German Monetary Theory Revisited

The last 30 years have witnessed a revival of "Austrian" economic theory. This book looks at the larger "German" context, focusing on the early contributions to monetary and business cycle theory from Menger to Mises and Hayek, and considers how these debates influenced the course of later economic thought until today. Classical contributions of the lead figures including Schumpeter, Machlup and Neisser are re-examined, and also the connections with sociology Simmel and Weber and less-known key authors Albert Hahn; Wilhem Rpke and Carl Foehl are presented.

RICCARDO BELLOFIORE is Professor of Economics at the University of Bergamo, Italy. He has authored a book on the Italian Marxist scholar Claudio Napoleoni, and edited a collection on Piero Sraffa - both in Italian. In English, he edited The Constitution of Capital; Marxian Economics: A Reappraisal and Global Money, Capital Restructuring and the Changing Patterns of Labour with Mario Baldassarri. He has acted as guest editor of a special issue of the International Journal of Political Economy on 'Marxian Theory: The Italian Debate' and a special issue of the Rivista di Politica Economica entitled 'Classical and Marxian Political Economy: A Debate on Claudio Napoleoni's Views'. With Piero Ferri he worked on two volumes on Hyman Minsky's economics - Financial Keynesianism and Market Instability and Financial Fragility and Investment in the Capitalist Economy.

Introduction--R.Bellofiore * Menger and the Origin of Money: A Benchmark for the Theory of the Medium of Exchange--L.Duchêne * The Theory of Banking in Albert Hahn--H.Hagemann * Money in the Sociological Theories of Simmel and Weber : Are There Contributions to Economic Theory?--H.Ganssmann * Mises on Banking--R.Bellofiore * Monetary Analysis in F. A. Hayek's The Pure Theory of Capital--C.Gehrke * A Note on Hayek's Macroeconomic Equilibrium--A.Graziani * On 'Dr. Neisser's General Attitude to Monetary Problems'--H-M.Trautwein * Schumpeter's Analysis of the Credit Market--M.Messori * Financial Intermediation and Austrian Capital Theory: Fritz Machlup's Early Contribution to the Austrian Business Cycle Theory--P.Rosner * Wilhelm Röpke's Monetary Economics of the Great Depression: Austrian Economist or Proto-Keynesian?--H.Klausinger * Carl Foehl on Economic Activity and Money--G.M.Ambrosi Introduction--R.Bellofiore * Menger and the Origin of Money: A Benchmark for the Theory of the Medium of Exchange--L.Duchêne * The Theory of Banking in Albert Hahn--H.Hagemann * Money in the Sociological Theories of Simmel and Weber : Are There Contributions to Economic Theory?--H.Ganssmann * Mises on Banking--R.Bellofiore * Monetary Analysis in F. A. Hayek's The Pure Theory of Capital--C.Gehrke * A Note on Hayek's Macroeconomic Equilibrium--A.Graziani * On 'Dr. Neisser's General Attitude to Monetary Problems'--H-M.Trautwein * Schumpeter's Analysis of the Credit Market--M.Messori * Financial Intermediation and Austrian Capital Theory: Fritz Machlup's Early Contribution to the Austrian Business Cycle Theory--P.Rosner * Wilhelm Röpke's Monetary Economics of the Great Depression: Austrian Economist or Proto-Keynesian?--H.Klausinger * Carl Foehl on Economic Activity and Money--G.M.Ambrosi