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The Nineteenth Century Problem August 15, 2011

Posted by Christopher Donohue in History of Economic Thought, History of the Human Sciences.
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The universal historian Henry T. Buckle (1821-1862) was last subject of a serious scholarly monograph in 1958.  This is the fate of any number of nineteenth-century intellectuals.   The first reason for the disappearance of these writers has been the inability to connect them to the catastrophic events of the twentieth century: the World Wars, National Socialism, the deradicalization of the European right after Nuremberg, the flight of the Marxist intellectuals, and so on.   Second, the nineteenth century has been the province of sociologists and literary scholars.  Such attention continues to be selective, judging from the ceaseless publications on the canonical sociologists: springtime for Weber, and winter for Gobineau and Bagehot.

Third, ignoring the nineteenth century allows anthropologists to get on with their own work.  Fourth, and finally, while some nineteenth century economists get attention — Alfred Marshall (1842-1924) has been accumulating more slim volumes as the months go by — the impression I get from some not so cursory reading of the literature is that the with the exception of the proponents of “evolutionary” and “heterodox” economics, philosophers of economics, and Philip Mirowski, it’s Smith, Marx, Keynes, Hayek, Mises, or monograph wilderness.  (more…)

Primer: The Rise of the Austrian School of Economics July 2, 2009

Posted by Will Thomas in EWP Primer, History of the Human Sciences.
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Ludwig von Mises (1881-1973)

Ludwig von Mises (1881-1973)

The “Austrian School” in economics traces its tradition to the work of Carl Menger (1840-1921).  Menger’s theoretical development of the origins of price has grouped him with the contemporary “Lausanne School” (identified with the axiomatic mathematical economics of Leon Walras) and the work of British economist William Stanley Jevons, all as part of the “marginalist revolution” in economics, which grounded the mechanism of price-setting in the value attributed to various quantities of goods by their buyers and sellers—a keystone of neoclassical economic theory and a critical element in the argument against the control of the economy by the state.

Menger developed his theories in opposition to the “German Historical School” headed by Gustav Schmoller (1838-1917), which gave Menger and his followers the label “Austrian”, intending the label as derogatory.  Schmoller insisted that theoretical economics disregarded essential differences in national traditions, and that only detailed historical investigations could arrive at a firm understanding of political and economic activity. The opening of the conflict between Menger and Schmoller occurred following the publication of Menger’s Principles of Economics (1871), a mere four years after Menger had received his law degree.  An anonymous review signed “G. Sch.” in a literary journal criticized the text’s scientific pretensions.  When Schmoller dismissed Menger’s Investigations into the Method of the Social Sciences with Special Reference to Economics (1883) in (more…)