Austrian school and business economics: the role of Eugen Schmalenbach

Florian Follert, Michael Olbrich and David J. Rapp ()
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Florian Follert: IWP - Institut für Wirtschaftsprüfung (Universität des Saarlandes - Saarland University)
Michael Olbrich: IWP - Institut für Wirtschaftsprüfung (Universität des Saarlandes - Saarland University)
David J. Rapp: IWP - Institut für Wirtschaftsprüfung (Universität des Saarlandes - Saarland University)

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Abstract: Eugen Schmalenbach was (one of) the founding father(s) of modern, that is, decision-oriented business economics theory in the German speaking world in the early 1900s. While Mises mentions or discusses Schmalenbachs work at least twice and Schmalenbach favorably refers to the "Viennese School" in general and, for instance, Menger and Böhm-Bawerk in particular, his work and its significance for Austrian theorizing is to date largely uncharted. This fact is astonishing given that Schmalenbachs work smoothly integrates into and, even more important, enhances Austrian theory further into the field of business economics, particularly economic calculation, finance, and organizational theory. In other words, Schmalenbach develops a decision-oriented business economics theory based on Austrian insights. This paper, therefore, aims to introduce the Austrian community to Schmalenbachs work and to emphasize its significance for the advancement of Austrian theorizing.

Date: 2018-11-15
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Published in 2nd Annual Madrid Conference on Austrian Economics, Nov 2018, Madrid, Spain

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02325975

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