Hostname: page-component-cd9895bd7-jn8rn Total loading time: 0 Render date: 2024-12-23T07:58:02.789Z Has data issue: false hasContentIssue false
  • English
  • Français

WIESER AS A THEORIST OF INSTITUTIONAL CHANGE

Published online by Cambridge University Press:  18 November 2016

Agnès Festré  and
Pierre Garrouste
Agnès Festré
Affiliation:
University Nice Sophia Antipolis, member of Universite Cote d’Azur (UCA)
Pierre Garrouste
Affiliation:
lately of University Nice Sophia Antipolis, passed away on August 21st, 2016, when the article was in production.
Get access Rights & Permissions [Opens in a new window]

Abstract

In this contribution, we provide an interpretation of Friedrich von Wieser’s contribution to economics that pays tribute to the originality of his work and particularly to his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and psychological factors such as force of habit or herd behavior, are the product of human action but also constitute constraints on further action. Section II stresses the institutionalist background of Wieser’s economics. We concentrate on Wieser’s general method—which we assimilate to an example of Joseph Agassi’s (1975) institutional individualism—and his analysis of the emergence and evolution of institutions via the dynamics of leaders and masses. In section III, we reinforce and illustrate the institutionalist stamp of Wieser’s economics by focusing on his work on monetary economics (Wieser 1904, 1909a, 1909b, 1927b) and his analysis of the emergence of money, based on our reading of Wieser’s Social Economics ([1927a] 1967) and The Law of Power ([1926] 1983).

