The Austrian Theory of Consumption Period Planning: Some Neglected Contributions from the Interwar Period

Richard M. Ebeling ()
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Richard M. Ebeling: The Citadel: Military College of South Carolina

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 89-112 from Springer

Abstract: Abstract The Austrian economists are well known for their contributions to the theory of the time-structure of production. But less well known is that in the interwar years of the 1920s and 1930s members of the Austrian School also attempted to develop a theory of consumption period planning in the context of the logic of choice. This paper focuses on the development of this theory in the writings of Hans Mayer, Paul N. Rosenstein-Rodan, and Oskar Morgenstern. The paper also discusses some of the reasons for the failure of this “Austrian” theory to be continued and offered as an alternative to Paretian indifference curve analysis.

Keywords: Austrian School; Periodic recurrence of wants; Logic of choice; Intertemporal decision-making; Consumption multi-period planning (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_10

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DOI: 10.1007/978-3-031-17414-8_10

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