Schumpeter and Hayek: on Some Similarities in their Thought

  • Erich Streissler
Part of the Trade Policy Research Centre book series (TPRC)


Herbert Giersch, as one of the leading members of the Mont Pélerin Society, founded by Friedrich A. von Hayek, and as one of the leading liberal (or libertarian) economists in West Germany, has always been close in his thinking to the Mises-Hayek tradition of economic philosophy. Yet recently he has become renowned for his enthusiasm for Schumpeter and the concept of the Schumpeterian innovator—the creative entrepreneur.1 Is there not an inherent contradiction in such a double affiliation?


Rational Expectation Price System Austrian School Economic Thought Wrong Information 
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Notes and References

  1. 3.
    See Edwin G. Dolan (ed.), The Foundations of Modern Austrian Economics (New York: New York University Press, 1976). One might well ask how far the ideas propounded in this volume are either ‘modern’ or representative of the full Austrian tradition.Google Scholar
  2. 5.
    Edgar Salin, for example, in the preface to the German edition of Capitalism, Socialism and Democracy (New York: Harper & Row, 1942), said ‘Schumpeter ist Sozialist’.Google Scholar
  3. See Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie, 4th ed. (Munich: Francke, 1975), p. 8.Google Scholar
  4. 7.
    Friedrich von Wieser, in the preface to his book Uber den Ursprung und die Hauptgesetze des wirtschaftlichen Werthes (Vienna: Alfred Hölder, 1884), names only five economists: Ricardo, Jevons, Menger, Marx and Engels. In the text there are some fleeting references to Marx (which, however, as always with Wieser in this book, are made without mentioning his name explicitly).Google Scholar
  5. Eugen von Böhm-Bawerk, in Capital und Capitalzins, Vol. I: Geschichte und Kritik der Capitalzins-Theorien (Innsbruck: Wagner’sehen Universitäts-Buchhandlung, 1884), allocates a substantial passage to Marx, but only as the author of one of the many theories to be refuted.Google Scholar
  6. 10.
    See Wieser, ‘Theorie der gesellschaftlichen Wirtschaft’, in Grundriss der Sozialökonomik, Erstes Buch: Grundlagen der Wirtschaft I (Tübingen: J. C. B. Mohr [Paul Siebeck], 1914), p. 63 and pp. 69–70. Wieser uses the same terminology as Schumpeter, but at an earlier point in time.Google Scholar
  7. 11.
    Karl Marx, Das Kapital—Kritik der politischen Ökonomie, Band I: Der Produktionsprozess des Kapitals (1867)Google Scholar
  8. And Karl Marx, Marx-Engels-Gesamtwerk, Vol. 23 (East Berlin: Dietz, 1969), ch. 23, p. 655 and ch. 24, p. 783.Google Scholar
  9. 13.
    See Eduard März, österreichische Industrie- und Bankpolitik in der Zeit Franz Josephs I.,Am Beispiel der k. k. priv. Osterreichischen Credit-Anstalt für Handel und Gewerbe (Vienna, Frankfurt and Zurich: Europa, 1968).Google Scholar
  10. See also a most important article by the same author Eduard März, to which I owe very much : ‘Zur Genesis der Schumpeterschen Theorie der wirtschaftlichen Entwicklung’, in On Political Economy and Econometrics: Essays in Honour of Oskar Lange (Oxford and New York: Pergamon; and Warsaw: Polish Scientific Publishers, 1965).Google Scholar
  11. 14.
    See Ludwig von Mises, Theorie des Geldes und der Umlaufsmittel (1912), 2nd revised edition (Munich and Leipzig: Duncker & Humblot, 1924), pt iii, ch. iv, p. 6, and ch. v, pp. 4–5.Google Scholar
  12. 15.
    See Friedrich A. von Hayek, Geldtheorie und Konjunkturtheorie (Vienna and Leipzig: Hölder-Pichler-Tempsky, 1929).Google Scholar
  13. Friedrich A. von Hayek, Price sand Production (London: Routledge, 1931).Google Scholar
  14. 16.
    Schumpeter, Theorie des wirtschaftlichen Entwicklung (Leipzig: Duncker & Humblot, 1912), ch. iii, ‘Kredit und Kapital’.Google Scholar
  15. 19.
    Rudolf Hilferding, Das Finanzkapital: Eine Studie über die jüngste Entwicklung des Kapitalismus (Vienna: Brand, 1910).Google Scholar
  16. 20.
    See Emil Lederer, ‘Konjunkturen und Krisen’, in Grundriss der Sozialökonomik, Zweites Buch: Spezifische Elemente der modernen kapitalistischen Wirtschaft (Tübingen: J. G. B. Mohr [Paul Siebeck], 1925).Google Scholar
  17. 21.
    See Richard Cantillon, Abhandlung über die Natur des Handels im allgemeinen, translated into German from the French edition of 1755 by Hella Hayek (Jena: Fischer, 1931).Google Scholar
  18. 25.
    This is the basic idea of Knut Wickseil in Geldzins und Güterpreise: Eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen (Jena: Fischer, 1898).Google Scholar
  19. 27.
    See Murray N. Rothbard’s contribution, ‘Von Mises, Ludwig’ in David L. Sills (ed.), International Encyclopedia of the Social Sciences, Vol. 16 (New York: Macmillan and The Free Press, 1968), p. 380.Google Scholar
  20. 28.
    Mises, Die Gemeinwirtschaft—Untersuchungen über den Sozialismus (Jena: Fischer, 1922).Google Scholar
  21. 33.
    Schumpeter, Theorie der wirtschaftlichen Entwicklung—Eine Untersuchung über Unternehmergewinn, Kapital, Kredit, Zins und den Konjunkturzyklus, 3rd ed. (Munich and Leipzig: Duncker & Humblot, 1931), p. 99. (The first edition is not quite so explicit on this point.)Google Scholar
  22. 36.
    See, for example, Hayek, ‘The Use of Knowledge in Society’, The American Economic Review, No. 4, 1945, pp. 519 et seq., and Hayek, Der Wettbewerb als Entdeckungsverfahren, Kieler Vorträge 56 (Kiel: Institut für Weltwirtschaft, 1968).Google Scholar
  23. 37.
    See Streissler, ‘Kritik des neoklassischen Gleichgewichtsansatzes als Rechtfertigung marktwirtschaftlicher Ordnungen’, in idem, Christian Watrin (ed.), Zur Theorie marktwirtschaftlicher Ordnungen (Tübingen: J. C. B. Mohr, 1980).Google Scholar

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© Trade Policy Research Centre 1983

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  • Erich Streissler

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