Neoclassical Microeconomic Theory: The Founding Austrian Vision

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ISBN: 9780415152099 | 0415152097
Cover: Hardcover
Copyright: 1/31/1997

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Carl Menger, Friedrich Wieser and Eugen Bohm-Bawerk are acknowledged as pioneers in the development of neoclassical economics, as well as being recognized as the founders of the Austrian School of Economics.Neoclassical Microeconomic Theoryexamines their contribution and compares it with the other branches of neoclassical economics that emerged between the 1870s and 1930s. A.M. Endres begins by exploring the initial stimulus provided by Carl Menger's work, and then demonstrates the complementarities and tensions between Menger's, Wieser's and Bohm-Bawerk's views on such issues as: the scope and method of economics; theories of choice; price theory; competition; entrepreneurship; and capital formation and distribution.

List of Figures

(2)

List of Tables

(2)

Acknowledgements

xiii

1 IN WHAT SENSES WERE THE FOUNDING AUSTRIANS `NEOCLASSICAL' ECONOMISTS?

(8)

Introduction

(2)

Recent treatments of early developments in neoclassical economics

(4)

Founding Austrian economics as a branch of neoclassicism

(2)

2 THE FOUNDING AUSTRIAN CONCEPTIONS OF ECONOMICS

(15)

Introduction

(1)

Some historical considerations regarding the nature of economics

(3)

The scope of Austrian economics and its associated styles of reasoning

(6)

The starting-point of founding Austrian economic theory

(5)

3 CARL MENGER'S ANALYSIS OF CHOICE

(17)

Introduction

(2)

First principles

(1)

The Mengerian economizer

(4)

The scope of economizing behaviour

(2)

The structure of needs

(4)

The growth of needs

(4)

4 WIESER, BOHM-BAWERK AND THE GOALS OF ECONOMIZING BEHAVIOUR

(19)

Wieser's logic of valuation

(3)

Wieser on the purpose of economizing behaviour

(3)

Bohm-Bawerk's appeal to `pure' psychology

(3)

`Measuring' subjective value

(7)

Conclusions

(3)

5 CARL MENGER'S THEORY OF PRICE FORMATION

(25)

Introduction

(1)

Methdological considerations

(2)

Menger's notions of equilibrium

(4)

The formation of product prices in a decentralized economy: five illustrations

(15)

Conclusion

(3)

6 BOHM-BAWERK'S VALUE AND PRICE THEORY

(23)

Introduction

(1)

First principles: the nature of value

(4)

The cause of value and economizing behaviour

(4)

The theory of markets and exchange value

(6)

Bohm-Bawerk's concept of demand-supply equilibrium

100

(5)

Conclusion

105

(3)

7 THE PROCESS OF COMPETITION IN FOUNDING AUSTRIAN ECONOMC THEORY: I, MENGER'S PRINCIPLES

108

(18)

Introduction

108

(3)

Competition in Menger's `Principles' behavioural aspects

111

(9)

Competition in Menger's `Principles': the theory of market structures

120

(6)

8 THE PROCESS OF COMPETITION IN FOUNDING AUSTRIAN ECONOMIC THEORY: II, WIESER AND BOHM-BAWERK

126

(20)

Wieser on competition as social conflict

126

(8)

Competition as a bargaining process: Bohm-Bawerk's version

134

(7)

Conclusion: the `Hayekian' flavour of founding Austrian conceptions of competition

141

(5)

9 CAPITAL IN FOUNDING AUSTRIAN ECONOMIC THEORY: MENGER VERSUS BOHM-BAWERK

146

(33)

Introduction: background to the debate

146

(1)

On the definition of goods: Menger and Bohm-Bawerk

147

(2)

Categorizing economic goods

149

(4)

Wealth and its computation

153

(9)

Competing concepts of capital

162

(10)

The meaning of interest for Menger and Bohm-Bawerk

172

(4)

Conclusions

176

(3)

10 MENGERIAN DISTRIBUTION THEORY: WIESER'S CONTRIBUTION

179

(27)

Introduction

179

(1)

Wieser's concept of capital

180

(2)

Capital and the imputation process in a stationary economy

182

(8)

Interest on capital in a stationary economy

190

(4)

Capital and the trend of interest in a progressing economy

194

(7)

The place of Wieser's theory in the founding Austrian tradition

201

(5)

11 THE FOUNDING AUSTRIAN VERSION OF NEOCLASSICAL MICROECONOMICS: SUMMARY AND CONCLUSIONS

206

(20)

Austrian economics in the formative years of neoclassicism

206

(4)

Comparing founding Austrian microeconomics with aspects of contemporary neoclassical economics

210

(11)

Enduring continuities in founding Austrian economics

221

(5)

Notes

226

(23)

Bibliography

249

(16)

Index

265

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Neoclassical Microeconomic Theory: The Founding Austrian Vision

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