Type
Articles
Information
Journal of the History of Economic Thought , Volume 38 , Issue 4 , December 2016 , pp. 463 - 483
Copyright
Copyright © The History of Economics Society 2016 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Agassi, Joseph. 1975. “Institutional Individualism.” British Journal of Sociology 26 (2): 144–155.CrossRefGoogle Scholar
Anderson, Benjamin. 1917. The Value of Money. New York: The Macmillan Company.Google Scholar
Arena, Richard. 2004. “Money in Wieser’s Social Economics.” In Arena, R. and Salvadori, Neri, eds., Money, Credit and the Role of the State. Essays in Honor of Augusto Graziani. Aldershot, UK, and Burlington, USA: Ashgate Publishing Company, pp. 3–20.Google Scholar
Arena, Richard, and Gloria-Palermo, Sandye. 2001. “Evolutionary Themes in the Austrian Tradition: Menger, Wieser and Schumpeter on Institutions and Rationality.” In Garrouste, Pierre and Ionnadides, Stavros, eds., Evolution and Path Dependence in Economic Ideas: Past, Present. Aldershot: Edward Elgar, pp. 133–147.Google Scholar
Arthur, Brian. 1990. “Positive Feedbacks in the Economy: A New Economic Theory Elucidates Mechanisms Whereby Small Chance Events Early in the History of an Industry or Technology Can Tilt the Competitive Balance.” Scientific American 262: 92–99.Google Scholar
Boettke, Peter. 1989. “Evolution and Economics: Austrians as Institutionalists.” Research in the History of Economic Thought and Methodology 6: 73–89.Google Scholar
Böhm, Stephan. 1985. “The Political Economy of the Austrian School.” In Roggi, Piero, ed., Gli economisti e la politica economica. Naples: Edizioni Scientifiche Italiana, pp. 243–260.Google Scholar
Bostaph, Samuel. 2003. “Wieser on Economic Calculation under Socialism.” Quarterly Journal of Austrian Economics 6 (2): 3–34.Google Scholar
Buchanan, James M. 1982. “Order Defined in the Process of its Emergence.” Literature of Liberty 5 (4): 5.Google Scholar
Campagnolo, Gilles, and Vivel, Christel. 2012. “Before Schumpeter: Forerunners of the Theory of the Entrepreneurs in 1900s German Political Economy—Werner Sombart, Friedrich von Wieser.” European Journal of the History of Economic Thought 19 (6): 908–943.CrossRefGoogle Scholar
Dullaart, M. H. J. 1988. “Wieser’s Theory of Money.” Journal of Economic Studies 15 (3/4): 123–135.Google Scholar
Ekelund, Robert B. 1986. “Wieser’s Social Economicsm: A Link to Modern Austrian Theory?” Austrian Economics Newsletter 6 (3): 1–2, 4, 9–11.Google Scholar
Ekelund, Robert B., and Thornton, Mark. 1986. “Wieser and the Austrian Connection to Social Economics.” Forum for Social Economics, 16: 1–12.Google Scholar
Endres, Anthony M. 1991. “Menger, Wieser, Böhm-Bawerk, and the Analysis of Economizing Behavior.” History of Political Economy 23 (2): 279–299.Google Scholar
Festré, Agnès, and Garrouste, Pierre. 2008. “Rationality, Behavior, Institutional and Economic Change in Schumpeter.” Journal of Economic Methodology 15 (4): 1–26.Google Scholar
Festré, Agnès, and Nasica, Eric. 2009. “Schumpeter on Money, Banking and Finance: An Institutionalist Perspective.” European Journal of the History of Economic Thought 16 (2): 325–356.Google Scholar
Gloria-Palermo, Sandye. 1999. The Evolution of Austrian Economics: From Menger to Lachmann. London: New York: Routledge.Google Scholar
Gloria-Palermo, Sandye. 2002. “Schumpeter and the Old Austrian School.” In Arena, Richard and Dangel-Hagnauer, Cécile, eds., The Contribution of Joseph Schumpeter to Economics. New York: Routledge, pp. 21–39.Google Scholar
Hayek, Friedrich A. [1926] 1992. “Friedrich Freiherr von Wieser.” Jahrbücher für Nationalökonomie und Statistik 125: 513–530.Google Scholar
Hayek, Friedrich A. 1992. The Collected Works of Hayek, F. A.: The Fortune of Liberalism: Essays on Austrian Economics and the Ideal of Freedom. Edited by Klein, P. G.. London: Routledge.Google Scholar
Hodgson, Geoffrey M. 1992. “Carl Menger’s Theory of the Evolution of Money: Some Problems.” Review of Political Economy 4 (4): 396–412.Google Scholar
Katz, Michael L., and Shapiro, Carl. 1986. “Technology Adoption in the Presence of Network Externalities.” Journal of Political Economy 94 (4): 822–841.Google Scholar
Knight, Frank H. 1925. “A Note on Professor Clark’s Illustration of Marginal Productivity.” Journal of Political Economy 33: 550–553.Google Scholar
Kurz, Heinz D., and Sturn, Richard. 1999. “Wiesers ‘Ursprung’ und die Entwicklung der Mikroökonomik.” In Hax, H., ed., Friedrich von Wieser’s “Über den Ursprung und die Hauptgesetze des wirtschaftlichen Werthes.” Düsseldorf: Verlag Wirtschaft und Finanzen, pp. 59–103.Google Scholar
Menger, Carl. [1883] 1963. Problems of Economics and Sociology. Urbana: University of Illinois Press. English translation of Untersuchung über die Methode der Sozialwissenschaften und der Politischen Ökonomie insbesondere. Leipzig: Dunker & Humbolt.Google Scholar
Menger, Carl. 1892. “On the Origin of Money.” Economic Journal 2: 239–255.Google Scholar
Mirowski, Philip. 1990. “Learning the Meaning of the Dollar: Conservation Principles and the Social Theory of Value in Economic Theory.” Social Research 57: 689–717.Google Scholar
Mises, Ludwig von. [1924] 1953. The Theory of Money and Credit. Translated by Batson, H. E.. New Haven: Yale University Press.Google Scholar
Mitchell, Warren C. 1917. “Wieser’s Theory of Social Economics.” Political Science Quarterly 32 (1): 95–118.Google Scholar
Mitchell, Warren C. 1937. The Backward Art of Spending Money and Other Essays. New York: McGraw-Hill.Google Scholar
Mitchell, Wesley C. 1967. “Foreword.” In Wieser, Friedrich von, Social Economics. New York: Augustus M. Kelley Publishers, pp. ix–xii.Google Scholar
