Tag Archive for Carl Menger

RIP Carl Menger

Menger Death
Just days after celebrating Carl Menger’s birthday, we remember today the 95th anniversary of his death, February 26, 1921. On his birthday we highlighted his work on money. Today, why don’t you take a few minutes to read more about his life. A detailed biography can be found here, while a shorter biography may be found here.

Happy Birthday to Carl Menger!

Carl Menger
Happy Birthday to our organization’s namesake, Carl Menger, born on February 23, 1840, in Neu Sandez in the Austrian Empire. If you haven’t read it before, take a look at his short work “The Origins of Money.” Menger’s insights into the origins of money as a market-created rather than a state-created institution continue to inform economists in the Austrian School to the present day.

Joe Salerno on Carl Menger

Carl Menger Center Board Member Prof. Joe Salerno recently delivered a lecture at Mises University on the insights of Carl Menger to the study of economics. While the lecture does not deal with money and banking issues, as an exposition of Menger’s economic thought it is well worth watching.

RIP Carl Menger

Menger Death
Just days after celebrating Carl Menger’s birthday, we remember today the 94th anniversary of his death, February 26, 1921. On his birthday we highlighted his work on money. Today, why don’t you take a few minutes to read more about his life. A detailed biography can be found here, while a shorter biography may be found here.

Happy Birthday to Carl Menger!

Carl Menger
Happy Birthday to our organization’s namesake, Carl Menger, born on February 23, 1840, in Neu Sandez in the Austrian Empire. If you haven’t read it before, take a look at his short work “The Origins of Money.” Menger’s insights into the origins of money as a market-created rather than a state-created institution continue to inform economists in the Austrian School to the present day.

Why Is the Austrian Understanding of Money and Banks So Important?

Why the Austrian Understanding of Money and Banks Is So Important
By Jörg Guido Hülsmann

The classical economists had rejected the notion that overall monetary spending — in current jargon: aggregate demand — is a driving force of economic growth. The true causes of the wealth of nations are non-monetary factors such as the division of labor and the accumulation of capital through savings. Money comes into play as an intermediary of exchange and as a store of value. Money prices are also fundamental for business accounting and economic calculation. But money delivers all these benefits irrespective of its quantity. A small money stock provides them just as well as a bigger one. It is therefore not possible to pull a society out of poverty, or to make it more affluent, by increasing the money stock. By contrast, such objectives can be achieved through technological progress, through increased frugality, and through a greater division of labor. They can be achieved through the liberalization of trade and the encouragement of savings.

For more than a century, the Austrian school of economics has almost single-handedly upheld, defended, and refined these basic contentions. Initially Carl Menger and his disciples had perceived themselves, and were perceived by others, as critics of classical economics. That “revolutionary” perception was correct to the extent that the Austrians, initially, were chiefly engaged in correcting and extending the intellectual edifice of the classics. But in retrospect we see more continuity than rupture. The Austrian school did not aim at supplanting classical economics with a completely new science. Regarding the core message of the classics, the one pertaining to the wealth of nations, they have been their intellectual heirs. They did not seek to demolish the theory of Adam Smith root and branch, but to correct its shortcomings and to develop it.

Read the rest of the article at Mises.org…