Overview

"The first English translation of Friedrich von Wieser's concluding work in economics, unifying his socio-historical investigation into the nature of 'power' and 'monetary theory, ' complementing Knapp and Max Weber. An unexpected encounter - a key figure in the Great Triumvirate that founded the Austrian School of Economics incorporates Keynesian elements into his theory of money. His works ""exhibit some of the major features of Keynes's analysis in 'A Treatise on Money, ' namely the existence of an endogenous money supply, the dominant role of the banking system in the process of money creation, the distinction between the circulation of national income and of capital, and the role of individual and social beliefs in explaining the levels of economic variables"" (Richard Arena & Neri Salvadori). Similar to Georg Simmel's perspective, Wieser argues that as money gains universal recognition and acceptance as a general equivalent due to the 'mass habit of acceptance, ' it transforms into a 'social power' that binds people. The power it holds evolves, becoming stronger than the initial power of the 'wise individual' who introduced it or the public imitating him. Therefore, in this sense, the ultimate form of money is not merely the outcome of the efforts of those who initially brought it into existence. Money is a historical-societal formation, wielding supremacy over people and intricately intertwined with power relationships. It serves as a means of transfer payment, facilitating the transfer of 'market-rulership.' ""Why is Wieser neglected in the Austrian Revival? Perhaps because economic theorists and policy makers in many countries have again become very interested in the possibilities of the market and in the applicability of the quantity theory of money - whereas Wieser was critical of both. Or perhaps because Wieser advocated an alliance of economics and sociology (...) Wieser's work displays at least two distinguishing features: (1) his endeavour to demonstrate economic theory as a coherent whole: he wanted to be a ""hedgehog"", not a ""fox""; (2) his endeavour to demonstrate there is no coherence - in the sense of ""harmony"" - in capitalism (M.H.J. Dullaart). ""Wieser bridged the ideas of Menger and Veblen"" (Robert B. Jr. Ekelund). ""Wieser is to be compared with Pareto, Schumpeter, Weber, Werner Sombart, and, more recently, John Kenneth Galbraith."" (Warren Samuels)."

Full Product Details

9798868994852

Table of Contents

Reviews

Author Information

"Baron Friedrich von Wieser (1851-1927), alongside Carl Menger and Böhm-Bawerk, is a pivotal figure in ""the great triumvirate,"" which laid the foundation for the Austrian School of Economics. The second generation of the School, including Schumpeter, von Mises, and von Hayek, studied under him at the University of Vienna. Wieser also served as the last Minister of Commerce of the Austro-Hungarian Empire, engaging in numerous political and social activities. Influenced by Spinoza, Le Bon, Marx, Simmel, and notably Max Weber, with whom he maintained a close personal connection throughout his lifetime, Wieser distinguishes himself from the other two members of the great triumvirate by veering away from the pursuit of pure economic theory. Instead, his academic pursuits were dedicated to understanding economic principles within the broader social and historical context intricately shaped by power phenomena. Unlike later Austrian economists like Mises or Hayek, Wieser shared a vision with Karl Marx, placing emphasis on power and class conflict in shaping history and society. He had exceptional literary and artistic sensibilities, earning him the nickname ""Goethe."" He is celebrated as a truly original thinker, having authored numerous influential works, including ""Natural Value,"" ""Social Economics,"" and ""The Law of Power."" Schumpeter regards ""The Law of Power"" as a masterpiece equivalent to Adam Smith's ""The Theory of Moral Sentiments."" Renowned institutional economist Warren Samuels regards Wieser as comparable to Max Weber, Pareto, Schumpeter, Sombart, and Galbraith. Hans DG Hyun is a Post Keynesian economist with a specialization in money and banking. He has worked for over 30 years with major international banks as a senior management. He has translated several books, including ""The State Theory of Money"" by G. F. Knapp, ""Sacred Money"" by Bernhard Laum, and ""Money and Society"" by W. Gerloff. Additionally, he is the author of ""Abenomics and Its Enemies from the Alice Wonderland"" and has contributed numerous academic articles on money and banking to international journals. Hans DG Hyun is a Post Keynesian economist with a specialization in money and banking. He has worked for over 30 years with major international banks as a senior management. He has translated several books, including ""The State Theory of Money"" by G. F. Knapp, ""Sacred Money"" by Bernhard Laum, and ""Money and Society"" by W. Gerloff. Additionally, he is the author of ""Abenomics and Its Enemies from the Alice Wonderland"" and has contributed numerous academic articles on money and banking to international journals."

Tab Content 6

Customer Reviews

Recent Reviews

Countries Available