Die Geldordnungstheorie der Freiburger Schule

Ekkehard Köhler

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2019, vol. 70, issue 1, 21-49

Abstract: This article illustrates the emergence and key insights of the monetary thought in the Freiburg School of Economics – the intellectual root of ordoliberalism. It shows that capital theory shaped the Freiburg School’s approach to monetary theory. Nevertheless, the monetary regime proposals by the founding generation of the Freiburg School were remarkably diverse ranging from a powerful central bank to a Free-Banking regime. The proposals are discussed from the perspective of monetary order theory. With this perspective, the Freiburg School analyzed predicted outcomes of hypothetical monetary constitutions tacitly assuming methodological individualism and rational choice of actors to finally evaluate if predictability in the value of money could be expected. Eucken’s monetary institutionalism adopted key insights from the discussion in the 1930’s Chicago School of Economics while his capital theory remained in the statist world of Böhm-Bawerk tradition.

Keywords: Monetary Institutionalism; Freiburg School of Economics; Ordoliberalism; Central Bank; Capital Theory; Chicago Plan; Commodity Reserve; Geldordnungstheorie; Freiburger Schule; Geldverfassung; Kapitaltheorie; Geldsysteme; Chicago-Plan; Waren-Reserve-Währung; Zentralbanken; Monetary Institutionalism; Freiburg School of Economics; Ordoliberalism; Central Bank; Capital Theory; Chicago Plan; Commodity Reserve (search for similar items in EconPapers)
JEL-codes: B16 B26 E58 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1515/ordo-2020-0005

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