Abstract
The chapter deals with economics in Berlin and Vienna where many original contributions in economics were made, giving rise to a confrontation between a variety of alternative approaches. First, the chapter examines economics in Berlin, where the Historical School had a well-established presence with its leader Schmoller, followed by young scholars like Sombart, Weber, and Spiethoff. Then, the development of economic thought in Vienna is analyzed, where Menger’s followers, Böhm-Bawerk and Wieser, established the Austrian School. They were followed by important scholars like Mises and Schumpeter. However, the scene was not occupied only by these actors. In both places, the intellectual richness of the environment was increased by some important Marxist and neo-Ricardian theoretical contributions by Hilferding in Vienna and Bortkiewicz in Berlin.
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Notes
- 1.
Adolph Wagner (1835–1917) cannot be considered a member of the Historical School strictu sensu. He was in agreement with Schmoller about the importance of institutions in the economy and the role of the state, but he did not assign as much to historical investigations. Considered one of the founders of public finance in Germany, he is well known for the so-called Wagner’s law, or law of increasing state spending as income growth expands.
- 2.
- 3.
“While Spiethoff held Schmoller in high esteem, he did not follow him in each and every respect. He was certainly first and foremost an inductivist. However, confronted with swiftly changing conditions in the discipline, he tried to strike a compromise between historicism and modern developments in economics outside Germany. He also felt that abstract theory had an important role to play: it helped one to understand certain phenomena and economic principles in their pure, unadulterated form, and via elaborating analytical concepts and frameworks it directed one’s empirical work and the search for essential facts” (Kurz 2010, p. 3).
- 4.
Schumpeter’s and Mises’s life and works extend well beyond the period covered in this first volume. Their contributions of the period between the two world wars will be examined in volume II of this book.
- 5.
Robbins (1998) writes that this concept was formulated “with or without Austrian influence” (p. 278) by the American economist D. I. Green in an article in the Quarterly Journal of Economics entitled “Pain and Opportunity Costs” (Green 1894). Green was also the reviewer of Wieser’s book in the Annals of the American Academy of Political and Social Sciences (Green 1895). The British formulation of the same concept is in Wicksteed’s Common Sense.
- 6.
As Ekelund and Hebert note, Wieser’s simultaneous solution may be viewed in a slightly different manner, one that illustrates the Austrian view of the whole valuation process:
“The issue might be put in the form of a question: Assuming that resources are properly allocated and that the system is in equilibrium (as we did in the equations above), what is the value of each input, and how are resources allocated? Given that an input is used in the production of a number of final or consumer goods, its value will be determined by the least valuable good that it produces. This value is determined at the margin, by the marginal utility of the last unit of the least valuable good the input is producing. Input value is imputed, and the value of the input, thus derived, establishes the opportunity cost of utilizing it in all other industry productions requiring it. Given fixed-proportions production functions in all industries and the rational (profit-maximizing) allocation of resources, the supplies of all other goods utilizing the input will be determined. Given the marginal utilities for these other goods, values are determined ” (Ekelund and Hébert 1975, pp. 288–289).
- 7.
For a brief description of the seminar, see Seager (1893).
- 8.
A new posthumous German edition in three volumes, edited by Friedrich von Wieser, was published in 1921. It was translated into English in 1959.
- 9.
Considered a move away from Menger’s subjectivism, the average period of production concept was criticized by Menger himself, who called Böhm-Bawerk’s use of the average period of production, as Schumpeter writes, one of the greatest errors ever committed. It was abandoned by later Austrian capital theorists.
- 10.
The negative reviews of his books by Wieser and Böhm-Bawerk testify to this distance, as well as to Schumpeter’s conviction that the battle of method had been resolved, as he maintained in his Epochen (1914).
- 11.
- 12.
The economic literature variously dates the publication year of the first edition of Theorie as 1911 or 1912. Schumpeter himself, as Swedberg points out, in a 1934 letter to David T. Pottinger, his contact at the Harvard University Press, says that Theorie appeared in 1911. See Becker and Knudsen (2002).
- 13.
Smithies (1950, p. 631) writes: “In 1919, the incredible happened. He agreed to become finance minister, under socialist sponsorship, in the coalition government of the Austrian Republic. From the beginning the cards were stacked against him. Whatever their motives in appointing him, the socialists distrusted him because he was not a socialist; the right wing distrusted him because he had been the socialists’ candidate; and the bureaucrats distrusted him because, from their point of view, he was an amateur…But more important he differed basically from the socialists on Austria’s external policy. Led by Otto Bauer, they supported union with Germany, while Schumpeter believed that Austria must rely on support from the West”.
