Friedrich August von Hayek (1899-1992) is undoubtedly one of the most significant liberal thinkers of the past century. Born and raised in Vienna in the tradition of the Austrian School, he held academic positions i.a. in London, Chicago and Freiburg, thus uniting in his vita the four principal...

Before economists and sociologists came up with their own definitions of the term "capital", it was commonly understood as money invested in businesses by their owners or shareholders, and it continues to be understood this way in everyday business practice. In a recent article, Geoffrey Hodgson...

During the last years of his life, the mathematician Karl Menger worked on a biography of his father, the economist and founder of the Austrian School of Economics, Carl Menger. The younger Menger never finished the work. While working in the Menger collections at Duke University's David M....

This essay examines the relationship between Austrian economics and economic history. It notes their different origins as scholarly fields, and divergent trajectories over the course of the twentieth century, before discussing recent examples of cross-fertilization and pointing to areas of...

The common interpretation of Carl Menger's take on capital theory rests upon a few sentences in his Principles of Economics. His later monograph on the topic, Zur Theorie des Kapitals (A contribution to the theory of capital), is more or less ignored, although it must be seen as a recantation of...

This paper scrutinizes the debate of Keynes and Hayek concerning the adequate re- sponse to economic crises from a historical perspective. In a first step the develop- ment of the Keynesian economic theory, its ascent during the Great Depression and its use during financially sound times is...