 Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and SchumpeterAmerican Journal of Economics and Sociology, 2002, vol. 61, issue 2, 439-480 Abstract: This paper examines and compares, in both historical and theoretical perspectives, Hayek’s and Schumpeter’s accounts of the role played by banks and credit in their respective explanations of business cycles. The first section is focused on the common inheritance of these two authors, which can be traced back to Wicksell, going from Mises whose Theory of Money and Credit provides, as we shall see, a crucial link in this perspective. The following two sections deal with Hayek’s and Schumpeter’s respective accounts as well as critical reconstruction of this tradition. A close examination of their respective treatments of the banking system and its effects on economic productive structures then allows us to see in a new light the theoretical question of the impact of credit on economic dynamics and its related policy proposals. The last section is dedicated to a comparison between Hayek’s and Schumpeter’s views of the dynamics of monetary economies and their corresponding policy issues. Date: 2002 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:ajecsc:v:61:y:2002:i:2:p:439-480 Ordering information: This journal article can be ordered from Access Statistics for this article American Journal of Economics and Sociology is currently edited by Laurence S. Moss More articles in American Journal of Economics and Sociology from Wiley Blackwell |
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