- 14.
The book was translated into English in 1934, in abridged form, as The Theory of Economic Development . Andersen (2011) maintains that Entwicklung can be translated as both development and evolution “but it is the latter term that best represents a modern description of Schumpeter’s theory” (p. 5). Andersen emphasizes that “What Schumpeter analysed can better be described as evolution—that is, the unplanned processes of the irreversible change of biological species, human languages, and the routines of social life that emerge from the combined functioning of mechanisms of innovation, inertia and selection…. Thus the title…should be thought of as The Theory of Economic Evolution. This conclusion is supported by the fact that his large 1939 book, Business Cycles, only speaks of ‘economic evolution’” (Andersen 2011, pp. 5–6).
- 15.
In Capitalism, Socialism and and Democracy (1942), Schumpeter will define this innovative process as a process of “creative destruction” and will consider it to be the essential fact about capitalism. Elliott (1980) considers this concept of creative destruction the essential similarity between Marx and Schumpeter, emphasizing their common visions of capitalism. Actually, the term was derived from his reading of Marx in the first part of the 1942 book. Sombart’s analysis of Marx may be considered another source of the concept.
- 16.
A fact that has been neglected in the literature should be emphasized, viz. that Schumpeter’s characterization of entrepreneurship bears strong similarities to that of Marshall in the Principles and in Industry and Trade.
- 17.
About Böhm-Bawerk’s criticism of Mises’s Theory, Mises himself writes: “Both Menger and Böhm-Bawerk tacitly assumed the neutrality of money. They had developed the theory of direct exchange and held to the opinion that all problems of economic theory could be solved with the imaginary concept of market exchanges without the use of money. My theory of the inevitable non-neutrality of money now made this position untenable. But Böhm-Bawerk refused to admit this.… According to him, the old doctrine was correct ‘in principle’ and maintains its full significance for an analysis aimed at ‘purely economic action’. In real life there is resistance and friction which cause the result to deviate from that arrived at theoretically” (Mises 1978, p. 40).
- 18.
The difficulty of his action was well understood by Schumpeter (1939, p. 715): “The minister Hilferding, much too good an economist not to see what was wrong and much too good a Marxist not to realize that there are situations in which anticapitalist policy is in the end anti-socialist, actually went so far as to attempt a very ‘capitalistic’ fiscal reform”.
- 19.
Hilferding recognized that his theory of money was influenced by contemporary theories, in particular, those of Karl Helfferich and Georg Friedrich Knapp.
- 20.
In addition to Bortkiewicz and Dmitriev, we should also mention the Russian Marxist mathematician Georg von Charasoff (1877–1931) (see Egidi and Gilibert 1984; Kurz 1995; Stamatis 1999; Gehrke 2013; Parys 2014), who was the only ‘Marxist’ in this group of scholars—“not a Marxist in the conventional sense of the term”, as he wrote to Kautsky in 1909 (quoted in Gehrke 2013, p. 22). Born in Russia, von Charasoff emigrated to Germany for political reasons. He went to Heidelberg, where he obtained his Ph.D. in mathematics in 1902. He then lived some years in Zurich and Lausanne until 1915. As far as we know, he worked principally on his own, starting from the study of the classical economists and Marx, as well as the works of Menger, Böhm-Bawerk, and Walras, as he writes in the preface of Charasoff (1909), and his contemporary literature, in particular Bortkiewicz (1906, 1907). He published two books—Karl Marx über die menschliche und kapitalistische Wirtschaft (Charasoff 1909) and Das System des Marxismus: Darstellung und Kritik (Charasoff 1910) that were originally intended as part of a trilogy devoted to the study of Marxist economic theory. His work received limited attention in Germany (it was, indeed, strongly criticized by the Marxist Otto Bauer [1911] ) and remained unknown abroad.
- 21.
Schumpeter (1932) wrote that “By far [von Bortkiewicz’s] most important achievement is his analysis of the theoretical framework of the Marxian system, much the best thing ever written on it” (p. 303).
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Marchionatti, R. (2020). Economics in Berlin and Vienna: A Mosaic of Theories and Research Programs. In: Economic Theory in the Twentieth Century, An Intellectual History - Volume I. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-40297-6_5
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