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Ludwig von Mises's approach to capital as a bridge between Austrian and institutional economics

Published online by Cambridge University Press:  10 June 2016

EDUARD BRAUN Open the ORCID record for EDUARD BRAUN [Opens in a new window] ,
PETER LEWIN  and
NICOLÁS CACHANOSKY
EDUARD BRAUN*
Affiliation:
Institute of Management and Economics, Clausthal University of Technology, Clausthal-Zellerfeld, Germany
PETER LEWIN*
Affiliation:
Naveen Jindal School of Management, University of Texas at Dallas, Richardson (TX), USA
NICOLÁS CACHANOSKY*
Affiliation:
Department of Economics, Metropolitan State University of Denver, Denver (CO), USA
*
*Email: eduard.braun@tu-clausthal.de
**Email: plewin@utdallas.edu
***Email: ncachano@msudenver.edu
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Abstract

Ludwig von Mises seems to be something of an outlier within the Austrian school when it comes to capital – though his position is clearly foreshadowed in a neglected article by Carl Menger (1888). In this paper, we examine Mises's view on capital and suggest that it constitutes a bridge between Austrian and institutional economics. As an outflow of Mises's approach, an incipient financial approach may be discerned, an approach to capital that integrates concepts from financial theory into a broader view of capital that contains both institutional and Austrian elements.

Type
Research Article
Information
Journal of Institutional Economics , Volume 12 , Issue 4 , December 2016 , pp. 847 - 866
Copyright
Copyright © Millennium Economics Ltd 2016 

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