Skip to main content
SpringerLink
Log in

On the intellectual foundations of Hayek’s and Schumpeter’s economics: an appraisal

  • Regular Article
  • Published:
Journal of Evolutionary Economics Aims and scope Submit manuscript

Abstract

Several contributions have been devoted to a comparison between the works of Joseph Schumpeter and Friedrich Hayek, both of them rooted in the Austrian tradition but they generally concerned specific aspects of their respective global contributions as, for instance, monetary theory, business cycles economic evolution or price theory. These partial comparisons may explain why some confusion is today prevailing concerning the similarities and differences between Hayekian and Schumpeterian approaches. In this paper, we adopt a different approach and try to find the basic theoretical and methodological elements which explain the fundamental compatibility of incompatibility between Hayek’s and Schumpeter’s respective intellectual projects. Specific aspects will not be, however, underestimated or neglected in this contribution but they will not be considered independently from these basic elements.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Arena R (1994) Hayek and Modern Business Cycle Theory? In: Colonna M, Hagemann H (eds) The Economics of F.A. Hayek. Money and Business Cycles, vol 1. Edward Elgar, London

    Google Scholar 

  • Arena R (2002a) Schumpeter on Walras. In: Arena R, Dangel-Hagnauer C (eds), op.cit.

  • Arena R (2002b) Monetary policy and business cycles: Hayek as an opponent of the quantity theory tradition. In: Birner J, Garrouste P, Aimar T (eds) F. A. Hayek as a political economist. Routledge, London

    Google Scholar 

  • Arena R (2003) Beliefs, knowledge and equilibrium: a different perspective on Hayek. In: Rizzello S (ed) Cognitive developments in economics. Routledge, London and New York

    Google Scholar 

  • Arena R (2004) Walras, Schumpeter et la naissance de la science économique. In: Leroux A (ed) Manuel de philosophie economique, vol 1. Economica, Paris

    Google Scholar 

  • Arena R (2006) The role of Walras in and for Schumpeter’s work: an intellectual link revisited. Oeconomia (38), December

  • Arena R, Festré A (1996/2000/2005) Banks, credit and the financial system in Schumpeter: an interpretation. In: Moss L (ed) Joseph Schumpeter, Historian of economics. Routledge, London:1996; reprinted in Hanusch H (ed) The legacy of Joseph Schumpeter. Edward Elgar, Cheltenham, 2000; reprinted in Critical Studies in economic institutions (vol 8): concepts of money: interdisciplinary perspectives from economics, sociology and political science. Edward Elgar, Cheltenham, 2005

  • Arena R, Festré A (2007) Knowledge and beliefs in economics: the Austrian tradition case. In: Arena R, Festré A (eds) Knowledge, beliefs, and economics. Cheltenham, Edward Elgar

    Google Scholar 

  • Donzelli F (1983) Schumpeter e la teoria economica neoclassica. Ric Econ XXXVII:4

    Google Scholar 

  • Festré A (2002) Money, banking and dynamics: Schumpeter vs. Hayek. In: Arena R, Dangel-Hagnauer C (eds) op.cit.

  • Festré A (2002/2004) Money, banking and dynamics: two wicksellian routes from Mises to Hayek and Schumpeter. Am J Econ Sociol 61(2), 2002, reprinted in John Cunningham Wood and Robert D. Wood (eds) Friedrich A. Hayek: critical assessments of leading economists, vol 4. Routledge, London, 2004

  • Gloria-Palermo S (1999) The evolution of Austrian economics: from Menger to Lachmann. Routledge, London

    Google Scholar 

  • Hayek FA (1929/1966) Monetary Theory and the Trade Cycle. Augustus M. Kelley Publishers, New York

    Google Scholar 

  • Hayek FA (1928/1984) Intertemporal price equilibrium and movements in the value of money. In: Hayek FA (ed) Money, capital and fluctuations—early essays. Routledge and Kegan Paul, London, 1984

    Google Scholar 

  • Hayek FA (1931) Prices and Production. Augustus M. Kelley Publishers, New York

    Google Scholar 

  • Hayek FA (1935) Collectivist Economic Planning. Routledge, London

    Google Scholar 

  • Hayek FA (1937/1990) Economics and knowledge. Economica IV, reprinted in Littlechild S (ed) Austrian economics, vol III. Edward Elgar, London