Morgenstern, Oscar. 1927. “Friedrich von Wieser, 1851–1926.” The American Economic Review 17 (4): 669–674.Google Scholar
Opocher, Arrigo. 2005. “Formalizing Wieser’s Theory of Distribution: Consistent Imputation in Alternative Theoretical Perspectives.” Metroeconomica 56 (2): 200–220.Google Scholar
Orléan, André. 2001. “Psychologie des marchés: comprendre les foules spéculatives.” In Gravereau, Jacques and Tramman, Jacques, eds., Les crises financières. Paris: Economica, pp. 105–128.Google Scholar
Polanyi, Karl. 1968. Primitive, Archaic and Modern Economies: Essays of Karl Polanyi. Edited by Dalton, George. Garden City, NY: Doubleday & Company, Inc.Google Scholar
Samuels, Warren J. [1982] 1983. “The Influence of Friedrich von Wieser on Joseph A. Schumpeter.” Presidential Address, History of Economic Society, May 1982. Reprinted in History of Economic Society Bulletin 4: 5–19.CrossRefGoogle Scholar
Samuels, Warren J. 1983. “Introduction.” In Wieser, Friedrich von, The Law of Power. Bureau of Business Research. Lincoln: University of Nebraska-Lincoln, pp. i–xxxvi.Google Scholar
Schumpeter, Joseph A. [1919] 1991. “The Crisis of the Tax State.” In Swedberg, Richard, ed., The Economics and Sociology of Capitalism. Princeton: Princeton University Press, pp. 99–140.Google Scholar
Schumpeter, Joseph A. 1927. “Obituary.” The Economic Journal 37 (146): 328–335.Google Scholar
Schumpeter, Joseph A. 1951. Ten Great Economists: From Marx to Keynes. San Diego: Simon Publications.Google Scholar
Schumpeter, Joseph A. 1954. History of Economic Analysis. London: Allen & Unwin.Google Scholar
Shionoya, Yuichi, ed. 2001. The German Historical School: The Historical and Ethical Approach to Economics. London and New York: Routledge.Google Scholar
Simmel, Georg. [1900] 2004. The Philosophy of Money. Third edition. London and New York: Routledge. English translation of Philosophie des Geldes (1900).Google Scholar
Stigler, George J. 1941. Production and Distribution Theories. New York: Macmillan.Google Scholar
Streissler, Eric W. 1972. “To What Extent Was the Austrian School Marginalist?” History of Political Economy 4 (2): 426–441.Google Scholar
Streissler, Erich. 1986. “Arma virumque cano: Friedrich von Wieser, the Bard as Economist.” In Leser, Norbert, ed., Die Wiener Schule der Nationalökonomie. Vienna: Böhlau, pp. 83–106.Google Scholar
Streissler, Erich. 1988. “The Intellectual and Political Impact of the Austrian School of Economics.” History of Economic Ideas 9 (2): 191–204.CrossRefGoogle Scholar
Wieser, Friedrich von. 1884. Ursprung und Hauptgesetze des wirtschaftlichen Wertes. Vienna: A. Hölder.Google Scholar
Wieser, Friedrich von. [1889] 1971. Der natürliche Wert. Vienna: A. Hölder.Google Scholar
Wieser, Friedrich von. 1893. Natural Value. Translation of Der natürlich Wert by Malloch, Christian A.. New York: Macmillan and Co.Google Scholar
Wieser, Friedrich von. [1901] 1929. “Über die gesellschaftlichen Gewalten.” In Hayek, Friedrich, ed., Wieser, Gesammelte Abbandlungen. Tübingen: Mohr, pp. 346–376.Google Scholar
Wieser, Friedrich von. [1904] 1929. “Der Geldwert und seine geschlichtlichen Veränderungen.” Zeitschrift für Volkswirtschaft, Sozialpolitik und Vervwaltung 13. Reprinted in Friedrich Hayek, ed., Wieser, Gesammelte Abbandlungen. Tübingen: Mohr, ch. 9.Google Scholar
Wieser, Friedrich von. 1905. Über Vergangenheit und Zukunft der österreichischen Verfassung. Vienna: C. Konegen.Google Scholar
Wieser, Friedrich von. [1909a] 1929. “Der Geldwert und seine Veränderungen.” Schriften des Vereins für Soziakpolitik 132. Reprinted in Hayek, Friedrich, ed., Wieser, Gesammelte Abbandlungen. Tübingen: Mohr, ch. 10.Google Scholar
Wieser, Friedrich von. 1909b. “Über die Messung der Veranderungen des Geldwertes.” Schriften des Vereins für Sozialpolitik 132: 545 ff.Google Scholar
Wieser, Friedrich von. 1910. Recht und Macht. Leipzig: Duncker & Humblot.Google Scholar
Wieser, Friedrich von. [1911] 1929. “Das Wesen und der Hauptinhalt der theorischen Nationalökonomie - kritische Glossen.” Volkswirtschaft im glossen deutschen Reich 35 (2). Reprinted in Hayek, Friedrich, ed., Wieser, Gesammelte Abbandlungen. Tübingen: Mohr.Google Scholar
Wieser, Friedrich von. 1914. Theorie der gesellschaftlichen Wirtschaft. Tübingen: Grundriss der Sozialökonomik.Google Scholar
Wieser, Friedrich von. 1923. “Macht-psychologie.” Zeitschrift für Volkswirtschaft 3.Google Scholar
Wieser, Friedrich von. 1924. “Die Formen der gesellschaftlichen Verfassung.” Archiv für Rechtsphilosophie 17.Google Scholar
Wieser, Friedrich von. [1926] 1983. The Law of Power. Lincoln: Bureau of Business Research, University of Nebraska-Lincoln. English translation by W. E. Kuhn of Das Gesetz der Macht, Vienna: Julius Springer.Google Scholar
Wieser, Friedrich von. [1927a] 1967. Social Economics. New York: Adelphi Company. English translation of Theorie der Gesellschaftlichen Wirtschaft (1914). Reprinted in Reprints of Economic Classics. New York: Augustus M. Kelley Publishers.Google Scholar
Wieser, Friedrich von. 1927b. “Geld.” In Elster, Ludwig, Weber, Adolph and Wieser, Friedrich, eds., Handwörterbuch der Staatwissenschaften. Jena: Verlag von Gustav Fischer, pp. 121–162.Google Scholar
Wieser, Friedrich von. 1971. Natural Value. Volume 2. Reprints of Economic Classics. New York: Augustus M. Kelley Publishers. English translation of Der Näturliche Wert (1889).Google Scholar
Yagi, Kiichiro. 2001. “Anonymous History in Austrian Economic Thought: From Carl Menger and Anton Menger to Friedrich von Wieser.” In Shionoya, Yuichi, ed., The German Historical School: The Historical and Ethical Approach to Economics. London and New York: Routledge, pp. 87–104.Google Scholar