Money, Banking and Dynamics: Two Wicksellian routes from Mises to Hayek and Schumpeter - HAL-SHS - Sciences de l'Homme et de la Société Access content directly
Journal Articles American Journal of Economics and Sociology Year : 2002

Money, Banking and Dynamics: Two Wicksellian routes from Mises to Hayek and Schumpeter

Abstract

This paper examines and compares, in both historical and theoretical perspectives, Hayek and Schumpeter's account of the role played by banks and credit in their respective explanations of business cycles. The first section is focused on the common inheritance of
these two authors, which can be traced back to Wicksell, going from Mises whose Theory of Money and Credit provides, as we shall see, a crucial link in this perspective.
The two following sections deal with Hayek and Schumpeter's respective accounts as well as
critical reconstruction of this tradition. A close examination of their respective treatments of
the banking system and its effects on economic productive structures then allows to see in a
new light the theoretical question of the impact of credit on economic dynamics and its related policy proposals in a different light. The last section is dedicated to a comparison between Hayek and Schumpeter's views of the dynamics of monetary economies and their corresponding policy issues.
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Dates and versions

halshs-00271372 , version 1 (05-08-2009)

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  • HAL Id : halshs-00271372 , version 1

Cite

Agnès Festré. Money, Banking and Dynamics: Two Wicksellian routes from Mises to Hayek and Schumpeter. American Journal of Economics and Sociology, 2002, 61 (2), pp.439-480. ⟨halshs-00271372⟩
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