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Eugen Schmalenbach, Austrian economics, and German business economics

Author

Listed:
  • Michael Olbrich

    (IWP - Institut für Wirtschaftsprüfung (Universität des Saarlandes - Saarland University))

  • David J. Rapp

    (ETHOS - Ethique, Technologies, Humains, Organisations, Société - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris])

  • Florian Follert

    (IWP - Institut für Wirtschaftsprüfung (Universität des Saarlandes - Saarland University))

Abstract

Eugen Schmalenbach was one of the founding fathers of business economics theory in the German-speaking world in the first half of the twentieth century. While Mises mentions or discusses Schmalenbach's work several times and Schmalenbach refers to, for example, Menger and Böhm-Bawerk, his opus and its significance for Austrian theorizing is largely ignored by today's Austrian scientific community. This fact is astonishing given that Schmalenbach's work smoothly integrates with and, even more importantly, enhances the reach of Austrian theory into the field of business economics, particularly with regard to the vast field of economic calculation. Based on Austrian insights, Schmalenbach published extensive approaches to both retrospective and anticipatory monetary calculation that serve the entrepreneur in making decisions on the use of scarce resources and in assessing the success of such decisions ex post. Hence, he operationalized Austrian economic calculation to enable the individual entrepreneur to concretely exercise it in his routine course of business. The conceptual ideas of Schmalenbach are cornerstones of Prussian-German business economics (Betriebswirtschaftslehre) which has been taught in universities and business schools in German-speaking countries for more than a century now. This paper, therefore, aims to introduce the Austrian community to Schmalenbach's work, to emphasize its significance for the advancement of Austrian theorizing, and to illustrate the close relations between Austrian economics and German business economics.

Suggested Citation

  • Michael Olbrich & David J. Rapp & Florian Follert, 2022. "Eugen Schmalenbach, Austrian economics, and German business economics," Post-Print hal-02891111, HAL.
    • Handle: RePEc:hal:journl:hal-02891111
    DOI: 10.1007/s11138-020-00520-x
    as

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    References listed on IDEAS

    as
    1. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
    2. Peter J. Boettke & Christopher J. Coyne & Patrick Newman, 2016. "The History of a Tradition: Austrian Economics from 1871 to 2016," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology, volume 34, pages 199-243, Emerald Group Publishing Limited.
    3. Peter J. Boettke & Ennio E. Piano, 2019. "Capital, Calculation, and Coordination☆," Research in the History of Economic Thought and Methodology, in: Including a Symposium on Ludwig Lachmann, volume 37, pages 9-24, Emerald Group Publishing Limited.
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    Cited by:

    1. David J. Rapp & Andrea Rapp & Trevor Daher, 2024. "Opportunity discovery or judgment? Value investing’s incompatibility with Austrian economics revisited," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(2), pages 153-177, June.

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