Ludwig von Mises's approach to capital as a bridge between Austrian and institutional economics

Eduard Braun, Peter Lewin and Nicolas Cachanosky

Journal of Institutional Economics, 2016, vol. 12, issue 4, 847-866

Abstract: Ludwig von Mises seems to be something of an outlier within the Austrian school when it comes to capital – though his position is clearly foreshadowed in a neglected article by Carl Menger (1888). In this paper, we examine Mises's view on capital and suggest that it constitutes a bridge between Austrian and institutional economics. As an outflow of Mises's approach, an incipient financial approach may be discerned, an approach to capital that integrates concepts from financial theory into a broader view of capital that contains both institutional and Austrian elements.

Date: 2016
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