiburg Discussion Papers on Constitutional Economics 21/2, Walter Eucken Institut e.V..
    2. Böhmecke-Schwafert, Moritz & García Moreno, Eduardo, 2023. "Exploring blockchain-based innovations for economic and sustainable development in the global south: A mixed-method approach based on web mining and topic modeling," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    3. Roland Fritz & Nils Goldschmidt & Matthias Störring, 2023. "Contextual liberalism: the ordoliberal approach to private vices and public benefits," Public Choice, Springer, vol. 195(3), pages 301-322, June.
    4. Kolev, Stefan, 2024. "When Liberty Presupposes Order: F. A. Hayek’S Contextual Ordoliberalism," Journal of the History of Economic Thought, Cambridge University Press, vol. 46(2), pages 288-311, June.
    5. Nils Goldschmidt, 2013. "Walter Eucken’s place in the history of ideas," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 127-147, June.
    6. Stefan Kolev & Nils Goldschmidt & Jan-Otmar Hesse, 2020. "Debating liberalism: Walter Eucken, F. A. Hayek and the early history of the Mont Pèlerin Society," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 433-463, December.
    7. Dathe Uwe & Hedtke Ulrich, 2018. "Habent sua fata professores. Joseph A. Schumpeter an Walter Eucken: Frau Irene Oswalt, dem „Fräulein Irene“ des letzten Briefes dieser Edition, zu ihrem Ehrentag am 7. September 2018," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 69(1), pages 1-34, July.
    8. Kolev, Stefan & Goldschmidt, Nils & Hesse, Jan-Otmar, 2014. "Walter Eucken's role in the early history of the Mont Pèlerin Society," Freiburg Discussion Papers on Constitutional Economics 14/02, Walter Eucken Institut e.V..
    9. Goldschmidt, Nils & Hesse, Jan-Otmar, 2012. "Eucken, Hayek, and the Road to Serfdom," Freiburg Discussion Papers on Constitutional Economics 12/4, Walter Eucken Institut e.V..

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