  • Hayek FA (1942, 1943, 1944) Scientism and the study of society. Economica, respectively August, February and February

  • Hayek FA (1943/1980) The facts of social sciences. Ethics, LIV, n ∘ 1, 1943 reprinted in Hayek, 1980: Individualism and economic order. The University of Chicago Press, Chicago, 1st edn, 1948

  • Hayek FA (1945/1980) The use of knowledge in society. Am Econ Rev, XXV, n ∘4, September, in Hayek, 1980: Individualism and economic order. University of Chicago Press, Chicago, 1st edn, 1948

  • Hayek FA (1952) The sensory order: an inquiry into the foundations of theoretical psychology. University of Chicago Press, Chicago

    Google Scholar 

  • Hayek FA (1955) The counter-revolution of science: studies on the abuse of reason. Liberty Press, Indianapolis

    Google Scholar 

  • Hayek FA (1978) The primacy of the abstract. In: New studies in philosophy, politics, economics, and the history of ideas. Routledge and Kegan Paul, London

  • Hayek FA (1992) The fortunes of liberalism—essays on Austrian economics and the ideal of freedom (The collected works of F. A. Hayek, vol. IV). The University of Chicago Press, Chicago

    Google Scholar 

  • Hayek FA (1944/1994) The Road to Serfdom. University of Chicago Press, Chicago

    Google Scholar 

  • Kirzner I (1986) Subjectivism, intelligibility and economic understanding. New York University Press, New York

    Google Scholar 

  • Keizer W (1997) Schumpeter’s Walrasian stand in the socialist calculation debate. In: Keizer W, Tieben B, van Zjip R (eds) Austrian economics in debate. Routledge, London

    Google Scholar 

  • O’Driscoll G, Rizzo M (1985) The economics of time and ignorance. Basil Blackwell, Oxford

    Google Scholar 

  • Schumpeter JA (1908) Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie. Dunker und Humblot, Munich and Leipzig

    Google Scholar 

  • Schumpeter JA (1919/1951) Zur Soziologie der Imperialismen. Arch Sozial Sozial 46: 1–39. Translated into English as ‘The sociology of imperialisms’, in J. A Schumpeter (1951)

    Google Scholar 

  • Schumpeter JA (1927/1951) Die sozialen Klassen im ethnisch homogenen Milieu. Arch Sozial Sozial 57:1–67 , translated into English as ‘Social classes in an ethnically homogenous environment’ in J.A. Schumpeter, 1951

    Google Scholar 

  • Schumpeter JA (1934) The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Harvard University Press, Cambridge

    Google Scholar 

  • Schumpeter JA (1939) Business cycles, a theoretical, historical, and statistical analysis of the capitalist process, 2 volumes. The McGraw-Hill Book Company, New York

    Google Scholar 

  • Schumpeter JA (1942) Capitalism, socialism and democracy. Harper & Bros, New York

    Google Scholar 

  • Schumpeter JA (1951) Imperialism and social classes (edited by P. Sweezy). Augustus M. Kelley, New York

    Google Scholar 

  • Schumpeter JA (1954/1994) History of economic analysis, new introduction of Mark Perlman. Oxford University Press, Oxford

    Google Scholar 

  • Streissler E (1983) Schumpeter and Hayek: on some similarities in their thought. In: Machlup F, Fels G, Müller-Groeling H (eds) Reflections on a troubled world economy. Macmillan, London

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. GREDEG, Groupe des Laboratoires du CNRS, 250 rue Albert Einstein, Sophia Antipolis, 06560, Valbonne Cedex, France

    Richard Arena

Authors
  1. Richard Arena
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Richard Arena.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Arena, R. On the intellectual foundations of Hayek’s and Schumpeter’s economics: an appraisal. J Evol Econ 25, 77–90 (2015). https://doi.org/10.1007/s00191-014-0371-7

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s00191-014-0371-7

Keywords

JEL Classifications

Search

Navigation