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On the evaluation of Menger's theoretical evolution, or a story on "four Mengers"

A. Kavaliou
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A. Kavaliou: Belarusian National Technical University, Minsk, Belarus

Journal of the New Economic Association, 2020, vol. 45, issue 1, 44-63

Abstract: The article analyzes some directions of the evolution of scientific thought of the founder of the Austrian School C. Menger, which became the subject of discussions in the last decade. It is shown that it is wrong to tract changing of his definition of the "capital" as a principal reversal. It is just a different accent: on the one hand, capital is a homogeneous fund for generating future income, and on the other, it realized in the heterogeneous capital goods. Money as an organic institution by its origin is combined with the possibility of the state's influence on its improvement. Classical liberalism as a worldview basis of the theory does not contradict the performance of certain economic functions by the state. The introduction to the analysis of human associations as an uber-individual agent with their own needs and demands for goods, however, does not mean Menger's abandon of the methodological individualism. The main method is the content analysis of both well-known and less-known his works, including the second posthumous edition of "Grundsatze der Volkswirtschaftslehre".

Keywords: Menger; Austrian school; methodological individualism; money; capital; economic liberalism (search for similar items in EconPapers)
JEL-codes: B13 B41 B53 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.31737/2221-2264-2020-45-1-2

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