Schumpeter and Mises on Economic Fluctuations

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

67

Pages:

2
Author:

Caroline H.

SCHUMPETER AND MISES ON ECONOMIC FLUCTUATIONS 1. Introduction  Schumpeter's departure from the Walrasian equilibrium  Innovative entrepreneurial activity and bank credit  Emergence of profit and economic waves  Equilibrium with diffused innovation 2. Bank Credit in Economic Fluctuation  Credit creation as the cause of economic fluctuations  Anticipation of depression after prosperity  Mises' view on "forced saving" vs. Schumpeter's optimism  Role of wise bankers in Schumpeter's perspective 3. Economic Growth and Credit  Central Europe's economic growth around the turn of the century  Increase in prices and gold production  Extension of bank credit's role in investment 4. Mises' Axiomatic View of Economic Action  Discussion with Max Weber  Austrian theory of value vs. equilibrium  Economic action based on rationality and means-ends relationship  Praxeology and subjective purposive rationality 5. Weber's Classification of Action  Max Weber's classification: purposively rational, value-rational, traditional, emotional action  Mises' critique of Weber's classification  Subjective rationality in various actions 6. Misesian View of Economic Categories  Economic categories in Mises' action theory  Money, price, capital, etc., in an axiomatic domain  Neo-Austrians' interpretation of Mises' action model 7. Financing War and Inflation  Critique against statism and inflationism  Money supply increase during wartime  Corresponding effects on prices and real wages 8. Mises and Post-WWI Politics in Vienna  Mises' early statist inclinations  Shift in perspective due to research on urban residential problems  Criticism against interventionism and high taxation  Monetary theory and resistance from the Central Bank 9. Mises' Role in Vienna  Economic Advisor for the Chamber of Commerce  Private lecturer at the University of Vienna  Various roles during and after World War I 10.Political Activities in Vienna  Four-time series of Mises' political activities  Preventing a Bolshevik takeover in Vienna  Efforts to stop inflation and stabilize the Austrian Krone