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Ludwig von Mises’s Business Cycle Theory: Static Tools for Dynamic Analysis

In: Austrian Economics in Transition

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  • Arash Molavi Vasséi

Abstract

This article discusses Ludwig von Mises s attempt to frame his business cycle analysis by an essentially stationary apparatus. It pays special attention to his choice to take sides with Frank Fetter ([1902] 1997) and his theory of interest and highlights some unpleasant consequences for his study of monetary dynamics. The article provides a simple model to depict and clarify Mises s major shortcomings in real analysis. It is shown that in Human Action, his magnum opus first published in 1949, Mises has fallen far behind the frontiers of economic analysis, including major contributions of economists within or close to the Austrian tradition, like F.A. Hayek and Knut Wicksell.

Suggested Citation

  • Arash Molavi Vasséi, 2010. "Ludwig von Mises’s Business Cycle Theory: Static Tools for Dynamic Analysis," Palgrave Macmillan Books, in: Harald Hagemann & Tamotsu Nishizawa & Yukihiro Ikeda (ed.), Austrian Economics in Transition, chapter 10, pages 196-217, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28161-5_10
    DOI: 10.1057/9780230281615_10
    as

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