Ludwig von Mises’s Business Cycle Theory: Static Tools for Dynamic Analysis

Arash Molavi Vasséi ()

Chapter 10 in Austrian Economics in Transition, 2010, pp 196-217 from Palgrave Macmillan

Abstract: Abstract This article discusses Ludwig von Mises s attempt to frame his business cycle analysis by an essentially stationary apparatus. It pays special attention to his choice to take sides with Frank Fetter ([1902] 1997) and his theory of interest and highlights some unpleasant consequences for his study of monetary dynamics. The article provides a simple model to depict and clarify Mises s major shortcomings in real analysis. It is shown that in Human Action, his magnum opus first published in 1949, Mises has fallen far behind the frontiers of economic analysis, including major contributions of economists within or close to the Austrian tradition, like F.A. Hayek and Knut Wicksell.

Keywords: Marginal Utility; Time Preference; Excess Demand; Consumption Good; Austrian School (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28161-5_10

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DOI: 10.1057/9780230281615_10

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